21⟩ What is company's payable cycle?
It is the time required by the company to pay all its account payables.
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22⟩ Tell me have you ever prepared MIS reports and what are these?
Yes, I have prepared few MIS reports during my previous jobs. MIS reports are created to identify the efficiency of any department of a company.
23⟩ What is the term material facts in accounting?
Material facts are the bills or any document that becomes the base of every account book. It means that all those documents, on which account book is prepared, are called material facts.
24⟩ What is the mean of purchase return in accounting?
It is the term introduced in the records for every defective or unsatisfactory good returned back to its supplier.
25⟩ What is dual aspect term in accounting?
As the name implies, the dual aspect concept states that every transaction has two sides. For example, when you buy something, you give the cash and get the thing. Similarly, when you sale something, you lose the thing and gets the money. So this getting and losing is basically two aspects of every transaction.
26⟩ Can you please explain the difference between Accounting and Auditing?
Accounting is all about recording daily business activities while auditing is the checking that whether all these events have been noted down correctly or not.
27⟩ What are the main branches of accounting?
There are three branches of accounting named as:
☛ Financial Accounting
☛ Management Accounting
☛ Cost Accounting
28⟩ Is accounting standards are mandatory if yes, then why?
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.
29⟩ List project implementation steps?
Project implementation involves six steps in total such as:
☛ Identify Need
☛ Generate and Screen Ideas
☛ Conduct Feasible Study
☛ Develop the Project
☛ Implement the Project
☛ Control the Project
30⟩ Can you please explain the difference between public and private accounting?
Public accounting is a type of accounting that is done by one company for another company. Private accounting is done for your own company.
31⟩ What is the mean of bank reconciliation statement?
A reconciliation statement is prepared when the passbook balance differs from the cashbook balance
32⟩ What is the mean of executive accounting?
It is a type of accounting that is specifically designed for the business that offers services to users.
33⟩ Can you explain the basic accounting equation?
We know that accounting is all about assets, liabilities and capital. Therefore, the accounting equation is:
Assets = Liabilities + Owners Equity.
34⟩ What is Public accounting?
Public accounting offers audits and CPA's to review company financial records to ensure accountability. It is for general public.
35⟩ What is the mean of ICAI?
It is the abbreviation of Institute of Chartered Accountants in India.
36⟩ VAT stands for?
VAT means Value Added Tax.
37⟩ How do you define premises in Accounting?
Premises refer to fixed assets that are shown in the balance sheet.
38⟩ What is the mean of perpetual or periodic inventory system in Accounting?
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.
39⟩ What is the mean of fictitious assets?
These are the assets that cannot be shown or touch. Fictitious assets can only be felt such as good will, rights etc.
40⟩ What is the mean of tally accounting?
It is the software used for accounting in small business and shops for managing routine accounting transactions.
