1. Do you know what are trade bills?

We know that all types of transactions need to be documented. The trade bills are the documents, generated against each transaction.

2. Tell me what is trial balance in accounting?

In accounting, trial balance is an accounting report that lists the balances in each of an organization's general ledger accounts. This is done at the end of posting journal entry to ensure that there are no posting errors.

3. Tell me what is GAAP?

GAAP means Generally Accepted Accounting Principle; it is a framework of accounting, standards, procedures & rules determined by the professional accounting industry and practiced by publicly traded U.S companies all over the U.S.A.

4. Tell us 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”.

5. Tell me what is “deposit in transit”?

A deposit in transit is a checks and cash that have been received and recorded by an entity, but which have not yet been entered in the records of the bank where the funds are deposited.

6. Explain different branches of accounting?

There are three branches of accounting named as “Financial Accounting”, “Management Accounting” and “Cost Accounting”.

7. Tell me how can you explain the basic accounting equation?

We know that accounting is all about assets, liabilities and capital. Therefore, the accounting equation is:

Assets = Liabilities + Owners Equity.

8. Explain 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.

9. Explain what is account receivable?

A short term amounts due from buyers to a seller, who have purchased goods or services from the seller on credit is referred as account receivable.

10. Explain what makes a successful account manager?

Speak confidently when answering questions where success is the subject. You do not have to gush and describe every possible aspect you can think of. Talk about a few key concepts, like communication and negotiation skills, market research and customer prospecting, etc. You will make an even better impression if you give an example from your own professional life to demonstrate your idea.

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