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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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Matching concept is based on: Revenue- ________= Profit a) Liability b) Expense c) Asset d) None of these		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
How to debug a script in ABAP?		View Answer
As per Accrual Concept, Sales- Gross Profit= Revenue is true or not?		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
Provision for bad and doubtful debts is result of: a) Conservatism Concept b) Going concern Concept c) Disclosure Concept d) Consistency Concept		View Answer
Cost concept basically recognizes a) Fair Market Value b) Historical Cost c) Realisable Value d) Replacement Cost		View Answer
According to which concept the owner of an enterprise pays the "interest on drawings"? a) Accrual concept b) Conservatism concept c) Entity concept d) Dual Aspect concept		View Answer
What do you mean by Conservatism in Accounts?		View Answer
Explain What are the events in Screen Programming?		View Answer
Explain What is an RFC?		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
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
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
The three fundamental accounting assumptions are? (i) Going Concerns (ii) Financial Transaction (iii) Consistency (iv) Accrual		View Answer
What are the commands used for interactive reports?		View Answer
What is the effect on the Net Assets if cash is received from debtors of Rs. 50,000? a) Increase b) Decrease c) No change d) None of these		View Answer
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		View Answer
Which concept requires that those transactions which can be measured in terms of money are recorded in books of account?		View Answer
In the accounting period, according to which concept, cost incurred to acquire an asset is shown in the Balance Sheet. a) Business Concept b) Realization Concept c) Cost Concept d) Accounting Period Concept		View Answer