Accountant Interview Questions and Answers Part-1| Accountant| Accounting| Finance|Interview|

We have covered the most common and basic Accountant Interview questions and answers that people look for when applying for Accountant related positions.

You an accountant is a practitioner of accounting or accountancy which is the measurement disclosure or provision of assurance about financial information that helps managers investors tax authorities and others make decisions about allocating resources trophy estate in many jurisdictions professional accounting bodies maintain standards of practice and evaluations

For professionals accountants who have demonstrated competency through their professional associations certification exams are certified to use titles such as chartered accountant chartered certified accountant or certified public accountant such professionals are granted certain responsibilities by statute such as the ability to certify an organization’s financial

Statements and may be held liable for professional misconduct non qualified accountants may be employed by a qualified accountant or may work independently without statutory privileges and obligations what is accountant an accountant is a person who records business transaction on behalf of an organization reports on company performance to management and issues

Financial statements a qualified person who is trained in bookkeeping and in preparation auditing and analysis of accounts accountants prepare annual reports and financial statements for planning and decision making and advice on tax laws and investment opportunities here are several examples of the types of transactions in which an accountant may become involved

Issuing an invoice to a customer which involves recording a sale and account receivable receiving an invoice from a supplier which involves recording an expense or asset and an account payable issuing a salary or wage payment to an employee which involves recording an expense and the outflow of cash reconciling a bank statement which likely produces adjustments

To the cash account also known as incorporated financial accountant chartered public finance accountant certified public practicing accountant public accountant certified practicing accountant certified management accountant chartered professional accountant international accountant chartered management accountant certified public accountant chartered certified

Accountant chartered accountant what do accountants do accountants take care of the daily financial transactions for a company or business their duties can cover various tasks that range from incoming earnings to outgoing payments they may be in charge of figuring ferrell’s and tax deductions paying vendors implementing cash check and electronic payments preparing

Tax returns and reconciling the books at year-end and accountants duties may also vary depending on what type of accountant they are can you explain real account and nominal account with examples real account real account is an account of assets and liabilities it is a general ledger account that does not close at the end of the accounting year in other words

The balances and the real accounts are carried over to become the beginning balances of the next accounting period types of real account land account machinery account building account will account furniture account pattinson trademarks account nominal account nominal account is an account of incomes or expenses nominal accounts in accounting are the temporary

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Accounts such as the income statement accounts in other words nominal accounts are the accounts that report revenues expenses gains and losses types of nominal account salary account wages account commission paid received account telephone expenses account printing & stationery account interest paid received account what is the difference between real account

And nominal accounts the balance in a real account is not closed at the end of the accounting year instead a real account begins each accounting year with its balance from the end of the previous year because the end of the year balance is carried forward to the next accounting year a real account is also known as a permanent account the real accounts are the

Balance sheet accounts such as the accounts for recording assets liabilities and the owners or stockholders equity however the sole proprietors drawing account which is reported on the balance sheet during the year he’s a temporary account because it is closed directly to the owners capital account at the end of the year the nominal accounts are almost always

The income statement accounts such as the accounts for recording revenues expenses gains and losses when the income statement accounts are closed at the end of the accounting year perhaps through an income summary account the net amount will ultimately end up in a balance sheet techwadi accounts such as the proprietors capital account or the corporation’s retained

Earnings account the balance in a nominal account is closed at the end of the accounting year as a result in nominal account begins each accounting year with his zero balance since the balance does not carry forward to the next accounting year a nominal account is also referred to as a temporary account accounting coach can you explain personal accounts personal

Accounts are related to individuals firms companies etc a few examples of personal accounts include debtors creditors banks outstanding prepaid accounts accounts of credit customers accounts of goods suppliers capital drawings etc natural personal accounts it is the simplest to understand down of åland includes all god’s creations who have the ability to deal

Who in most cases are people for example jacks ac allen’s ac etc artificial personal accounts personal accounts which are created artificially by law such as corporate bodies and institutions are called artificial personal accounts for example private limited companies llp s llc’s clubs schools etc representative personal accounts accounts which represent a

