Accounting Interview Questions

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  •  

    Accrue Income

    What is Accrue Income? Answer briefly

    Bhaskar reddy KSR

    • Dec 22nd, 2017

    It is an income earned, but not yet received. (out standing income). say XYZ company earned interest on bank deposits Rs.1000 (October to Dec 2017 ) and Xyz company financial starts from Jan to Dec)...

    Bhawna Sharma

    • Mar 1st, 2017

    Accrue income is a amount which is earned but not received.

  •  

    What Account is Salary outstanding

    What Account is Salary outstanding? Is it real, personnel or nominal account?

    naman bagga

    • Dec 7th, 2017

    O/s expense is an expense which is still to be paid like unpaid rent, unpaid salary and many more. It is a type of liability actually. It is a expense in which we have used the service or taken the service but the amount is not paid or given.

    Christine

    • May 28th, 2017

    As its a current liability it would go to the real account. Anything outstanding is considered stored with you like an asset which you cant utilize as its a liability so asset and liability related a/c would be reported in real account

  •  

    What are MIS reports and how do you prepare it?

    Jagannadh

    • Nov 21st, 2017

    MIS Report is not only for Financial Report it can be used to generate the reports for Production, Costing, Sales and Finance Departments. It is very useful to the Organisation for calculate the Prod...

    jeetu Thakur

    • Jun 20th, 2017

    MIS: Management Information Systems, MIS is use by the organisations for Collect information from the department which is helpful for the management for better decision. MIS reports : Which reports ...

  •  

    What is the Fictitious assets?

    Kashmira

    • Nov 6th, 2017

    Why are Fictitious assets written on liabilities side?

    Tilak Sapkota

    • Mar 2nd, 2016

    It is an imaginary assets i.e.,it can neither be seen nor we can touch. Lets take an example-a company after its incorporation may make an huge expenditure for an advertisement. If the company debited...

  •  

    How to make a VAT entry in books including setoff?

    Star Read Best Answer

    Editorial / Best Answer

    mcgozon  

    • Member Since Mar-2009 | Mar 26th, 2009


    1.  Purchases
            Accounts Payable                  xxx
            VAT Input                              xxx
                Cash in Bank                               xxx
                    Purchases recorded for the month.

    2.  Sales
             Accounts Receivable              xxx
                 Sales                                             xxx
                 VAT Output                                    xxx
                     Sales recorded for the month.

    3.  Set Off
             VAT Output                            xxx
                 VAT Input                                        xxx
                 VAT Debit & Credit Account             xxx
                    Transfer of Surplus to VAT Debit & Credit Account.

    4.  Payment
              VAT Debit & Credit Account     xxx
                 Cash in Bank                                  xxx
                      Payment of VAT reported for the month of ______.
                 

    Jaleel

    • Oct 25th, 2017

    When set off
    Vat output a/c Dr
    Input vat a/c Cr
    Vat payable. Cr
    When payment made
    Vat payable a/c Dr
    Bank/Cash. Cr

    durgesh

    • Aug 22nd, 2016

    I need more help about VAT adjustment and entry whole year, How to adjust carry forward entry and and what should I do when there is a mis-match?

  •  

    Purchase of Vehicle on EMI

    Suppose I purchased a bike, I paid down payment of Rs 25000/- and the balance in EMI of Rs 2200/- per month. Pass the necessary Journal entry.

    Avijit

    • Oct 4th, 2017

    Suppose EMI will be 1 year
    Vechicle a/c Dr. 250000
    To, cash a/c 250000
    2. EMI-
    Vechicle on EMI a/c Dr. 26400
    To, Bank 26400

    GOPALA KRISHNAN S

    • Mar 27th, 2017

    Asset (Motor Bike) A/C
    To Cash
    To Finance Institute
    At the time of payment of EMI
    Finance Institute A/C
    To Bank A/C

  •  

    What is Departmental Accounting? Give an example

    Neha

    • Oct 1st, 2017

    Departmental accounts is maintain by different department of an organization. For known about there profitability, growth, degree of risk, etc.

    A business is generally split up into a number of departments when it sells different types of goods and services under a same roof.

