Fundamentals of Accounting Interview Questions & Answers

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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
	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		View Answer
	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		View Answer
	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		View Answer
	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		View Answer
	What is crosstalk?		View Answer
	How do you validate the selection criteria of a report? And how do you display initial values in a selection screen?		View Answer
	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		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
	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
	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		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
	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		View Answer
	Which concept requires that those transactions which can be measured in terms of money are recorded in books of account?		View Answer
	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		View Answer
	There are ___________ generally accepted measurement bases or valuation principles: a) Two b) Three c) Four d) Five		View Answer
	_________ was the root of financial accounting system: a) Social accounting b) Stewardship accounting c) Management accounting d) Responsibility accounting		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

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