Accounting Interview Questions

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  •  

    What Account is Salary outstanding

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

    Khushi

    • Dec 11th, 2018

    How to calculate outstanding salary when it is for only 1 month

    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.

  •  

    How to make a VAT entry in books including setoff?

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    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?

  •  

    What is the difference between personal account real account and nominal account ?

    Aman pal (Amit bhagel S.P)

    • Sep 15th, 2016

    PERSONAL A/C
    -DR.is the receiver
    -CR. is the giver.

    NOMINAL A/C:
    -All expense & losses are DR.
    -All income, profit & gain are CR.

    REAL A/C:
    -DR. whats come in.
    -CR. whats goes out .

    manish kumar

    • Apr 27th, 2016

    Personal A/C - debit the receiver
    Credit the giver
    Real A/C - debit whats comes in
    Credit whats goes out
    Nominal A/C - debit all expenses &losses
    Credit all income & gains

  •  

    Finalisation Accounts preparation

    How to prepare finalisation accounts?

    khaleel ibrahim

    • Apr 24th, 2015

    Finalization?accounts?means?prepare?to?final?account.first?of?all?journal entries,ledger?and?trial?balance?and?trading?and profit/loss?accounts.and?also?balance sheet.

    lakshmi

    • Feb 6th, 2015

    Finalization ac is a statement which is considered to know financial statement of a business. for a business it is very necessary to know. it is prepared after profit and loss ac.

  •  

    Depreciation

    Why depreciation is not charged on land?

    nabasmita bordoloi

    • Feb 28th, 2014

    Depreciation refers decrease the value of tangible fixed assets due to wear and tears, technology obsolesces , passes of time etc. but land is a tangible asset which value never decreases. land value is always appreciated.

    Dasrath

    • Aug 10th, 2013

    Depreciation in known as gradual decline in the usable value of the asset due to various factors i.e technological changes etc.

  •  

    What is meant by turnover

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    vasudeo007  

    • Member Since Jul-2008 | Aug 18th, 2008


    The word "Turnover" has many meanings.

    For a trader/manufacturer/service provider it means total sales (cash+credit).

    While when a bank gives loan to any person or company they see the turnover.

    Here the turnover generally refers to the total credits in any given period in account holder's account.

    While bank's own turnover is the total loans disbursed + outstanding recovery of earlier period - bad debts (loans written off) in this period.

    Considering the disclosure norms in Accounting Standards the announcement of turnover is required. I am not sure for which industries it is mandatory and for which industries it is not. But it is nevertheless announced.

    Balance sheet of any company can be easily window dressed. So to understand whether whatever profits that are shown are really from turnover or not the announcement of turnover becomes necessary.

    In case if a person/investor finds out that the turnover of any company is not high but the company is saying that they have made big profits then he can probe in details as to how the company is making its money.

    In case if the investor finds out that the company is selling the goods to a huge quantity but not making much profits then he can investigate the books of accounts to find out what are the causes of low profitability.

    Vasudeo.