1. Tell me why did you select accounting as profession?
Well, I was quite good in accounting throughout but in my masters, when I got distinction I decided to adopt this field as a profession.
2. Tell me if you have any professional experience of this field?
Yes, I have worked as an accountant at two different places.
3. Did you ever used accounting applications at your previous companies or prefer working manually?
Yes, I have used Advanced Business Solutions and AME Accounting Software in my previous jobs.
4. Tell me name of any other accounting application?
Yes, I am familiar with CGram Software, Financial Force, Microsoft Accounting Professional, Microsoft Dynamics AX and Microsoft Small Business Financials.
5. Why and which accounting application you prefer most?
I think all are good though but Microsoft Accounting Professional is best because it offers reliable and fast processing of accounting transactions that saves time and increases proficiency.
6. Explain fair value accounting?
As per fair value accounting, a company has to show the value of all of its assets in terms of price on balance sheet on which that asset can be sold.
We know that all types of transactions need to be documented. The trade bills are the documents, generated against each transaction.
8. What is overhead in terms of accounting?
It is the indirect expenditure of a company such as salaries, rent dues etc.
Offset accounting is one that decreases the net amount of another account to create a net balance.
10. Can you please explain the difference between provision and reserve?
Provisions are the liabilities or the anticipated items such as depreciation. You can say provisions are expenses. Reserves are the profits of any company and a part of that profit is placed back to the business to keep it sustainable in tough times of a company.
11. What is the mean of partitioning in accounting?
It is a kind of groups made on the basis of same responses by a system.
12. What is Scrap value in accounting?
It is the residual value of an asset. The residual value is the value that any asset holds after its estimated life time.
13. What is marginal cost in Accounting?
Suppose you have to produce an additional unit of output. The estimated cost of additional inputs to produce that output is actually the marginal cost.
14. Do you know how much statistics knowledge is necessary or required in accounting?
You must be very good at statistics if you want to do well in accounting. Otherwise, with minimum knowledge you cannot manage your day to day transactions effectively in accounting.
15. What is the mean of balancing in accounting?
Balancing means to equate both sides of the T-account i.e. the debit and credit sides of a T-account must be equal/balanced.
16. Can you please explain the difference between consignor and consignee?
Consignor is the owner of the goods or you can say he is the person who delivers the goods to the consignee. The consignee is the person who receives the goods.
17. What is depreciation and its types?
By depreciation we mean that a value of an asset is decreasing as it is in use. It has two types such as "Straight Line Method" and "Written Down Value Method".
18. What is bills receivable in Accounting?
All types of exchange bills, bonds and other securities owned by a merchant that is payable to him are said as bills receivable.
19. Tell me how much mathematics knowledge is necessary or required in accounting?
Not much knowledge but basic mathematical background is required in accounting for operations like addition, subtraction, multiplication and division.
20. What is retail banking in Accounting?
It is a type of banking that involves a retail client. These clients are the normal people and not any organizational customers.
21. What is company's payable cycle?
It is the time required by the company to pay all its account payables.
22. Tell me have you ever prepared MIS reports and what are these?
Yes, I have prepared few MIS reports during my previous jobs. MIS reports are created to identify the efficiency of any department of a company.
23. What is the term material facts in accounting?
Material facts are the bills or any document that becomes the base of every account book. It means that all those documents, on which account book is prepared, are called material facts.
24. What is the mean of purchase return in accounting?
It is the term introduced in the records for every defective or unsatisfactory good returned back to its supplier.
25. What is dual aspect term in accounting?
As the name implies, the dual aspect concept states that every transaction has two sides. For example, when you buy something, you give the cash and get the thing. Similarly, when you sale something, you lose the thing and gets the money. So this getting and losing is basically two aspects of every transaction.
