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Retail Accounting Interview Questions & Answers

Below we have listed all the Retail Accounting Interview Questions and answers. Feel free to comment on any Retail Accounting Interview Questions or answer by the comment feature available on the page.

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Retail Accounting Interview Questions & Answers

Retail Accounting is a method of accounting to account for inventory using retail prices only for sales, purchases, beginning inventory, and ending inventory. It is an accounting procedure for estimating the value of a store's merchandise. This method calculates a store's total inventory value by taking the total retail value of the items that were originally in inventory, subtracting the total sales, then multiplying that dollar amount by the cost-to-retail ratio (the percentage by which goods are marked up from their wholesale purchase price to their retail sales price).

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In what ways do you think you can contribute to our organization?
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What qualities do you think are important to this position?
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Tell about the worst boss you have had?
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Do you prefer to have a job with set tasks and responsibilities, or where your tasks change on a frequent basis?
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How long would you expect to work for us?
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How would your co-workers describe you?
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What experiences have you had in dealing with difficult customers?
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What interests do you have outside your work?
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What did you enjoy most and least in your last retailing job?
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What experience in retail have you had to qualify you for this position?
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Would you feel comfortable working on a commission-based pay system?
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What is your minimum salary requirement for retailing job?
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Are you comfortable interacting with customers?
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This position will require some different hours. Do you have any schedule restrictions (beyond what you have listed)?
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Are you comfortable offering our charge account to customers?
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How will you make customers feel welcome in our store?
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How would you educate yourself about the products that we sell?
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What interests you most about selling to customers?
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Are you familiar with (company name)?
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Why are you interested in employment at (company name)?
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Latest 20 Questions
Which one is not the characteristic of capitalist economy? a)Profit motive b)Income inequality c)Free employment d)Collective ownership
A Free Market economy solves its Central Problems through_____: a)Planning authority b)Market Mechanism c)Both d)None
If the opportunity cost is constant, then PPC would be: a)Convex b)Straight line c)Backward bending d)Concave
Which of these would cause a rightward shift of the PPC curve? a)Improvement in technology b)Greater capital formation c)Increase in population d)All of these
According Robbins, 'means' are: a)Scarce b)Unlimited c)Undefined d)All of these
Bill discounted with a bank is __________ a) Contingent liability b) Current liability c) Current Asset d) None of these
'Workmen Compensation Under Dispute' is an example of: a) Contingent Liability b) Contingent Asset c) Current Liability d) Current Asset
Contingent liabilities are shown: a) As current liability b) As capital fund c) As footnotes to balance sheet d) As reserves
Contingent assets usually arise from unplanned or other unexpected events: a) True b) False c) Partly True d) None
Contingent asset is not recognized in the financial statements on the basis of _______ accounting concept: a) Prudence b) Materiality c) Substance over form d) Going concern
The Balance on the debit side of bank column in Cash Book indicates a) Total amount withdrawn from the bank b) Total deposited in the bank c) Cash at Bank d) Bank Overdraft
While balancing three column cash book, the discount columns are: a) Totaled but not adjusted b) Totaled and also adjusted c) Totaled but not balanced d) Balanced but not totaled
Postage stamps purchased for Rs. 30 by business. This transaction will be recorded in: a) Purchase Book b) Cash Book c) Petty Cash Book d) Journal
Where two aspects of a transaction are posted in the Cash Book, such an entry is called: a) Double Entry b) Debit Entry c) Credit Entry d) Contra Entry
Rent due for the month of March will appear ________ of the cash book. a) On the receipt side b) On the payment side c) As a Contra Entry d) Nowhere
In three column cash book, when does contra entry occurs? a) Withdrawal of cash from bank b) Payment to creditors c) Withdrawal of cash from bank for personal use d) All of the above
Double entry in Cash Book is completed when: a) Salaries are paid by cheque b) Withdrawal of money from bank for personal use c) Deposited cash into bank d) None of these
In petty cash book, the system followed: a) Accrual System b) Imprest System c) Cash System d) None of these
Cheques received but deposited on the next day are recorded in: a) Cash column of the cash book b) Bank column of the cash book c) Both of these d) none of these
What rate of commission is charged by the bank issuing the credit card: a) 1% to 3% b) 3% to 6% c) 2% to 5% d) 1% to 4%



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