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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

42⟩ Explain what is the difference between a trial balance and a balance sheet?

☛ Trial balance is a list of balances from the ledger account while balance sheet is a statement of assets and liabilities.

☛ Trial balance contains balances of all personal, real and nominal accounts, while balance sheet contains balances of only those personal and real accounts which represent assets and liabilities.

☛ Trial balance is prepared before preparation of trading and profit and loss account, while balance sheet is prepared after the preparation of trading and profit and loss account.

☛ Trial balance is prepared to check the arithmetical accuracy of posting into ledger while balance sheet is prepared to indicate the financial position of the business on a particular date.

☛ Debt and credit balances are shown side by side while balance sheet is prepared on a T form basis, the left hand side showing liabilities while right hand side representing assets.

☛ Closing stock does not appear in the trial balance while it is shown on the assets side of balance sheet.

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45⟩ Tell me what is double entry Bookkeeping? What are its rules?

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.

Following are the rules for different account

☛ For Personal Accounts : Debit the receiver, Credit the giver.

☛ For Real Account : Debit what comes in, Credit what goes out.

☛ For Nominal Account : Debit all the expenses, Credit all the incomes.

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51⟩ Do you know what is debit note and credit note? What is the difference between them?

Debit note is an intimation sent to a person dealing with the business that his account is being debited for the purpose indicated therein. It is a note made out with a carbon duplicate. The original one is sent to the party to whom the goods are returned and the duplicate copy is kept for office record.

Credit note is an intimation sent to a person dealing with the business that his account is being credited for the purpose indicated therein.

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52⟩ Tell me what is Deferred Revenue Expenditure? Give some examples?

Deferred Revenue Expenditure is a type of expenditure which does not result into the acquisition of any fixed asset and the benefits from such expenditure is not received during the period which they are paid for.

For example - Initial Advertisement Expenditure, Research and development Expenditure, Preliminary Expenses.

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58⟩ Explain about your math skills?

I love maths, its really challenging, I believe its something everybody should love, I love identifying differences and solving them.

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