Accounting

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“This section of Accounting Interview Questions and Answers will unlock your potential regarding all aspects of Accounting. Accounts is base of any growing business, any business can not grow as an international organization with out Accounting. So if your are a marketing person or having financial expertise then you must have to know about the accounting interview questions and answers techniques here with us.”



204 Accounting Questions And Answers

181⟩ What is service tax?

When any employer provides any service to his customer, which income is excess under the tax then company liable for the pay tax.

Service tax charged at rate 12 %( India) + 3% E.Cess & H. & E.Cess

=12.36%

In addition, service tax deposited of in under 5 days who you charged service tax to his customers.

In the payment of Service tax amount you can Credit availed during of the month.

Moreover, if any company purchased of any item that has Excise duty & E.Cess with E.Cess then you can credit availed when you received excise form to your seller.

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182⟩ What is Contingent Liabilities?

A continental liability may or may not be liability to the company. It is mandatory to show in Balance Sheet. Ex:- Ex gratia payable to Workers. Sometimes company has to pay, sometimes may not pay.

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183⟩ How does accounting contribute to the community?

Accounting helps communities in many ways. Accountants help the communities manage their money and they take care of their taxes yearly. They also manage their money, help set a budget for them and teach them to manage their money wisely.

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184⟩ Accounting for VC money in financials

It depends on the form in which the money comes in. If it was invested as equity (either Common or Preferred Stock), it shows up on the balance sheet as Paid in Capital. If it came in as debt (such as bridge loan, secured note, etc.) it shows up as debt that must be repaid by the company.

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185⟩ What is the definition of offset accounting?

The one reduces the gross amount of another account to derive a net balance. Accumulated depreciation, which is a contra account to fixed assets to obtain book value, is an example of an offset account.

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188⟩ What is the relationship between bookkeeping and accounting?

Bookkeepers perform a critical function for the firms and organizations they serve. Regularly challenged to maintain precise and accurate records, bookkeepers produce the vital reports that keep management up to date on the financial condition of their company.

Bookkeepers are responsible for maintaining the "business checkbook", much like a personal checkbook. They record routine money transactions like customer payments into a "cash receipts journal" and checks to vendors into a "cash disbursement journal." They also process payroll. At month end they transfer or "post", the "journal" totals to the "general ledger" in preparation for financial statements prepared by the accountant.

Accountants are responsible for the design and management of the financial systems that bookkeepers use. They prepare monthly financial statements and tax returns at year-end. Accountants may also prepare budgets for management and loan proposals for bankers; and perform cost analysis for the company's products or services.

Trust, reliability, and confidentiality head the list of qualities that employers look for when selecting and promoting Certified Bookkeepers. Strong organization and communication skills are also important. Not only are bookkeepers challenged to record routine money transactions, to reconcile accounts and to locate misguided transitions, they also must be able to paint a picture--both verbally and on paper--of all the activities within their assigned area of responsibility

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189⟩ What is cash flow and fund flow?

Cash flow and funds flow: cash flow means direct entry of cash in your business and exit of the same funds flow means entry of funds (cash funds or non cash funds) and their exit non cash funds may mean rise in current assets or fall in current liabilities which was not due to any cash movement

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190⟩ What are the fictitious assets?

These are like intangible assets, which cannot be seen or touched. Actually, these are not assets but some expenditure, which cannot turn to profit and loss account of a particular period that is why these items are shown on assets side of balance sheet to be written off to P&L account in reasonable years.

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191⟩ What is balance sheet and off balance sheet?

Balance sheet is a statement which consists if asset and liabilities balance sheet is not called as account .their are 2 columns in balance sheet left hand side is called liabilities and right hand side is called asset.

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192⟩ What are the extraordinary items?

Transactions that happened due to catastrophic events i.e. unusual circumstance example: earthquake, flood, tsunami etc are called extraordinary items.

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193⟩ What are the functions of manger -accounts and manager-finance? Explain in detail.

When we see their difference from broad organizational review, the function of accounts manager are- The approval of the accounting system utilization and calculated amounts in supportable documents ,for example in journal vouchers and the approval of the accounting method. Also, change of the accounting procedures of the company.

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195⟩ What is shadow balance?

Shadow Balance in bank accounts is the balance unto which the subsequent debits can be posted.

Shadow Balance = Book Balance - Debit (yet to be authorized for posting).

Example: Book balance is 1000. There is a debit of 500. The debit is posted in the system and is sent for authorization. Now the Account shows a Shadow Balance of 500.

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196⟩ What are time sheets? How are they maintained?

Timesheet is an approved document by an Authorized person of the particular Project where employee is working, for the work done by the concerned employee/consultant along with the description of work done. Time sheet contains the Billable/Non-Billable hours. Based on the Timesheet the Company will raise the invoice, for the consulting services provided by its employee, on the end-client.

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198⟩ What is meant by turnover?

The turnover refers to the sales volume for a specific period like quarterly, semi annually or annually. It can be measured with sales volume figure or no. of days taken.

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199⟩ What is meant by daily accrual and booking?

Meaning of Accrual: Revenues and costs are accrued (gathered), that is recognized as they are earned or incurred (and not as money is received or paid) and recorded in the financial statements of the periods to which they relate. Accrual basis of accounting is one of the fundamental accounting assumptions underlying the preparation and presentation of financial statements.

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200⟩ What is an operative accounts?

Operative Accounts means Account is running/operating regularly, transaction is running from the account (debit/credit and deposit/withdrawal from account) this is known as Operative Account.

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