41⟩ Explain me the basic accounting equation?
We know that accounting is all about assets, liabilities and capital. Therefore, the accounting equation is:
“Accounts Executive related Frequently Asked Questions by expert members with job experience as Account Executive. These questions and answers will help you strengthen your technical skills, prepare for the new job interview and quickly revise your concepts”
We know that accounting is all about assets, liabilities and capital. Therefore, the accounting equation is:
This is not an easy question, especially if you are a fresher and are applying for your first job.
To be honest, university education is not that important for an account executive, doesn’t matter what University you studied at.
But if you took some courses in sales, or in communication, and have good skills with MS Office, you can mention them. In fact, you can mention some specific subjects from your University/college studies, subjects that are somehow related to the job of an account executive.
Yes, as per my knowledge there are total 33 accounting standards published so far by ICAI. The purpose of these standards is to implement same policies and practices in any country.
Yes, I do believe that accounting standards play a very important role to prepare good quality and accurate financial reports. It ensures reliability and relevance in financial reports.
You should definitely check the job description and have a look at the requirements prior to your interview. If you do so, you should be able to deliver a good answer. Try to mention the duties outlined in the job description, and show that you studied it carefully and believe that you can handle all duties.
In the first one i.e. the perpetual inventory system, the accounts are adjusted on continual basis. In the periodic inventory system, the accounts are adjusted periodically.
Public accounting is a type of accounting that is done by one company for another company. Private accounting is done for your own company.
It is a type of accounting in which separate account is created for departments. It is managed separately as well as shown independently in the balance sheet.
Yes, I am familiar with CGram Software, Financial Force, Microsoft Accounting Professional, Microsoft Dynamics AX and Microsoft Small Business Financials.
CPA stands for Certified Public Accountant. To become a CPA, one should have to do many other qualifications as well. It is a qualification with 150 hour requirement; it means that one should complete 150 credit hours at any accredited university.
Public accounting offers audits and CPAs to review company financial records to ensure accountability. It is for general public.
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.
There are three branches of accounting named as “Financial Accounting”, “Management Accounting” and “Cost Accounting”.