Fundamentals of Accounting Interview Questions & Answers

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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	Question	Rating	View Answer
	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		View Answer
	The Accounting Equation is based on: a) Going Concern Concept b) Dual Aspect Concept c) Money Measurement Concept d) All of these		View Answer
	Money owed from a outsider is a: a) Asset b) Liability c) Expense d) Capital		View Answer
	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		View Answer
	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		View Answer
	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		View Answer
	Fundamental Accounting Assumptions are: a) Going Concern, Conservatism, Accrual b) Going Concern, Matching, Consistency c) Going Concern, Consistency, Accrual d) Going Concern, Entity, Periodicity		View Answer
	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		View Answer
	What is crosstalk?		View Answer
	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		View Answer
	In Accounting money is the: a) Measurement value b) Scale of Measurement c) Scale of Social Measurement d) Store o Value		View Answer
	Ram purchased a car for Rs. 10,000paid Rs. 3,000 as cash and balance amount will be paid in three equal instalments. Due to this: a) Total assets increase by Rs. 10,000 b) Total liabilities increase by Rs. 3,000 c) Assets will increase by Rs. 7,000 with corresponding increase in liability by RS. 7,000 d) Both (b) and (c)		View Answer
	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)		View Answer
	What are the commands used for interactive reports?		View Answer
	All of the following are valuation principles except: a) Historical Cost b) Present Value c) Future Value d) Realizable Value		View Answer
	The three fundamental accounting assumptions are? (i) Going Concerns (ii) Financial Transaction (iii) Consistency (iv) Accrual		View Answer
	Money is a measurement scale and has a universal denomination: a) True b) Partly True c) False d) Can't Say		View Answer
	A businessman purchased goods for Rs. 25,00,000 and sold 70% of such goods during the accounting year ended on 31.3.2014. The market value of remaining goods was Rs. 5,00,000. He valued the closing stock at Rs. 5,00,000 and not at Rs. 7,50,000 due to: a) Money Measurement b) Conservatism c) Cost d) Periodicity		View Answer
	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		View Answer
	For every debit there is an equivalent credit" this statement demonstrates: a) Matching Concept b) Cost Concept c) Money Measurement Concept d) Dual Aspect Concept		View Answer

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