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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Money owed from a outsider is a: a) Asset b) Liability c) Expense d) Capital |
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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 |
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The Accounting Equation is based on: a) Going Concern Concept b) Dual Aspect Concept c) Money Measurement Concept d) All of these |
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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 |
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What is crosstalk? | ![]() |
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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 |
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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 | ![]() |
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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 |
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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? | ![]() |
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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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Fundamental Accounting Assumptions are: a) Going Concern, Conservatism, Accrual b) Going Concern, Matching, Consistency c) Going Concern, Consistency, Accrual d) Going Concern, Entity, Periodicity |
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What are the commands used for interactive reports? | ![]() |
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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 |
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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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An asset was purchased for Rs. 6,60,000. Cash was paid Rs. 1,20,000 and for the balance a bill was drawn for 60 days. What will be the effect on fixed assets? a) Rs. 1,20,000 b) Rs. 5,40,000 c) Rs. 6,60,000 d) Nil | ![]() |
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ABC Ltd. purchased a building by paying Rs. 50,00,000 as on 1st April, 2000. On 1st April, 2007 it found that it would cost Rs. 1,50,00,000 to purchase the similar building. This value of Rs. 1,50,00,000 is known as: a) Historical Cost b) Realizable Value c) Current Cost d) Present Cost |
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The owner of a company included his personal medical expenses in the company's income statement. Indicate the principle that is violated. a) Cost principle b) Conservatism c) Disclosure d) Entity Concept |
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In Accounting money is the: a) Measurement value b) Scale of Measurement c) Scale of Social Measurement d) Store o Value |
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Provision for bad and doubtful debts is result of: a) Conservatism Concept b) Going concern Concept c) Disclosure Concept d) Consistency Concept | ![]() |
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Which financial statement represents the accounting equation ASSETS= LIABILITIES+ OWNER'S EQUITY a) Income Statement b) Cash Flow Statement c) Balance Sheet d) Funds Flow Statement |
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