20+ Junior Accountant Interview Questions and Answers for Freshers

Trial balance is used to ensure that the total debits equal the total credits in the accounting records.

• Helps in detecting errors in the accounting records

• Ensures accuracy of financial statements

• Assists in preparing financial statements

• Used to identify adjusting entries

• Provides a summary of all ledger accounts

• Example: If the trial balance shows a difference, it indicates that there is an error in the accounting records that needs to be corrected.

Yes, I am proficient in both MS Word and MS Excel.

• I have experience in creating and formatting documents in MS Word.

• I am skilled in using formulas, functions, and charts in MS Excel.

• I have used MS Excel for data analysis and financial modeling.

• I am familiar with keyboard shortcuts and other time-saving features in both applications.

Tally accounting is an ERP software used by businesses for accounting, finance, and inventory management.

• Tally accounting is used by small and large businesses alike

• It helps with accounting, finance, inventory management, and other business functionalities

• It is an ERP software, meaning it integrates different business processes into one system

• Tally accounting is popular in India and other countries in Asia

BRS stands for Bank Reconciliation Statement. It is a statement that compares the bank balance as per bank statement with the balance as per company's books.

• BRS helps in identifying any discrepancies between the bank statement and company's books

• It ensures that all transactions are recorded accurately

• It helps in detecting any fraudulent activities

• Example: If the bank statement shows a different balance than the company's books, BRS will help in identifying the cause of the di...read more

Prepaid expenses are expenses paid in advance but not yet incurred. Journal entry involves debiting prepaid expense and crediting cash/bank account.

• Prepaid expenses are recorded as assets on the balance sheet

• When the expense is incurred, the prepaid asset is reduced and the related expense is recognized

• Journal entry for prepaid expenses involves debiting prepaid expense account and crediting cash/bank account

• Example: Rent paid in advance for the next 6 months would be recorde...read more

Building confidence and overcoming fear of people requires practice, positive self-talk, and seeking support.

• Practice speaking in front of a mirror or with a friend

• Challenge negative self-talk and replace with positive affirmations

• Join a public speaking or social group to gain experience and support

• Focus on the message you want to convey rather than your fear

• Remember that everyone feels nervous at times and it's okay to make mistakes

Input tax credit is a mechanism to avoid cascading effect of taxes in GST system.

• Input tax credit allows businesses to claim credit for taxes paid on inputs used in the production of goods or services.

• It helps in avoiding double taxation and reduces the overall tax burden on businesses.

• For example, if a manufacturer pays GST on raw materials used in production, they can claim input tax credit on the GST paid when they file their GST returns.

• Input tax credit is available only ...read more

I have a Bachelor's degree in Accounting and Finance.

• I have a strong understanding of financial principles and practices.

• I am proficient in using accounting software and tools.

• I have experience in preparing financial statements and reports.

• I am knowledgeable in tax regulations and compliance.

• I have excellent analytical and problem-solving skills.

• I am detail-oriented and have strong organizational skills.

• I have good communication and interpersonal skills.

• I am a quick learner a...read more

Yes, I have learned Tally ERP9.

• I have completed a Tally ERP9 course from XYZ institute.

• I have hands-on experience in using Tally ERP9 for maintaining accounts.

• I am proficient in creating invoices, managing inventory, and generating financial reports using Tally ERP9.

Cash book is a financial record that tracks all cash transactions of a business.

• It records all cash receipts and payments

• It helps in maintaining cash balance

• It is a subsidiary book of accounts

• It is used to prepare the cash flow statement

• Example: Petty cash book, Bank cash book

Maintaining a balance sheet involves recording assets, liabilities, and equity of a company at a specific point in time.

• Record all assets owned by the company, such as cash, inventory, and property.

• List all liabilities, including debts and obligations to be paid in the future.

• Calculate the equity by subtracting liabilities from assets.

• Ensure the balance sheet balances by making sure assets equal liabilities plus equity.

• Update the balance sheet regularly to reflect any changes...read more

Goods and Services Tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption.

• GST is a comprehensive indirect tax that replaced multiple taxes like excise duty, VAT, service tax, etc.

• It is levied at every stage of the production and distribution chain.

• GST has 4 tax slabs - 5%, 12%, 18%, and 28%.

• It has helped in simplifying the tax structure and reducing the tax burden on businesses.

• Examples of goods and services that come under GST are elec...read more

There are five main types of accounts: assets, liabilities, equity, revenue, and expenses.

• Assets - resources owned by the company (e.g. cash, inventory)

• Liabilities - obligations owed by the company (e.g. loans, accounts payable)

• Equity - owner's claim on the company's assets (e.g. common stock, retained earnings)

• Revenue - income generated from the company's operations (e.g. sales revenue)

• Expenses - costs incurred to generate revenue (e.g. salaries, rent)

A journal entry is a record of a financial transaction in a company's accounting system.

• Journal entries are used to record debits and credits for each transaction.

• They include the date of the transaction, accounts affected, and amounts involved.

• Journal entries follow the double-entry accounting system, where every debit must have a corresponding credit.

• Example: Debiting cash account and crediting sales account for a cash sale transaction.

A telly is a colloquial term for a television set.

• A telly is a device used for watching television programs.

• It typically consists of a screen, speakers, and various input/output ports.

• Examples of popular telly brands include Samsung, LG, and Sony.

Payment is the transfer of money from one party to another in exchange for goods, services, or debts.

• Payment can be made in various forms such as cash, credit card, check, or online transfer.

• It is a crucial part of financial transactions and is necessary for completing a purchase or settling a debt.

• Payments can be one-time or recurring, depending on the agreement between the parties involved.

• Examples of payments include salary payments to employees, utility bill payments, and...read more

A receipt is a written acknowledgment that a specified article or sum of money has been received.

• A receipt typically includes details such as the date, amount received, purpose of payment, and the parties involved.

• Receipts are commonly used in business transactions to provide evidence of payment.

• Receipts can be issued for various transactions, such as purchases, payments, donations, etc.

Credit side is the side of an account where the increases in assets, liabilities, and owner's equity are recorded.

• Credit side is typically the right side of an account.

• Credits increase liabilities, owner's equity, and revenue accounts.

• Examples of credit side entries include sales revenue, loans payable, and owner's equity.

• Credits decrease asset accounts and expenses.

Debit side is the side of an account where increases in assets, expenses, and losses are recorded.

• Debit side is the left side of an account.

• Increases in assets, expenses, and losses are recorded on the debit side.

• Examples of debit side entries include purchases, salaries, and rent expenses.

• Debit side is abbreviated as 'Dr.'

Electric power is the rate at which electrical energy is transferred or consumed.

• Electric power is measured in watts (W).

• It is calculated by multiplying voltage (V) and current (I).

• Power can be either AC (alternating current) or DC (direct current).

• Electric power is used to operate various electrical devices and appliances.

• It is generated by power plants using various sources such as coal, natural gas, nuclear energy, and renewable sources like solar and wind power.

Electrical working example

• Electrical working involves the flow of electric current through a circuit

• The circuit can be either AC or DC

• The current can be measured in amperes (A)

• The voltage can be measured in volts (V)

• The resistance can be measured in ohms (Ω)

• Ohm's law states that V = IR, where V is voltage, I is current, and R is resistance

• Electrical working can involve wiring, circuit design, and troubleshooting

• Examples of electrical working include installing light fixtures,...read more