Top 100 Accounting Interview Questions & Answers

11/21/2016 Top100AccountingInterviewQuestions&Answers|
Top 100 Accounting Interview Questions

& Answers
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1) Why did you select accounting as your profession?
Well, I was quite good in accounting throughout but in my

masters, when I got distinction I decided to adopt this eld
as a profession.
2) Do you have any professional experience of this

eld?
http://career.guru99.com/top50accountinginterviewquestions/ 1/25
Yes, I have worked as an accountant at two dierent places.
3) Did you use accounting applications at your previous

companies or prefer working manually??
Yes, I have used Advanced Business Solutions and AME

Accounting Software in my previous jobs.
4) Can you name any other accounting application?
Yes, I am familiar with CGram Software, Financial Force,

Microsoft Accounting Professional, Microsoft Dynamics AX
and Microsoft Small Business Financials.
5) Which accounting application you prefer most and

why?
I think all are good though but Microsoft Accounting

Professional is best because it oers reliable and fast
processing of accounting transactions that saves time and
increases prociency.
6) What is the abbreviation for the accounting terms

debit and credit?
Debit abbreviation is dr and credit abbreviation is cr.
7) How many types of business transactions are there

in accounting?
There are two types of transactions in accounting i.e.

revenue and capital.
8) What is balance sheet?
[http://career.guru99.com/wp-
content/uploads/2012/05/Accouting_Interview_Questions.jpg]
It is a statement that states all the liabilities and assets of

the company at certain point.
9) Have you ever heard about TDS, what it is?
Yes, TDS abbreviates Tax Deduction at Source.
10) In balance sheet, where do you show TDS?
It is shown on the assets section, right after the head

current asset.
11) Do you have any idea about Service Tax or

Excise?
It is a kind of hidden tax that is included in the service

provided by the service provider and paid by the service
receiver.
12) Do you think there is any dierence between

inactive and dormant accounts?
Yes, both are dierent terms in accounting. Inactive

accounts means that accounts have been closed and will
not be used in future as well. While, dormant accounts are
those that are not functional today but may be used in
future.
13) What is tally accounting?
It is the software used for accounting in small business and

shops for managing routine accounting transactions.
14) How can you dene departmental accounting?
It is a type of accounting in which separate account is

created for departments. It is managed separately as well
as shown independently in the balance sheet.
15) Dene ctitious assets?
These are the assets that cannot be shown or touch.

Fictitious assets can only be felt such as good will, rights
etc.
16) By saying, perpetual or periodic inventory system;

what do we mean?
In the rst one i.e. the perpetual inventory system, the

accounts are adjusted on continual basis. In the periodic
inventory system, the accounts are adjusted periodically.
17) In accounting, how do you dene premises?
Premises refer to xed assets that are shown in the

balance sheet.
18) In accounting, VAT abbreviates what?
VAT means Value Added Tax.
19) Do you possess any knowledge about accounting

standards?
Yes, as per my knowledge there are total 33 accounting

standards published so far by ICAI. The purpose of these
standards is to implement same policies and practices in
any country.
20) What is ICAI?
It is the abbreviation of Institute of Chartered Accountants

in India.
[http://www.charteredaccountants.ie/]
21) How 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.
22) Dene Executive accounting?
It is a type of accounting that is specically designed for the

business that oers services to users.
23) Dene Public accounting?
Public accounting oers audits and CPAs to review

company nancial records to ensure accountability. It is for
general public.
24) What is a CPA?
CPA stands for Certied Public Accountant. To become a

CPA, one should have to do many other qualications as
well. It is a qualication with 150 hour requirement; it
means that one should complete 150 credit hours at any
accredited university.
25) What do you think is bank reconciliation

statement?
A reconciliation statement is prepared when the passbook

balance diers from the cashbook balance.
26) Dierentiate 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.
27) What is project implementation?
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
28) Do you think Accounting Standards are mandatory

and why?
Yes, I do believe that accounting standards play a very

important role to prepare good quality and accurate
nancial reports. It ensures reliability and relevance in
nancial reports.
29) Can you name dierent branches of accounting?
There are three branches of accounting named as

