General Ledger Accountant

General Ledger Accountant Interview Questions and Answers

Updated 22 Aug 2022
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Q1. Is hybrid work model ok for you?

Ans.

Yes, I am comfortable with the hybrid work model.

  • I have experience working remotely and in-office

  • I am adaptable and can manage my time effectively

  • I am comfortable with using technology to communicate with team members

  • I understand the importance of maintaining a work-life balance

Q2. What is mean by General Ledger

Ans.

General Ledger is a master record of all financial transactions of a company.

  • It contains all the accounts and transactions of a company

  • It is used to prepare financial statements

  • It helps in tracking the financial health of a company

  • It is also known as the book of final entry

  • Examples of accounts in the general ledger include cash, accounts receivable, accounts payable, and inventory

Q3. Difference between depreciation and amortisation.

Ans.

Depreciation is the decrease in value of tangible assets over time, while amortisation is the decrease in value of intangible assets over time.

  • Depreciation applies to tangible assets like buildings, machinery, and vehicles.

  • Amortisation applies to intangible assets like patents, copyrights, and trademarks.

  • Depreciation is calculated based on the useful life of the asset.

  • Amortisation is calculated based on the estimated useful life of the intangible asset.

  • Both depreciation and a...read more

Q4. What is fixed asset

Ans.

Fixed assets are long-term tangible assets that are used in the production of goods or services and have a useful life of more than one accounting period.

  • Fixed assets are physical assets such as buildings, machinery, vehicles, and equipment.

  • They are not intended for sale and are used for the company's operations.

  • Fixed assets are recorded on the balance sheet and depreciated over their useful life.

  • They are typically categorized into land, buildings, machinery, vehicles, and fu...read more

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Q5. What is accrual concept?

Ans.

Accrual concept is a method of accounting where revenues and expenses are recognized when earned or incurred, regardless of when payment is received or made.

  • Accrual concept is based on the matching principle, which means that expenses should be matched with the revenues they helped generate.

  • Under accrual accounting, revenue is recognized when it is earned, even if payment has not been received yet.

  • Similarly, expenses are recognized when they are incurred, even if payment has ...read more

Q6. What is prudence concept?

Ans.

Prudence concept is an accounting principle that requires caution and conservatism in financial reporting.

  • It suggests that a company should not overstate its assets or income and should not understate its liabilities or expenses.

  • It is also known as conservatism principle.

  • It helps in avoiding over-optimism and overstatement of financial position.

  • For example, if a company has a doubtful debt, it should be recorded as an expense rather than an asset.

  • It is important for accurate ...read more

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Q7. Journal entries for the depreciation

Ans.

Depreciation journal entries are used to record the decrease in value of an asset over time.

  • Depreciation is a non-cash expense that reduces the value of an asset over its useful life.

  • The journal entry for depreciation includes a debit to Depreciation Expense and a credit to Accumulated Depreciation.

  • Depreciation can be calculated using different methods such as straight-line, double-declining balance, or units of production.

  • For example, if a company purchased a machine for $10...read more

Q8. Expense a/c Dr to expense payable a/c

Ans.

This is a journal entry to record an expense in the books of accounts.

  • Expense a/c Dr means debit the expense account, which increases the expense account balance.

  • Expense payable a/c Cr means credit the expense payable account, which increases the liability account balance.

  • This journal entry is used to record an expense that has been incurred but not yet paid.

  • For example, if the company has received an invoice for office supplies but has not yet paid it, this journal entry wou...read more

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Q9. Explain matching concept.

Ans.

Matching concept is an accounting principle that requires expenses to be recognized in the same period as the related revenues.

  • Expenses should be matched with the revenues they helped generate

  • It ensures accurate financial reporting

  • It helps in determining the profitability of a business

  • For example, if a company sells a product in January, the cost of producing that product should be recognized as an expense in January as well

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