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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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Question	Rating	View Answer
What are the commands used for interactive reports?		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
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
________ of American Institute of Certified Public Accountants enumerated the functions of Accounting: a) Accounting Principles Board b) Accounting Standards Board c) Accounting Concepts Board d) None of these		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
What do you mean by Conservatism in Accounts?		View Answer
Matching concept is based on: Revenue- ________= Profit a) Liability b) Expense c) Asset d) None of these		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
How do you validate the selection criteria of a report? And how do you display initial values in a selection screen?		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
Which financial statement represents the accounting equation ASSETS= LIABILITIES+ OWNER'S EQUITY a) Income Statement b) Cash Flow Statement c) Balance Sheet d) Funds Flow Statement		View Answer
Money owed from a outsider is a: a) Asset b) Liability c) Expense d) Capital		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
A trader started retail business. During the year he sold goods worth Rs. 60,000 and for Rs. 1,20,000 out of which only Rs. 1,00,000 was collected during the year. He had a closing stock of Rs. 10,000. His other business expenses for the period were Rs. 20,000 out of which Rs. 5,000 was outstanding at year end. His total profit for the year 2008-09 as per the terms of accrual concept was: a) 30,000 b) 40,000 c) 45,000 d) 20,000		View Answer
Recording of fixed assets at cost ensures adherence of: a) Conservatism b) Cost Concept c) Going Concern Concept d) Accrual Concept		View Answer
There are ___________ generally accepted measurement bases or valuation principles: a) Two b) Three c) Four d) Five		View Answer
Provision for bad and doubtful debts is result of: a) Conservatism Concept b) Going concern Concept c) Disclosure Concept d) Consistency Concept		View Answer
At the end of the financial year after sale of goods worth Rs. 2,00,000 there was a closing stock of Rs. 10,000. This is: a) An event b) A transaction c) Both event as well as transaction d) None of these		View Answer
_________ concept is the basic idea that the business is separate from owner. a) Dual Aspect b) Entity c) Realization d) Materiality		View Answer