Financial Accounting, Management Accounting and
Cost Accounting.
30) Dierentiate 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.
31) Dene 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.
32) What do we mean by purchase return in

accounting?
It is the term introduced in the records for every defective

or unsatisfactory good returned back to its supplier.
33) Dene 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.
34) 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 eciency of
any department of a company.
35) Dene companys payable cycle?
It is the time required by the company to pay all its account

payables.
36) Dene retail banking?
It is a type of banking that involves a retail client. These

clients are the normal people and not any organizational
customers.
37) How much mathematics knowledge is necessary or

required in accounting?
Not much knowledge but basic mathematical background

is required in accounting for operations like addition,
subtraction, multiplication and division.
38) Dene bills receivable?
All types of exchange bills, bonds and other securities

owned by a merchant that is payable to him are said as
bills receivable.
39) Dene depreciation and its types?
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.
40) Dierentiate between consignor and consignee?
Consigner 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.
41) Dene balancing 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.
42) How much statistics knowledge is necessary or

required in accounting?
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 eectively in
accounting.
43) Dene Scrap value in accounting?
It is the residual value of an asset. The residual value is the

value that any asset holds after its estimated life time.
44) Dene Marginal Cost?
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.
45) Dene Partitioning in accounting?
It is a kind of groups made on the basis of same responses

by a system.
46) Dierentiate between provision and reserve?
Provisions are the liabilities or the anticipated items such

as depreciation. You can say provisions are expenses.
Reserves are the prots of any company and a part of that
prot is placed back to the business to keep it sustainable
in tough times of a company.
47) Dene Oset accounting?
Oset accounting is one that decreases the net amount of

another account to create a net balance.
48) Dene overhead in terms of accounting?
It is the indirect expenditure of a company such as salaries,

rent dues etc.
49) Dene trade bills?
We know that all types of transactions need to be

documented. The trade bills are the documents, generated
against each transaction.
50) Dene fair value accounting?
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.
51) Explain what is compound journal entry?
A compound journal entry is just like other accounting

entry where there is more than one debit, more than one
credit, or more than one of both debits and credits. It is
essentially a combination of several simple journal entries.
52) What are the accounting events that are frequently

involved in compound entries?
The accounting events that are frequently involved in

compound entries are;
Record multiple line items in a supplier invoice that

address to dierent expenses
Record all bank deductions associated to a bank
reconciliation
Record all deduction and payments related to a payroll
Record the account receivable and sales taxes related to

a customer invoice
53) Mention the types of accounts involved in double

entry book-keeping?
Double entry book-keeping involves ve types of accounts,
Income accounts
Expense accounts
Asset accounts
Liability accounts
Capital accounts
54) Mention what are the rules for debit and credit for
dierent accounts to increase the amount in your
business accounts?
The rules for debit and credit for dierent accounts,
for a capital account, you credit to increase it and

debit to decrease it
for an asset account, you debit to increase it and credit
to decrease it
for a liability account, you credit to increase it and
for an expense account, you debit to increase it, and

credit to decrease it
for an income account, you credit to increase it and
55) List out the Stages of Double Entry System?
Recording of transactions in the journal

Posting of journal entry in to the respective ledger
accounts and then preparing a trial balance
Preparing nal accounts and closing of books of
accounts
56) Mention what is the disadvantage of double entry

system?
The disadvantage of double entry system,
If there is any compensatory errors, it is dicult to nd

out by this system
This system needs more clerical labour

It is dicult to nd the errors if the errors are in the
transactions recorded in the books
It is not preferable to disclose all the information of a

transaction, which is not properly recorded in the
journal
57) Mention what is General ledger account?
The General ledger account is an account where the

company records all the information for its various
expenses and income types into separate accounts. Such
that all the debits and credits pertaining to that particular
type of transaction can be entered in one place and kept
balanced.
58) What is the general classication of accounts that

usually ledger account involve?
The general classication of accounts that usually ledger

account involves are
Assets- Cash, Accounts Receivable

Liabilities- Accounts Payable, Loans Payable
Stockholders equity- Common Stock

Operating revenues- Revenues through Sales
Operating expenses- Rent Expense, Salaries Expense

