Please, I Am Preparing For Interview For The Position Of An Accountant Can You Help Me With Possible Questions And Answers? Thank You.

The possible questions, apart from general questions, in the interview are:-

1. What documents do you check while making/ passing the entry of purchase?
2. Does closing stock normally appear in the trial balance?
3. Why it is necessary to consider closing stock while preparing profit & loss a/c?
4. Methods for providing the depreciation?
5. Specify the items of Bank reconciliation statement?
6. Pass the entry for the expenses made on credit on behalf of the branch?
7. What is 'cost of goods sold'?
8. Where does 'Contingent Liabilities' appear in the balance sheet?
9. What are normal deductions while making salary payment? Pass the entry?
10. What is current ratio?
11. What is quick ratio?
12. What is working capital?
13. What are deferred revenue expenses?
14. Income tax rates for business and individual?
15. Tax deduction at source rates, if any?
16. What action would you consider on finding debit balances in the creditors account?
17. Whether depreciation is a relevant cost while decision making?
18. What are prime cost?
19. How to treat transportation cost of Fixed assets?

Thanks - Suhas

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Yeah, think i should be able to help you a lil bit.

1.Whats a trial balance & a balance sheet?
2.When can a balance sheet be prepared?
3. Brush up your cost accounting basics?
4.Try to differentiate various expenses & under what it would probably come? for ex:- power should come under trading A/c & electricity shud come under P&L A/c.

Best of luck!

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1. i have to check the invoice of purchases while making entry
2. yes
3.beacuse that will be opening balance for p& loss accoount
4.reducing balance method. straight line method accumulated depreciation method
5.pass book, cash book
6.expenses a/c dr to brach a/c cr
7.the cost of goods sold is the product we purchase the expenses occured uptil that period is cost of goods sold

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To Anjum78

1. You did not think about GRN - Goods Receipts Note?
2. What entries do you pass to bring Closing stock in the T/B?
3. Your 3rd answer is irrelevant. Without closing stock you cannot arrive correct profitability. Consider opening stock as nil.
4. That is Okay!
5. Bank reconciliation consist of 1.Closing balance of your books, 2.Cheques issued but not presented3.Cheques deposited but not cleared 4.Closing balance of bank statement.
6. Entry should be - Branch A/c dr, Creditors A/c Cr.
7. COGS = Op St + Expenses for manufactur - Cl St -- This explains the importance of closing stock as in Sr.3 above. Sales minus COGS is Gross Profit.

You have tried to answer and thus you will understand the explanations better than any one!!

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The following numbers of question may be asked:

1. What is a difference beween finance and accounting?

2. How you will diffentiate balance sheet and profit and loss account?

3. What is non cash expense in balance sheet?

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