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	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. 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
Fundamentals of Accounting Interview Questions & Answers
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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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
Gyan received Rs. 5,000 advance from a customer. He showed this amount as his income, which Accounting Concept is not followed? a) Money Measurement b) Accrual c) Consistency d) Conservatism		View Answer
What is crosstalk?		View Answer
Which is the accounting concept that requires the practice of crediting closing stock in the trading account? a) Cost b) Realization c) Going Concern d) Matching		View Answer
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		View Answer
If nothing is written in the financial statements about the fundamental accounting assumptions, then it could be presumed that:- a) They have not been followed b) They have been followed c) They have been followed to some extent d) None of the above		View Answer
If owner's equity of a business are Rs.90,000 and profits are of Rs. 60,000 for the year calculate total assets of the business:- a) Rs. 1,50,000 b) Rs. 1,20,000 c) Rs. 30,000 d) Rs. 1,70,000		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
Which accounting concept makes a distinction between the receipt of cash and the right to receive the cash? a) Money Measurement concept b) Going Concern concept c) Realization concept d) Accrual concept		View Answer
As per basic accounting Equation Assets= Capital + Liabilities which of the following equation will be true if Ram starts a business with Rs. 5,50,000 & then buy goods worth Rs. 1,50,000 from Madan on credit? a) Rs. 7,00,000 = Rs. 5,50,000+ 1,50,000 b) Rs. 7,00,000= Rs. 6,50,000 - 50,000 c) Rs. 5,50,000= Rs. 5,00,000+ 50,000 d) Rs. 5,50,000= Rs. 7,00,000- 1,50,000		View Answer
To achieve the comparability of the financial statements of an enterprise, the same accounting policies should be followed from one period to another period due to _________ concept. a) Materiality b) Consistency c) Conservatism d) Going Concern		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
The ______ concept means that similar item in a set of accounts should be given similar accounting treatment and it should be applied for one period after another: a) Going Concern b) Prudence c) Consistency d) Materiality		View Answer
Define viscosity.		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
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
human resources can't be shown in Balance Sheet because of ___________ concept. a) Realisation b) Conservatism c) Going Concern d) Money Measurement		View Answer
What is Gibbs free energy?		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
Small items like stapler, calculator etc are not shown in balance sheet under which concept:- (a) Accounting Concept (b) Materiality Concept (c) Financial Concept (b) Taxation Concept		View Answer