Non-operating revenues and gains- Investment Income,
gain on Disposal of Equipment
Non-operating revenues and losses- Interest Expense,
Loss on Disposal of Equipment
59) Mention what are things will not be included in

bank reconciliation statement?
In a bank reconciliation statement, following thing can be

excluded.
Direct payments made by bank not entered in Cash

book
Cheques deposited but not cleared

Cheques dishonoured not recorded in cash book
Wrong debits given by bank

Bank Charges or Interst debited by bank
Banks direct payment not entered in Cash book
60) Under the accrual basis of accounting, when

revenues are reported in the accounting period?
When service or goods have been delivered, then revenues

are reported in the accounting period.
61) Under what type of account does the unearned

revenues fall?
The unearned revenues falls under Liability account.
62) Mention whether the account Cash will be

credited or debited, when a company pays a bill?
The account Cash will be credited when a company pays a

bill.
63) Mention what is assets minus liabilities?
Assets minus liabilities is equal to owners equity or

stockholders equity.
64) Entries to revenues accounts such as Service

Revenues are usually?
Entries to revenues accounts such as Service Revenues

usually goes into credit side.
65) Explain what is the dierence between

accumulated depreciation and depreciation expense?
The dierence between accumulated depreciation and

depreciation expense is that
Accumulated depreciation: It is the total amount of

depreciation that has been taken on a companys assets
up to the date of the balance sheet
Depreciation expense: It is the amount of depreciation

that is reported on the income statement. Basically, it is
the amount that corresponds only to the period of time
indicated in the heading of the income statement.
66) List out some of the examples for liability accounts?
Some of the examples for liability accounts
Accounts Payable
Accrued Expenses
Short-term Loans Payable

Unearned or Deferred Revenues
Installment Loans Payable
Current Portion of Long-term Debt

Mortgage Loans Payable
67) Explain how you can adjust entries into account?
To adjust entries into account, you can sort entries into ve

categories.
Accrued expenses: Expenses have been incurred but the

vendors invoices are not generated or processed yet
Accrued revenues: Revenues have been earned but the

sales invoices are not generated or processed yet
Deferred revenues: Money was received in advance of
having been paid or earned
Deferred expenses: Money was paid for a future

expense
Depreciation expense: An asset purchased in one period

must be allocated to expense in each of the accounting
periods of the assets useful life
68) Explain what a deferred asset is and give an

example?
A deferred asset refers to a deferred debit or a deferred

charge. An example of a deferred charge is bond issue
costs. These costs involves all of the fees or charges that an
organization incurs in order to register and issue bonds.
This fees are paid in a near time when the bonds are issued
but it will not be expensed at that time.
69) Mention what is Bank Reconciliation?
A bank reconciliation is a process done by a company to

ensure that the companys records (check register, balance
sheet, general ledger account, etc.) are correct and that the
banks records are also correct.
70) Mention what is deposit in transit?
A deposit in transit is a checks and cash that have been

received and recorded by an entity, but which have not yet
been entered in the records of the bank where the funds
are deposited.
71) Explain what is an over accrual?
An over accrual is a condition where the estimate for an

accrual journal entry is too high. This estimate may apply to
an accrual of expense or revenue.
72) Mention what is account receivable?
A short term amounts due from buyers to a seller, who

have purchased goods or services from the seller on credit
is referred as account receivable.
73) Explain what are the activities that includes in Cash

Flow Statement?
The cash ow statement showcase the cash generated and

used during the year or months. Various activities that are
involved for the Cash Flow are
Operating activities business activities accounting to

cash
Investing activities sale and purchase of equipment or

property
Financial activities- purchase of stock and own bonds
Supplemental information- exchange of signicant

items that dont involve cash
74) Mention what happens to companys Cash

Account if it borrows money from the bank by signing
a note payable?
Due to double entry, the cash account will increase as

such the liability account increases.
75) Mention which account is responsible for interest

payable?
Account which is responsible or aected by the interest

payable is Current liability account
76) Mention what is reversing journal entries?
Reversing journal entries are entries made at the beginning

of an accounting period to cancel out the adjusting journal
entries made at the end of the previous accounting period.
77) Mention where do generally accruals appear on the

balance sheet?
Accrued expenses usually tend to be extremely short-term.

