Junior Accountant

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“Junior Accountant related Frequently Asked Questions by expert members with job experience as Junior Accountant. These questions and answers will help you strengthen your technical skills, prepare for the new job interview and quickly revise your concepts”



66 Junior Accountant Questions And Answers

1⟩ Explain me do you work well under pressure?

I see pressure in a different view. Pressure is something which cracks you and helps you to identify yourself. Pressure should be seen as a challenges faced and the challenges faced will assist you the next time. I think its always better to Face everything and rise instead of forgetting everything and run.

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3⟩ Explain me about a time you handled a complex financial project with a tight deadline that required precise data collection and analysis. Give me an example of how you keep track of things requiring your attention. What work objectives did you set for this year and what steps have you taken to ensure you will achieve them?

In your answer show how you are able to develop specific objectives and plan and prioritize systematically to accomplish these objectives within set time frames. This includes scheduling, identifying and allocating resources and the use of appropriate organizational tools.

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4⟩ Tell me what items are included in Profit and Loss account?

☛ Salaries

☛ Rent

☛ Rates and Taxes

☛ Interest

☛ Commission

☛ Trade Expenses

☛ Printing and Stationery

☛ Advertisement

☛ Carriage out, freight out, carriage out

☛ Repairs

☛ Travelling expenses

☛ Samples

☛ Depreciation

☛ Apprentice premium

☛ Life insurance premium

☛ Insurance premium

☛ Income tax

☛ Interest on capital and drawings

☛ Loss or gain on asset sold

☛ Discount received and allowed

☛ Trade discount

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5⟩ Tell me what are the accounting concepts?

Accounting concepts are the basic assumptions on which the process of accounting is based.

☛ Following are the accounting concepts

☛ Business Entity Concept

☛ Dual Aspect Concept

☛ Going Concern Concept

☛ Accounting Period Concept

☛ Cost Concept

☛ Money Measurement Concept

☛ Matching Concept

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6⟩ Explain me about a suggestion or successful contribution you have made in your past job or in college?

I would narrate one of the happenings in my past job! At the time of joining the team had backlog due to technical issue in SAP work environment. While it took a long time to stabilize the volumes I contributed my team what all I can be capable off. It helped me a lot to learn through the process at the time of training.

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8⟩ Please explain why are you the best candidate for us?

I think I am the best candidate as I have alot of experience in the accounting field, I am a fast learner as well so you wont have any trouble wasting time, its my dream title and I am studying towards it, I will do my very best not to disappoint you, and I will always strive to do and be the best, I feel that its important to love your job.

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14⟩ Explain nominal account with examples?

Nominal Account is an account of incomes or expenses.

☛ Types of Nominal account

☛ Salary Account,

☛ Commission Paid/Received Account,

☛ Telephone Expenses Account,

☛ Wages Account,

☛ Printing & Stationery Account,

☛ Interest Paid/Received Account.

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15⟩ Tell me what is bank reconciliation statement? What are the steps to prepare it?

Bank reconciliation statement is a statement prepared at periodical intervals, with a view to indicated the items which cause disagreement between the balances as per the bank columns of the cash book and the bank pass book on any given date.

Follow the below steps to prepare a bank reconciliation statement

Take the balance either as per cash book or as per pass book as a starting point.

☛ Compare the items appearing in the bank column of the cash book with the item appearing in the bank pass book.

☛ Tick off the items in the pass book with the entries in the cash book. A list of unticked items either in cash book or pass book will be found.

☛ Add or deduct items from the balance which has been taken as a starting point.

☛ The resultant figure will be the balance as shown by the pass book or vice versa.

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16⟩ Explain me what is the difference between Cash discount and Trade discount?

☛ Cash discount is an allowance made by retailers to the customers for prompt payment. On the other hand, trade discount is an allowance made by the wholesaler dealer to retailers off the catalogue or invoice price. This allowance is made between purchasers and sellers engaged in the same class of trade.

☛ Cash discount is always allowed or received when payment is made. Trade discount enables the retailers to sell the products to customers at catalogue or price list issued by the wholesaler.

☛ Cash discount is an allowance in addition to the trade discount made by the seller to the buyer.

☛ Cash discount is recorded in account books while trade discount is not shown separately.

☛ The main purpose of allowing trade discount is to enable the retailers to sell the goods at list price while the purpose of providing cash discount is prompt payment by the debtor to the creditor.

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17⟩ Tell me what is convention of materiality?

This convention proposes that while accounting for the various transactions, only those transactions will be considered which have material impact on profitability or financial status of the organization and other insignificant transactions will be ignore. In keeping with the principle of materiality, unimportant items are either let out or merged with other items. Sometimes, such items are shown as footnotes or in parentheses according to their relative importance.

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18⟩ Explain the errors which affect Trial Balance and errors which do not affect Trial Balance?

Errors which affect the agreement of trial balance:

☛ Wrong totaling of subsidiary books.

☛ Posting on the wrong side of an account

☛ Omission of posting an amount in the ledger

☛ Posting of wrong amount

☛ Error in balancing

Errors which do not affect the agreement of trial balance:

☛ Error of Principle

☛ Errors of Omission

☛ Errors of Commission

☛ Recording of wrong amount in the books of prime entry or subsidiary books.

☛ Compensating Errors.

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19⟩ What is trial Balance. What are the main characteristics and uses of a trial balance?

Trial balance is a list of all balances standing on the ledger accounts of a firm at any given time.

Following are the main characteristics of a trial balance.

☛ It is a statement prepared in a tabular form.

☛ It has two columns: one for debit balances and another for credit balances.

☛ Closing balances as shown by ledger accounts are shown in the statement.

☛ It is not an account but only a statement of balances.

☛ It is prepared on the basis of balanced accounts.

☛ It is a method of verifying the arithmetical accuracy of entries made in the ledger.

☛ It helps in preparation of Trading account, Profit & Loss account and Balance Sheet at the end of the period which exhibit the financial position of the firm.

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