Accountant Interview Questions And Answers For Freshers

When facing a tight deadline, how do you react?

If you have previous accounting experience, this is a great opportunity to discuss moments when you encouraged teamwork among your peers to get an end-of-year statement out on time. This question is also a time to talk about your time management skills.

Even if you don’t have much accounting experience, you can talk about how you work under pressure and what systems you have to ensure everything goes smoothly.

>>MORE: Learn more about using the STAR method to describe situations, show what actions you took, and explain how you resolved the problem.

72) What is the 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 to as account receivable.

123) Explain various methods of calculating depreciation in details

Various methods of calculating depreciation are:

  • Double declining method: This method is used to calculate book value, which is multiplied by a fixed depreciation rate.
  • Units of production method: It is a way of charging depreciation on assets. This method is used when the asset’s value is closer to the units produces then years it is in used.
  • Straight-line method: It can be calculated by dividing the difference between the cost of assets and its salvage value by the expected years to be used.
  • Sum of year digit method: This method is based on the assumption that the assets productivity decreases with the passage of time.
  • Sinking fund method: A technique which is used when the cost of replacing asset is too high.
  • Fixed asset are assets which are tangible in nature. It is not used to sell in the near future and from which future benefits are derived.

    BEP or Break Event Point can be defined as a situation in which the company neither gets profit nor no loss. It involves the activity in which total revenues equal total costs.

    The cost sheet is a cost statement of product for a specific period of time. It contains direct and indirect expenses involved in producing a product.

    A chargeback is a process in the industry where wholesaler request amount, which is the difference between the price of manufacture and wholesaler.

    CMMI stands for Capability Maturity Model Integration. It is an approach to improve the organization’s approach to get the essential elements of the process.

    Candidate can answer this question as:

    CMM is a standard for measuring the maturity of a company’s software development processes. It is judged by IT service providers to deliver high-quality software.

    The cost sheet contains both direct and indirect expenses incurred in producing any product. The classifying the expenses incurred based on administration, office, distribution, and selling overheads.

    Invoice is a statement that contains:

  • Invoice Number
  • Invoice date
  • Name and address of the person
  • Name and address of the buyer
  • Description of services or goods involved
  • Applicable rates and taxes with percentages
  • Rate of the service or goods.
  • Quantity of the services and goods.
  • Price of the services and goods.
  • The invoice should be signed by the person making it.
  • Conditions of making the payment.
  • 59) List things will not be included in a bank reconciliation statement

    Things will not be included in a bank reconciliation statement are:

  • Cheques dishonored not recorded in the cash book
  • Direct payments made by the bank not entered in Cashbook
  • Bank Charges or Interest debited by the bank.
  • Cheques deposited but not cleared.
  • Wrong debits given by the bank.
  • Banks direct payment not entered in Cashbook.
  • TOP 20 ACCOUNTANT Interview Questions And Answers!

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