So you would record them within the current liabilities
section of the balance sheet.
78) List out some of the accrued expenses and the

accounts in which you would record them?
Wage accrual is entered with a credit to the wages

payable account
Interest accrual is entered with a credit to the interest
payable account
Payroll tax accrual is entered with a credit to the payroll

taxes payable account
79) Deferred taxation is a part of which equity?
Deferred taxation is a part of owners equity.
80) Mention what does the investment of personal

assets by the owner will do?
The investment of personal assets by the owner will

increase total assets and increase owners equity.
81) What is the equation for Acid-Test Ratio in

accounting?
The equation for Acid-Test Ratio in accounting
Acid-Test Ratio = (Current assets Inventory) / Current

Liabilities
82) List out things that fall under intangible asset?
Things that fall under intangible asset are,
Patents
Copyrights
Trademarks
Brand names
Domain names, and so on.
83) Mention what is trial balance in accounting?
In accounting, trial balance is an accounting report that lists

the balances in each of an organizations general ledger
accounts. This is done at the end of posting journal entry to
ensure that there are no posting errors.
84) Where a cash discount should be recorded in

journal entry?
A cash discount should be recorded in journal entry as a

reduction of expense in cash account.
85) Mention why some asset accounts have a credit

balance?
Some asset accounts have a credit balance due to following

reasons,
Receiving and posting an amount that was higher than

the recorded receivable
Expenses occurred faster than the agreed upon

prepayments
An error caused by posting an amount to a wrong

account
The amount of checks written exceeded the positive

amount in the Cash account
Continuing to amortize or depreciate an asset after its

balance has reached zero
86) Dene what is Bad debt expense?
A Bad debt expense is the amount of an account receivable

that is considered to NOT be collectible.
87) Explain what is the Master Account?
A Master Account has subsidiary accounts. A master

account receivable could be anything, it could be account
receivable for various individual receivable accounts.
88) Mention in which account does the unpresented

cheque will get recorded?
The unpresented cheque will get recorded as a credit to the

cash account in the companys General ledger.
89) What knowledge should nancial accountant have?
A certied nancial accountant should have knowledge

about
Accounting principles and practices
Reporting and analysis of nancial data
Auditing practices and principles
Account management
Budgets
Software knowledge dealing with Accounting
Knowledge of relevant laws, codes and regulations
90) What are the three factors that can aect your cash
ow and business protability?
The three factors that can aect your cash ow and

business prot includes
Cash ows from investing activities: It includes

shares, bonds, physical property, machineries, etc.
Cash ows from operating activities: It does not

include cash received from other sources like
investments
Cash ow from nancing activities: It includes any

activities that involves dividend payments that the
company made to its shareholders, any money that
includes stock to the public, any money borrowed from
the lender etc. in other words, it is a report that tells the
rm about the money borrowed and paid out in order
to nance its activities.
91) Explain what is accrual accounting?
Accrual Accounting is a method for measuring the

performance and position of the company by identifying
economic events regardless of when cash transaction
happened. In this method, revenue is compared with the
expenditures, at the time in which the transaction happens
rather than when the payment is made.
92) Explain the term account payable?
Account payable is referred as the amount company owes

to its suppliers, its employees, and its partners. In other
words, it is the basic cost levied on the company to run
business process that is outstanding. Account payable for
one company may be account receivable for another rm
or company.
93) Explain the meaning of long-term notes payable is

or long term liabilities?
Long-term notes payable or liabilities are referred for that

loan that are not supposed to due for more than a year.
These are the loans from banks or nancial institution that
are secured against various assets on the balance sheet,

such as inventories.
94) Mention what is the dierence between

depreciation and amortization?
Capital expenses are either depreciated or amortized

based upon the type of asset.
Depreciation
Amortization
Depreciate means to lose Amortize means to write

value of an asset due to o or pay the debt over a
their usage, wear and tear, period of time.
outdated, etc. Amortization can be for
Depreciation cost is loans, or it can be for
calculated in terms of Intangible assets
tangible assets like Amortization cost is

furniture, plant & calculated in terms of
machinery, building, etc. intangible assets like
The purpose of calculating goodwill, trademark,
depreciation costs loans, patents, etc.
recovery The purpose of calculating
The easiest way to amortization is also for
calculate depreciation is to cost recovery
know the loss of value of Amortization calculates

an asset over its life. the amount spent after
For example, a car worth the intangible assets
$30,000 has estimated the throughout the life for
lifetime of 10 years after that asset
that it will have no value in For example,

the market. The cost or Pharmaceutical Company
loss in value throughout spent $20 million dollars
this 10 years is known as on a drug patent with a
depreciation useful life of 20 years. The
Various method for amortization value for that
depreciation includes company will be $1 million
straight line depreciation, each year
declining balance method,
group depreciation Various method for

method, unit of amortization is negative
time/production amortization, zoning
depreciation method, etc. amortization, business
amortization, etc.
95) Mention what does nancial statement of the

