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Basic Knowledge

The document provides a comprehensive list of the top 50 accounting interview questions and answers tailored for freshers. Key topics include basic accounting principles, financial statements, and accounting software, along with practical scenarios and personal attributes relevant to the accounting profession. It serves as a useful resource for candidates preparing for accounting interviews.

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naghulk1
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7 views3 pages

Basic Knowledge

The document provides a comprehensive list of the top 50 accounting interview questions and answers tailored for freshers. Key topics include basic accounting principles, financial statements, and accounting software, along with practical scenarios and personal attributes relevant to the accounting profession. It serves as a useful resource for candidates preparing for accounting interviews.

Uploaded by

naghulk1
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Top 50 Accounting Interview Questions & Answers for Freshers

1 What is accounting?
Accounting is the systematic recording, reporting, and analysis of financial transactions of a business.
2 What are the golden rules of accounting?
1. Debit the receiver, credit the giver. 2. Debit what comes in, credit what goes out. 3. Debit all
expenses and losses, credit all incomes and gains.
3 What is the difference between journal and ledger?
Journal is the book of original entry, while ledger is the book where transactions are posted in
accounts.
4 What is a trial balance?
A trial balance is a statement that lists all ledger accounts and their balances at a particular date to
check arithmetic accuracy.
5 What are the basic accounting principles?
Basic principles include Accrual, Consistency, Going Concern, and Matching Principle.
6 Define the accounting equation.
Assets = Liabilities + Owner’s Equity.
7 What is double-entry bookkeeping?
It is a system where every transaction affects at least two accounts with equal debit and credit.
8 What is the difference between capital and revenue expenditure?
Capital expenditure is for acquiring fixed assets, revenue expenditure is for daily operations.
9 Explain debit and credit with examples.
Debit increases assets and expenses, credit increases liabilities and income. Example: Cash received
→ Debit Cash, Credit Sales.
10 What is accrual accounting?
Accrual accounting records revenues and expenses when they are incurred, not when cash is
exchanged.
11 What are the three main financial statements?
Balance Sheet, Profit & Loss Account, and Cash Flow Statement.
12 What is a balance sheet?
It is a financial statement showing assets, liabilities, and equity at a specific point.
13 What is a profit and loss account?
It shows revenues and expenses over a period, resulting in net profit or loss.
14 What is a cash flow statement?
It shows inflows and outflows of cash from operating, investing, and financing activities.
15 What is the difference between gross profit and net profit?
Gross profit = Sales - Cost of Goods Sold; Net profit = Gross profit - Expenses.
16 What is working capital?
Working capital = Current Assets - Current Liabilities.
17 What is depreciation? How is it calculated?
Depreciation is reduction in asset value over time. Methods include Straight Line and Written Down
Value.
18 What is amortization?
Amortization is the gradual reduction of intangible asset value or loan over time.
19 What are current and non-current assets?
Current assets are used within a year (e.g., inventory), non-current assets are long-term (e.g.,
buildings).
20 How do you prepare a trial balance?
By listing all ledger account balances and ensuring debit equals credit.
Top 50 Accounting Interview Questions & Answers for Freshers

21 What is GAAP?
Generally Accepted Accounting Principles are rules for financial reporting.
22 What is IFRS?
International Financial Reporting Standards are global accounting guidelines.
23 What are contingent liabilities?
Potential liabilities that may arise depending on a future event.
24 What is TDS in accounting?
Tax Deducted at Source is a means of collecting income tax in India.
What is the difference between accounts payable and accounts
25 receivable?
Payable is money owed by the company; receivable is money owed to the company.
26 Have you worked with Tally ERP?
Tally ERP is widely used accounting software in India for managing transactions.
27 What is ERP in accounting?
ERP stands for Enterprise Resource Planning; it integrates all business processes.
28 Name any two popular accounting software.
Tally ERP, QuickBooks.
29 What is a voucher in accounting software?
A voucher records a financial transaction in accounting software.
30 What is the use of Excel in accounting?
Excel is used for financial analysis, budgeting, and data management.
31 What is bank reconciliation?
It is the process of matching bank statement with the company’s cash book.
32 What are outstanding cheques in BRS?
Cheques issued but not yet cleared by the bank.
33 How do you handle discrepancies in reconciliation?
By verifying entries, bank charges, and unrecorded transactions.
34 What is the difference between a bank statement and a cash book?
Bank statement is from the bank’s perspective; cash book is the company’s record.
35 What is overdraft?
A facility to withdraw more money than what is in the account.
36 What is GST and how is it accounted?
GST is a value-added tax on goods/services; accounted under input and output GST ledgers.
37 What is the difference between IGST, CGST, and SGST?
IGST is for interstate, CGST and SGST are for intrastate transactions.
38 What is input tax credit?
Credit received for GST paid on purchases, used to offset GST payable.
39 What is PAN and why is it important in accounting?
Permanent Account Number is used for tax identification in India.
40 What are the due dates for GST returns?
GSTR-1: 11th of next month, GSTR-3B: 20th or 22nd/24th.
41 How do you prioritize tasks as an accountant?
By urgency, deadlines, and impact on reporting.
42 How would you ensure accuracy in your work?
By cross-checking entries, reconciliation, and peer review.
43 How do you handle confidential financial information?
By following company policies and maintaining data privacy.
Top 50 Accounting Interview Questions & Answers for Freshers

44 Tell us about a time you worked in a team to solve a problem.


Describe a project where teamwork led to solving a financial or reporting issue.
45 How do you deal with tight deadlines?
By proper time management, prioritizing tasks, and focusing on accuracy.
46 Why did you choose accounting as a career?
Interest in numbers, analysis, and financial management.
47 What are your strengths as an accountant?
Detail-oriented, analytical thinking, and integrity.
48 Where do you see yourself in five years?
In a mid-level accounting role with specialization or certifications.
49 Are you open to learning new accounting software?
Yes, I’m adaptable and eager to learn new tools.
50 Why should we hire you for this accounting role?
Because I have the foundational knowledge, eagerness to learn, and strong attention to detail.

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