Accounting Questions And Answers

81⟩ Describe the advantages and disadvantages of the different accounting packages/systems you have used recently in your accountant jobs.

Focus on how the packages supported and simplified company specific processes, and how they met your exact business requirements. Display your knowledge of how the packages differ in areas such as price, complexity and functionality.

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82⟩ Is an "account receivable" and "goodwill" real accounts in accounting?

Real accounts, i.e. Balance Sheet accounts are ongoing perpetual records and represent "real" items; cash, receivables, inventories, accounts payable, invested capital, etc., etc. Accounts receivable and goodwill therefore are both real accounts as they have value in and of themselves.

Nominal accounts represent items of income and expense. Nominal accounts have no balances at the beginning of an accounting period and change as various debits and credits are applied because of activity of income and expense throughout the accounting period. At the end of the accounting cycle, the nominal accounts are returned to zero by debiting them by an amount equal to their credit balance if such exists, or crediting an account if it has a debit balance. The offsetting entry of each of these is to a Profit or Loss Account. If after all accounts are zero, the P&L account has a debit balance then operations were profitable (income exceeded expenses), and conversely with a credit balance a loss was incurred. The P&L is then "closed" by either debited or crediting to bring it to zero, whichever is appropriate, with the offsetting entry going to "Retained Earnings", a real account, and bringing the Balance Sheet into balance and leaving all nominal accounts at zero.

To put it another way if all debits and credits of the General Ledger are added up, then they will both be equal. However, if only the debits and credits of the nominal accounts are added up there will be a difference and that di

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83⟩ What do you consider to be the biggest challenge facing the accounting profession today?

A sample answer to accounting interview questions like this is:

In response to the changing market accountancy professionals have to provide more management and consulting services, in addition to financial management. They have to assume a greater advisory role and develop more complex and flexible accounting systems.

Then continue to explain how you can meet this challenge.

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84⟩ What is a difference between public and private accounting?

Public accounting includes any accounting work that a company performs for another company. Examples would be audits, tax compliance, consulting, etc. The "Big 4" (KPMG, Deloitte & Touché, Price Waterhouse Coopers, and Ernst & Young) are the dominant firms that provide public accounting services.

Private accounting is accounting work that is done for your own company. Every company has some form of an internal accounting department and those employees would be considered private accountants.

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85⟩ Which accounting applications are your familiar with?

Discuss the applications you have worked with. Focus on how you implemented the application, the steps taken during the conversion and integration of the accounting system and the training of staff to use the application.

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86⟩ Define social responsibility accounting

It is a new phase to development of accounting and its birth to increase the social awareness. In addition, it is the social effects of business decisions in addition to the economic effects.

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87⟩ Give me examples of the accounting reports you have prepared.

Demonstrate your experience in maintaining accounting principles, practices and procedures to ensure accurate and timely financial statements and reporting. Discuss your ability to meet tight deadlines and undertake a multitude of accounting activities. Show your understanding of generally accepted and statutory accounting principles.

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88⟩ Discuss the consistency concept in accounting

Consistency is a concept used when applying accounting methods to a business, the business must continue to use that particular method. For an example if a company is charging depreciation using the straight-line method, they must stick with the straight-line method.

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89⟩ Define "book value" as applied to accounting

Carrying amount (original value of the asset minus accumulated depreciation)

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90⟩ What is a register when referring to accounting or bookkeeping?

Register was the name of the Company that mfg. the first Green line spread sheets. Paper sheet ledgers were originally used to maintain credit records etc.

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91⟩ What is definition of a cash float in accounting?

Cash float is the time between when you authorize a bank to disperse funds from your bank account and when it actually leaves your account.

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92⟩ In accounting, are assets a permanent account?

Assets, Liabilities, and Stockholder's Equity are all permanent accounts.

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93⟩ In terms of accounting the trial balance when is it taken?

At least once a month

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94⟩ What are the Accounting entries for branch accounts?

DR investments in branch

Cr cash

Cash sent to branch

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95⟩ What does the word credit mean in terms of accounting?

The word "credit" is part of the equation of double entry bookkeeping.

In order for bookkeeping entries to balance, there must always be a debit (left side, abbreviated by "dr") and credit (right side, abbreviated by "cr") entry that equal one another.