company includes?
Financial statement of the company includes various

information like
Balance Sheet ( Assets, liabilities, and equity)
Income statement ( Prot or Loss statement)
Equity statement
Cash ow statement
96) Explain what is working capital?
Working capital is a nancial metric that calculates the

resources available to the company to nance its day-to-
day operations. It is typically calculated by deducting
current liabilities from current assets.
97) Explain what is ledger?
A ledger can be referred as an accounting book that keeps

the record of journal entries in a chronological order to
individual accounts. The process of recording this journal
entries is known as posting.
98) Mention the types of ledger?
There are three types of ledger
General ledger
Debtors ledger
Creditors ledger
99) Explain what is GAAP?
GAAP means Generally Accepted Accounting Principle; it

is a framework of accounting, standards, procedures &
rules determined by the professional accounting industry
and practiced by publicly traded U.S companies all over the
U.S.A.
100) Explain what is double-entry accounting? Explain

with an example?
Double entry accounting is an accounting system that

requires recording business transaction or event in at least
two accounts. It is the same concept of accounting, where
every debit account should be matched with a credit
account.
For example, if a company takes a loan from a bank, it

receives cash as an asset but at the same time it creates a
liability on a company. This single entry will aect both
accounts, the asset accounts, and the liabilities
accounts, such entry is referred as double entry
accounting.
101) Explain what does the standard journal entry

includes?
A standard journal entry includes, date of business

transaction, name of the accounts aected, amounts to be
debited or credited and a brief description of the event.
102) Explain what is liabilities and what all does include

in current liabilities?
Liability can be dened as an obligation towards another

company or party. It may consist of delivering goods,
rendering services or paying money. They are the opposite
of assets, and it may include
Account payable
Interest and dividend payable
Bonds payable
Consumer deposits
Reserves for federal taxes
Short term loans

103) Mention in simple terms what is the dierence

between Asset, equity, and liabilities?
Asset: What nancial institute (bank) or people owe you
Liabilities: It is something you owe people or

organization
Equity: It is something you own, for example, the

amount of your house loan you paid o
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Top 100 Accounting Interview Questions

Well, I was quite good in accounting throughout but in my

2) Do you have any professional experience of this

Yes, I have worked as an accountant at two dierent places.

3) Did you use accounting applications at your previous

Yes, I have used Advanced Business Solutions and AME

4) Can you name any other accounting application?

Yes, I am familiar with CGram Software, Financial Force,

5) Which accounting application you prefer most and

I think all are good though but Microsoft Accounting

6) What is the abbreviation for the accounting terms

Debit abbreviation is dr and credit abbreviation is cr.

7) How many types of business transactions are there

There are two types of transactions in accounting i.e.

8) What is balance sheet?

It is a statement that states all the liabilities and assets of

9) Have you ever heard about TDS, what it is?

Yes, TDS abbreviates Tax Deduction at Source.

10) In balance sheet, where do you show TDS?

It is shown on the assets section, right after the head

11) Do you have any idea about Service Tax or

It is a kind of hidden tax that is included in the service

12) Do you think there is any dierence between

Yes, both are dierent terms in accounting. Inactive

13) What is tally accounting?

It is the software used for accounting in small business and

14) How can you dene departmental accounting?

It is a type of accounting in which separate account is

15) Dene ctitious assets?

These are the assets that cannot be shown or touch.

16) By saying, perpetual or periodic inventory system;

In the rst one i.e. the perpetual inventory system, the

17) In accounting, how do you dene premises?

Premises refer to xed assets that are shown in the

18) In accounting, VAT abbreviates what?

VAT means Value Added Tax.

19) Do you possess any knowledge about accounting

Yes, as per my knowledge there are total 33 accounting

20) What is ICAI?

It is the abbreviation of Institute of Chartered Accountants

21) How can you explain the basic accounting

We know that accounting is all about assets, liabilities and

Assets = Liabilities + Owners Equity.

22) Dene Executive accounting?

It is a type of accounting that is specically designed for the

23) Dene Public accounting?

Public accounting oers audits and CPAs to review

24) What is a CPA?

CPA stands for Certied Public Accountant. To become a

25) What do you think is bank reconciliation

A reconciliation statement is prepared when the passbook

26) Dierentiate Public and Private Accounting?

Public accounting is a type of accounting that is done by

27) What is project implementation?

Project implementation involves six steps in total such as:

Generate and Screen Ideas

Conduct Feasible Study

Develop the Project

Implement the Project