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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.

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

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

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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
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The Accounting Equation is based on:
a) Going Concern Concept
b) Dual Aspect Concept
c) Money Measurement Concept
d) All of these
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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
0.3 Rating
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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
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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
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Fundamental Accounting Assumptions are:
a) Going Concern, Conservatism, Accrual
b) Going Concern, Matching, Consistency
c) Going Concern, Consistency, Accrual
d) Going Concern, Entity, Periodicity
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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
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Estimated selling price less estimated cost of sales is:
a) Net Realizable Value
b) Cost of purchase
c) Cost of goods sold
d) None
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In Accounting money is the:
a) Measurement value
b) Scale of Measurement
c) Scale of Social Measurement
d) Store o Value
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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)
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No inference of profit and the provision making policy for all possible losses is due to:
a) Convention of Consistency
b) Convention of Conservatism
c) Convention of Disclosure
d) Convention of Materiality
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Fixed assets and current assets are categorized as per concept of:
a) Separate entity
b) Going concern
c) Consistency
d) Time period
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Money is a measurement scale and has a universal denomination:
a) True
b) Partly True
c) False
d) Can't Say
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All of the following are valuation principles except:
a) Historical Cost
b) Present Value
c) Future Value
d) Realizable Value
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The three fundamental accounting assumptions are?

(i) Going Concerns
(ii) Financial Transaction
(iii) Consistency
(iv) Accrual
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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
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What is crosstalk?
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Financial Statements are a part of:
a) Accounting
b) Book- keeping
c) Both
d) None
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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
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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
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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

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