For example, to record an Office Supply Store purchase (on account ~ a payable), the entry would be:

Office Supplies Exp $500.00(dr)

Accounts Payable $500.00(cr)

If an entry does not balance the totals for debits and credits, your books will be out of balance.

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96⟩ Define Tally Accounting

Tally is a financial accounting software package designed by Tally Solutions mainly for small businesses and shops. They claim on their website that Tally is used by over 2 million users, in over 90 countries. Tally 9.0 is the latest version to date.

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97⟩ What is marginal cost?

The marginal cost of an additional unit of output is the cost of the additional inputs needed to produce that output. More formally, the marginal cost is the derivative of total production costs with respect to the level of output. Marginal cost and average cost can differ greatly. For example, suppose it costs $1000 to produce 100 units and $1020 to produce 101 units. The average cost per unit is $10, but the marginal cost of the 101st unit is $20The Econ Model applications Perfect Competition and Monopoly emphasize the roles of average cost and marginal cost curves. The short movie Derive a Supply Curve (40 seconds) shows an excerpt from the Perfect Competition presentation that derives a supply curve from profit maximizing behavior and a marginal cost curve.

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98⟩ What steps would you take before approving an invoice for payment?

Following steps should be taken.

1) Validate the invoice once it matched for checking any holds.

2) If workflow is implemented, then initiate approval for the invoice. Once the invoice is approved/Approval not required (status in case WF is not implemented) you can go for payments.

3) Create accounting after approval of invoice. Finally, for payments you need to format and build.

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99⟩ Describe any accounting process that you have developed or revised.

Highlight how you have monitored and analyzed work processes to develop more efficient procedures and use of resources while still maintaining accurate and quality work outputs.

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100⟩ What is the important of computerized accounting to manual?

Computerized accounting is quicker and easier than manual accounting and less subject to unintentional error.

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204 Accounting Questions And Answers

81⟩ Describe the advantages and disadvantages of the different accounting packages/systems you have used recently in your accountant jobs.

82⟩ Is an "account receivable" and "goodwill" real accounts in accounting?

83⟩ What do you consider to be the biggest challenge facing the accounting profession today?

84⟩ What is a difference between public and private accounting?

85⟩ Which accounting applications are your familiar with?

86⟩ Define social responsibility accounting

87⟩ Give me examples of the accounting reports you have prepared.

88⟩ Discuss the consistency concept in accounting

89⟩ Define "book value" as applied to accounting

90⟩ What is a register when referring to accounting or bookkeeping?

91⟩ What is definition of a cash float in accounting?

92⟩ In accounting, are assets a permanent account?

93⟩ In terms of accounting the trial balance when is it taken?

94⟩ What are the Accounting entries for branch accounts?

95⟩ What does the word credit mean in terms of accounting?

96⟩ Define Tally Accounting

97⟩ What is marginal cost?

98⟩ What steps would you take before approving an invoice for payment?

99⟩ Describe any accounting process that you have developed or revised.

100⟩ What is the important of computerized accounting to manual?

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Accounting

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204 Accounting Questions And Answers

81⟩ Describe the advantages and disadvantages of the different accounting packages/systems you have used recently in your accountant jobs.

82⟩ Is an "account receivable" and "goodwill" real accounts in accounting?

83⟩ What do you consider to be the biggest challenge facing the accounting profession today?

84⟩ What is a difference between public and private accounting?

85⟩ Which accounting applications are your familiar with?

86⟩ Define social responsibility accounting

87⟩ Give me examples of the accounting reports you have prepared.

88⟩ Discuss the consistency concept in accounting

89⟩ Define "book value" as applied to accounting

90⟩ What is a register when referring to accounting or bookkeeping?

91⟩ What is definition of a cash float in accounting?

92⟩ In accounting, are assets a permanent account?

93⟩ In terms of accounting the trial balance when is it taken?

94⟩ What are the Accounting entries for branch accounts?

95⟩ What does the word credit mean in terms of accounting?

96⟩ Define Tally Accounting

97⟩ What is marginal cost?

98⟩ What steps would you take before approving an invoice for payment?

99⟩ Describe any accounting process that you have developed or revised.

100⟩ What is the important of computerized accounting to manual?

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