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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
There are ___________ generally accepted measurement bases or valuation principles: a) Two b) Three c) Four d) Five		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
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
Gross Book Value of a Fixed Asset is its: a) Cost less depreciation b) Historical Cost c) Fair Market Value d) Realizable Value		View Answer
Money is a measurement scale and has a universal denomination: a) True b) Partly True c) False d) Can't Say		View Answer
In Accounting money is the: a) Measurement value b) Scale of Measurement c) Scale of Social Measurement d) Store o Value		View Answer
The underlying accounting principle necessitating amortization of intangible assets is/ are: a) Cost Concept b) Realization Concept c) Matching Concept d) Both 'b' and 'c'		View Answer
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		View Answer
Double Entry Principle means: a) Writing twice the same entry b) Writing all the entries twice in the book c) Having debit for every credit and credit for each debit d) All of the above		View Answer
________ refer to the general agreement on the usage and practices in social or economic life: a) Accounting Assumptions b) Accounting Conventions c) Accounting Policies d) Accounting Principles		View Answer
GAAP's are: a) Generally Accepted Accounting Policies b) Generally Accepted Accounting Principles c) Generally Accepted Accounting Provisions d) None of these		View Answer
Capital as on 1-4-05 Rs. 90,000 Capital introduced Rs. 25,000 Drawings made Rs. 35,000 Capital as on 31-3-06 Rs. 1,25,000 What is the amount of profit added to the capital? a) Rs. 50,000 b) Rs. 60,000 c) Rs. 75,000 d) Rs. 45,000		View Answer
Cost of Machinery- Rs. 10,00,000 Installation charges- Rs. 1,00,000 Market value on 31.3.2016- Rs. 12,00,000 While finalizing the accounts, if the company values the machinery at Rs.12,00,000; which concept is violated by the company? a) Cost b) Matching c) Realization d) Periodicity		View Answer
Money owed from a outsider is a: a) Asset b) Liability c) Expense d) Capital		View Answer
Two primary qualitative characteristics of financial statements are: a) Understandability and Materiality b) Relevance and Reliability c) Materiality and Reliability d) Relevance and Understandability		View Answer
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		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
The Accounting Equation is based on: a) Going Concern Concept b) Dual Aspect Concept c) Money Measurement Concept d) All of these		View Answer
When fixed assets are sold: a) Total assets will increase b) Total liabilities will increase c) Total assets will decrease d) There is no change in total assets		View Answer
Fundamental Accounting Assumptions are: a) Going Concern, Conservatism, Accrual b) Going Concern, Matching, Consistency c) Going Concern, Consistency, Accrual d) Going Concern, Entity, Periodicity		View Answer