    Aaron peter chilot

    • Jun 13th, 2017

    Department account: It is an organisation that may be operative into separate department. Therefore the trading result of each department must be ascertained.

  •  

    Vehicle Allowance

    A firm has four technicians, they use their own motorbike for sales purpose, petrol expenses are met by the firm. but can the firm give or make a reserve/provision for meeting the repairs of their vehicles. If so, then what will be journal entry?

  •  

    Difference between Accounts and Finance

    Awesh Darekhan

    • Sep 13th, 2017

    Accounts is the process of recording business transaction (journal,ledger,trail balance,trading a/c,P/L A/C)

    Finance is an art and science of managing money

    Akshay Raut

    • Dec 18th, 2016

    Accounting: Is the art of writing the day to?day transaction in books of accounts.

    Finance: How to raise money & funds for company

  •  

    Travelling and Conveyance diffrence

    What is the diffrence between Travelling and Conveyance

    Chinchu

    • Sep 1st, 2017

    Travelling expenses means expenses related to travel from one place to another place by person for the purpose of business.

    Conveyance means expenses related to travel from place of living to Office or workplace and return to place of living.

    Chinchu

    • Sep 1st, 2017

    Travelling expenses means expenses related to travel from one place to another place by person for the purpose of business.

    Conveyance Means the expenses related to travel from the place of living to office or workplace and return to place of living.

  •  

    Depriciation

    Ramesh bought the machinery for 100000 and annual depreciation is 10% on diminishing value method,11 month he sold the machine for 20K. Pass the appropriate journal entries..

    Jasir

    • Jul 26th, 2017

    Depreciation a/c dr 9,167.00
    Cash a/c dr 20,000.00
    P/L a/c dr 70,833.00
    To Machinery a/c 100,000.00

    UMA

    • Jun 24th, 2016

    Cash A/C 20,000
    P/L A/C 15337
    machinery A/C 35,337

  •  

    What is the Provision? What is the Entry for Provision?

    AFSALNAHA.K

    • Jul 23rd, 2017

    When we make provision for Salary, Entry is
    1) Salary A/C (Indirect Expense)
    Provision for Salary (Current Liability)

    2) When we charge Salary to Provision.
    Provision for Salary A/C Dr
    To Salary

    AFSAL NAHA

    • Jul 23rd, 2017

    When creating Provision Salary JV Is
    Salary a/c Dr
    Provision for Salary
    When we allotting Salary

    Provision for Salary A/c Dr
    Salary a/c
    When we transfer to P/L A/C
    P/L A/C DR
    SALARY A/C


  •  

    What is bank reconcillation statement ?

    favas pakkada

    • Jul 7th, 2017

    A bank reconciliation statement is a summary of banking and business activity that reconciles an entitys bank account with its financial records. The statement outlines the deposits, withdrawals, and other activity impacting a bank account for a specific period

    rajesh

    • Jun 28th, 2017

    It is a statement which shows difference between passbook and cashbook

  •  

    Salary Provision

    Why do we record salary provision, although we know the exact amount of salary payable?

    Shubhi tiwari

    • May 21st, 2017

    For preparing salaries and wage bills

    Nelson

    • Aug 30th, 2016

    If the salary incurred and settled for current month, than there is no need of providing the provision, we have to pass provision in case if salary incurred in current month and settled in next or sub...

  •  

    General Ledger Reconciliation

    What is General Ledger Reconciliation?

    Rajesh

    • May 16th, 2017

    The general ledger is the main accounting record of the company. Consequently, general ledger reconciliation is the process of ensuring that accounts contained in the general ledger are correct.

    VIRENDER KUMAR

    • Apr 7th, 2017

    General ledger account balances with other independent systems, statements, and reports, to verify that the balances are correct and accurate

  •  

    Why net profit is shown in the liability side of the balance sheet?

    Naveen

    • May 11th, 2017

    Assume that I started a business with a capital 4000..... i made no transaction.. if I prepare a balance sheet for it how it will be balanced now?

    prajwalprasanna

    • Mar 2nd, 2015

    as per accounting concepts and conventions there is a concept in accounting called BUSINESS ENTITY CONCEPT which says business is separate from proprietor so when the proprietor contributes money to b...

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