CoolInterview.com - World's Largest Collection of Interview Questions & Answers, FAQs, queries, sample papers, exam papers, dumps, what, why, how, where, when questions
Our Services
Get 9,000 Interview Questions & Answers in an eBook.




Get it now !!
Send your Resume to 6000 Companies
Advertisements
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.

To buy an eBook containing 30,000 Interview Questions, with Answers, Click Here.
View All Fundamentals of Accounting Interview Questions & Answers - Exam Mode / Learning Mode

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.

Highly Recommended, Hand Picked Fundamentals of Accounting Books


Subcategories for Fundamentals of Accounting Interview Questions & Answers :-

Following are sub categories for which Interview Questions & Answers are available under Fundamentals of Accounting Interview Questions & Answers. Please select the appropriate sub-category:-

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

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

1 2 3 4 5 6 Next

Sort By : Latest First | Oldest First | By Rating

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
0.3 Rating
View Answer
The Accounting Equation is based on:
a) Going Concern Concept
b) Dual Aspect Concept
c) Money Measurement Concept
d) All of these
0.3 Rating
View Answer
Money owed from a outsider is a:
a) Asset
b) Liability
c) Expense
d) Capital
0.3 Rating
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
0.4 Rating
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
0.3 Rating
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
0.3 Rating
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
0.3 Rating
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
0.3 Rating
View Answer
What is crosstalk?
0.3 Rating
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
0.3 Rating
View Answer
In Accounting money is the:
a) Measurement value
b) Scale of Measurement
c) Scale of Social Measurement
d) Store o Value
0.3 Rating
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)
0.3 Rating
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)
0.3 Rating
View Answer
What are the commands used for interactive reports?
0.3 Rating
View Answer
All of the following are valuation principles except:
a) Historical Cost
b) Present Value
c) Future Value
d) Realizable Value
0.3 Rating
View Answer
The three fundamental accounting assumptions are?

(i) Going Concerns
(ii) Financial Transaction
(iii) Consistency
(iv) Accrual
0.2 Rating
View Answer
Money is a measurement scale and has a universal denomination:
a) True
b) Partly True
c) False
d) Can't Say
0.3 Rating
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
0.3 Rating
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
0.3 Rating
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
0.3 Rating
View Answer

1 2 3 4 5 6 Next

India News Network
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
Cache = 0.138672 Seconds