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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
Explain What is an RFC?		View Answer
Which of these is not a fundamental accounting assumption? a) Going Concern b) Consistency c) Conservatism d) Accrual		View Answer
As per basic accounting Equation Assets= Capital + Liabilities which of the following equation will be true if Ram starts a business with Rs. 5,50,000 & then buy goods worth Rs. 1,50,000 from Madan on credit? a) Rs. 7,00,000 = Rs. 5,50,000+ 1,50,000 b) Rs. 7,00,000= Rs. 6,50,000 - 50,000 c) Rs. 5,50,000= Rs. 5,00,000+ 50,000 d) Rs. 5,50,000= Rs. 7,00,000- 1,50,000		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
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
Small items like stapler, calculator etc are not shown in balance sheet under which concept:- (a) Accounting Concept (b) Materiality Concept (c) Financial Concept (b) Taxation Concept		View Answer
On 31st December, 2005, Ashok Ltd. purchased a machine from Mohan Ltd. for Rs. 1,75,000. This is: (Year end: 31 st December) a) A transaction b) An event c) None of these d) Both transaction as well as event		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
The direct advantage of accounting do not include: a) Preparation of financial statements b) Competitive advantage c) Ascertainment of profit or loss d) Information to interested group		View Answer
Omission of paise and showing the round figures in financial statements is based on: a) Conservatism Concept b) Consistency Concept c) Materiality Concept d) Realization Concept		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
Window dressing of Accounts means: a) Presenting accounts in beautiful manner b) Showing more losses to avoid income tax c) Showing more profits to attract investments d) All of the above		View Answer
Explain What are the events in Screen Programming?		View Answer
The main objective of Book- Keeping are: a) Complete recording of transactions b) Ascertainment of financial effect on the business c) Analysis and interpretation of data d) (a) and (b) both		View Answer
Rs. 5000 paid as rent of office premises is an/ a _________ a) Event b) Transaction c) Both d) None		View Answer
If nothing is written in the financial statements about the fundamental accounting assumptions, then it could be presumed that:- a) They have not been followed b) They have been followed c) They have been followed to some extent d) None of the above		View Answer
During the life time of an entity accountants prepare financial statements at arbitrary points of time as per: a) Prudence b) Consistency c) Periodicity d) Matching		View Answer
The ______ concept means that similar item in a set of accounts should be given similar accounting treatment and it should be applied for one period after another: a) Going Concern b) Prudence c) Consistency d) Materiality		View Answer
Accounting has universal application for recording_________ a) Entries b) Transactions c) Data d) Figures		View Answer
human resources can't be shown in Balance Sheet because of ___________ concept. a) Realisation b) Conservatism c) Going Concern d) Money Measurement		View Answer