Well, I was quite good in accounting throughout but in my masters, when I got distinction I decided to adopt this field as a profession.
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“Accountant based job preparation guide for freshers and experienced candidates. Number of Accountant frequently asked questions(FAQs) asked in many interviews”
65 Accountant Questions And Answers
Yes, I have worked as an accountant at two different places.
Yes, I have used Advanced Business Solutions and AME Accounting Software in my previous jobs.
Yes, I am familiar with CGram Software, Financial Force, Microsoft Accounting Professional, Microsoft Dynamics AX and Microsoft Small Business Financials.
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.
As per fair value accounting, a company has to show the value of all of its assets in terms of price on balance sheet on which that asset can be sold.
We know that all types of transactions need to be documented. The trade bills are the documents, generated against each transaction.
It is the indirect expenditure of a company such as salaries, rent dues etc.
Offset accounting is one that decreases the net amount of another account to create a net balance.
Provisions are the liabilities or the anticipated items such as depreciation. You can say provisions are expenses. Reserves are the profits of any company and a part of that profit is placed back to the business to keep it sustainable in tough times of a company.
It is a kind of groups made on the basis of same responses by a system.
It is the residual value of an asset. The residual value is the value that any asset holds after its estimated life time.
Suppose you have to produce an additional unit of output. The estimated cost of additional inputs to produce that output is actually the marginal cost.
You must be very good at statistics if you want to do well in accounting. Otherwise, with minimum knowledge you cannot manage your day to day transactions effectively in accounting.
Balancing means to equate both sides of the T-account i.e. the debit and credit sides of a T-account must be equal/balanced.
Consignor is the owner of the goods or you can say he is the person who delivers the goods to the consignee. The consignee is the person who receives the goods.
By depreciation we mean that a value of an asset is decreasing as it is in use. It has two types such as "Straight Line Method" and "Written Down Value Method".
All types of exchange bills, bonds and other securities owned by a merchant that is payable to him are said as bills receivable.
Not much knowledge but basic mathematical background is required in accounting for operations like addition, subtraction, multiplication and division.
It is a type of banking that involves a retail client. These clients are the normal people and not any organizational customers.