Certain person or a group directly or indirectly for example that wages are paid in advance to an employee a wage prepaid account will be opened in the books of accounts this wages prepaid account is a representative personal account indirectly linked to the person and you name different branches of accounting there are three branches of accounting named as

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Financial accounting management accounting and cost accounting can you explain bookkeeping bookkeeping involves the recording of financial transactions and other information related to the business on a day-to-day basis the most important aspect of bookkeeping is to keep an accurate account of all records and keep them up to date accuracy is the most vital

Part of the bookkeeping process most common examples of records are receipts from customers payments to suppliers billing for products supplied recording and voices from suppliers recording depreciation and other adjustments etc can you define as the bookkeeping equation the bookkeeping equation for a sole proprietorship is assets equals liabilities plus owner’s

Equity the bookkeeping equation for a corporation is assets equals liabilities plus stockholders equity the bookkeeping equation is also referred to as the accounting equation can you define double-entry bookkeeping double-entry bookkeeping follows the principle according to which every debit has a corresponding credit hence total of all debits is always equal

To the total of all credits in this system one account is debited and at the same time another account is credited by the similar amount can you define accounting accounting is the systematic and comprehensive recording of financial transactions pertaining to a business and it also refers to the process of summarizing analyzing and reporting these transactions

To oversight agencies in tax collection entities accounting is one of the key functions for almost any business it may be handled by a bookkeeper and accountant at small firms or by sizeable finance departments with dozens of employees at large companies can you define executive accounting it is a type of accounting that is specifically designed for the business

That offers services to users can you define in public accounting public accounting offers audits and cpas to review company financial records to ensure accountability it is for general public can you define partitioning in accounting it is a kind of groups made on the basis of same responses by a system can you define offset accounting offset accounting is one

That decreases the net amount of another account to create a net balance in you define temporary account a temporary account is a general ledger account that begins each accounting year with a zero balance at the end of the accounting year any balance in the account will be transferred to another account this is referred to as closing the account can you define

Outside the count a company’s outside accountant is an accountant who is not an employee of the company and outside accountant could be a sole practitioner or a member of a firm that provides accounting services to many companies can you define deferred asset a deferred asset represents costs that have occurred but because of certain circumstances the costs can

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Be reported as expenses at a later time one of these circumstances is the assurance from an electric utilities regulators that the costs being deferred will be recoverable through increases and future utility rates can you define asset to count in accounting and bookkeeping an asset account is a general ledger record for sorting and storing the debit and credit

To mounts from a company’s transactions the balance in an asset account will be part of the amounts reported on a company’s balance sheet can you define master account a master account has subsidiary accounts a master account receivable could be anything it could be account receivable for various individual receivable accounts can you define bank reconciliation a

Bank reconciliation is a process done by a company to ensure that the company’s records check register balance sheet general ledger account etc are correct in that the banks records are also correct can you define accrual accounting accrual accounting is a method for measuring the performance and position of the company by identifying economic events regardless

Of when cash transaction happened in this method revenue is compared with the expenditures at the time in which the transaction happens rather than when the payment is made can you define post-closing trial balance a post-closing trial balance is a trial balance which is prepared after all of the temporary accounts in the general ledger have been closed the

Temporary accounts include one the income statement accounts consisting of revenue expense gain and loss accounts to the summary accounts and three the few temporary balance sheet accounts such as the sole proprietors drawing account or the corporation’s dividend account can you define escrow payment an escrow payment is an amount deposited with another party

And it is to be released only for its specified purpose the following is one example of an escrow payment can you define gap gap generally accepted accounting in principle is a framework of accounting standards procedures and rules determined by the professional accounting industry and practiced by publicly traded us companies all over the usa can you define

Owner’s equity owner’s equity also known as capital of the business is the claim of the owner of the business against the assets of the business owner’s equity is calculated by subtracting equity of creditors from the total equity can you define trade bills we know that all types of transactions need to be documented the trade bills are the documents generated

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Accountant Interview Questions and Answers Part-1| Accountant| Accounting| Finance|Interview| By InterviewGIG