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Fundamentals of Accounting Interview Questions

Below we have listed all the Fundamentals of Accounting Interview Questions and answers. Feel free to comment on any Fundamentals of Accounting Interview Questions or answer by the comment feature available on the page.

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Accounting is the measurement, statement or provision of assurance about financial information primarily used by managers, investors, tax authorities and other decision makers to make resource allocation decisions within companies, organizations, and public agencies. The terms derive from the use of financial accounts. Accounting is a service activity. Its function is to provide quantitative information primarily financial in nature, about economic entities, that is intended to be useful in making economic decisions, and in making reasonable choices among alternative courses of action. Accounting helps a business in having a complete and systematic record of its business transactions, reporting the results of its operation and interpreting such results for the purpose of effective control of future operations or activities.

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Accounting Policies Interview Questions & Answers (10) Exam Mode | Learning Mode

Accounting Standards Interview Questions & Answers (13) Exam Mode | Learning Mode

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Outstanding expenses is included in Profit & Loss A/c at the year end according to which concept? a) Matching b) Full disclosure c) Accrual d) Going Concern
4.8 Rating
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The process of recording financial data along with the preparation of trial balance are covered under:
a) Book Keeping
b) Accounting
c) Classifying
d) Summarising
5.0 Rating
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What is the objective of conservatism?
(a) Anticipate profits but not losses
(b) Anticipate losses but not profits
(c) Anticipate both profits and loses
(d) Anticipate income
4.7 Rating
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The Accounting Convention of Matching means:
a) Profit for the period to be matched with sales revenue
b) Profit for the period to be matched with investment
c) Expenses of one period to be matched against the expenses of another period
d) Expenses of one period to be matched against the revenue of the same period
4.9 Rating
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Business Enterprise is a separate identity apart from its owners under which concept?
(a) Materiality Concept
(b) Accounting Concept
(c) Entity Concept
(d) Ownership Concept
4.9 Rating
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ACE Traders purchased goods for RS. 30,00,000 and sold 70% of such goods during the accounting year ended 31st March, 2012. The market value of the remaining goods was Rs. 6,00,000. ACE Traders valued the closing stock at RS. 6,00,000 and not at Rs. 9,00,000 due to concept of ________ a) Money Measurement b) Periodicity c) Cost d) Conservatism
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What is crosstalk?
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How do you validate the selection criteria of a report? And how do you display initial values in a selection screen?
4.9 Rating
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Debtors- Rs. 50,000. A provision for bad debt is created at 5% according to which concept? a) Conservatism b) Matching c) Accrual d) Dual Aspect
4.3 Rating
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Which of the following is an event?
a) Sale of goods for Rs. 5,000
b) Closing stock of worth Rs. 4,000
c) Purchase of goods for Rs. 8,000
d) Rent paid Rs. 2,000
4.0 Rating
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Capital as on 1-4-05 Rs. 90,000
Capital introduced Rs. 25,000
Drawings made Rs. 35,000
Capital as on 31-3-06 Rs. 1,25,000
What is the amount of profit added to the capital?
a) Rs. 50,000
b) Rs. 60,000
c) Rs. 75,000
d) Rs. 45,000
4.5 Rating
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Which concept requires that those transactions which can be measured in terms of money are recorded in books of account?
3.9 Rating
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Rosa pays Rs.1,200 on 1.06.2009 towards yearly subscription (July 01 2009 - June 30 2010). So, what will be the premium paid entry for the financial year 2009-10?
a) Rs. 300 as prepaid
b) Rs. 900 as prepaid
a) Rs. 1200 as prepaid
a) Rs. 1200 as full payment
4.6 Rating
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Ram starts business with Rs. 90,000 and then buys goods from Shyam on credit for Rs. 23,000. The accounting equation based on Assets= Capital + Liabilities will be:
a) 1,13,000= 90,000+ 23,000
b) 1,13,000= 1,13,000+ 0
c) 90,000= 67,000 + 23,000
d) 67,000= 90,000 - 23,000
4.5 Rating
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Change in accounting estimate means:
a) Differences arising between certain parameters re-estimated during the current period and actual results achieved during the current period
b) Differences arising between certain parameters estimated earlier and re-estimated during the current period
c) Differences arising between certain parameters estimated earlier and actual results achieved during the current period
d) Both (b) and (c)
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What are the commands used for interactive reports?
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The policy of " anticipate no profit and provide for all possible losses" arises due to convention of a) Consistency b) Disclosure c) Conservation d) Matching
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_________ was the root of financial accounting system:
a) Social accounting
b) Stewardship accounting
c) Management accounting
d) Responsibility accounting
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There are ___________ generally accepted measurement bases or valuation principles:
a) Two
b) Three
c) Four
d) Five
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A person opting for the presumptive taxation scheme of section 44ADA will ________ to pay advance tax in respect of income from business covered under section 44ADA.

(a) Be liable (b) Not be liable
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Latest 20 Questions
Payment of time- barred debt is: (a) Valid (b) Void (c) Illegal (d) Voidable
Consideration is defined in the Indian Contract Act,1872 in: (a) Section 2(f) (b) Section 2(e) (c) Section 2(g) (d) Section 2(d)
Which of the following is not an exception to the rule, "No consideration, No contract": (a) Natural love and affection (b) Compensation for involuntary services (c) Completed gift (d) Agency
Consideration must move at the desire of: (a) The promisor (b) The promisee (c) The promisor or any other party (d) Both the promisor and the promisee
An offer which is open for acceptance over a period of time is: (a) Cross Offer (b) Counter Offer (c) Standing Offer (d) Implied Offer
Specific offer can be communicated to__________ (a) All the parties of contract (b) General public in universe (c) Specific person (d) None of the above
_________ amounts to rejection of the original offer. (a) Cross offer (b) Special offer (c) Standing offer (d) Counter offer
A advertises to sell his old car by advertising in a newspaper. This offer is caleed: (a) General Offer (b) Special Offer (c) Continuing Offer (d) None of the above
In case a counter offer is made, the original offer stands: (a) Rejected (b) Accepted automatically (c) Accepted subject to certain modifications and variations (d) None of the above
In case of unenforceable contract having some technical defect, parties (a) Can sue upon it (b) Cannot sue upon it (c) Should consider it to be illegal (d) None of the above
If entire specified goods is perished before entering into contract of sale, the contract is (a) Valid (b) Void (c) Voidable (d) Cancelled
______________ contracts are also caled contracts with executed consideration. (a) Unilateral (b) Completed (c) Bilateral (d) Executory
A offers B to supply books @ Rs 100 each but B accepts the same with condition of 10% discount. This is a case of (a) Counter Offer (b) Cross Offer (c) Specific Offer (d) General Offer
_____________ is a game of chance. (a) Conditional Contract (b) Contingent Contract (c) Wagering Contract (d) Quasi Contract
There is no binding contract in case of _______ as one's offer cannot be constructed as acceptance (a) Cross Offer (b) Standing Offer (c) Counter Offer (d) Special Offer
An offer is made with an intention to have negotiation from other party. This type of offer is: (a) Invitation to offer (b) Valid offer (c) Voidable (d) None of the above
When an offer is made to the world at large, it is ____________ offer. (a) Counter (b) Special (c) General (d) None of the above
Implied contract even if not in writing or express words is perfectly _______________ if all the conditions are satisfied:- (a) Void (b) Voidable (c) Valid (d) Illegal
A specific offer can be accepted by ___________. (a) Any person (b) Any friend to offeror (c) The person to whom it is made (d) Any friend of offeree
An agreement toput a fire on a person's car is a ______: (a) Legal (b) Voidable (c) Valid (d) Illegal
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