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

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The Accounting Convention of Matching means: a) Profit for the period to be matched with sales revenue b) Profit for the period to be matched with investment c) Expenses of one period to be matched against the expenses of another period d) Expenses of one period to be matched against the revenue of the same period		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
Proprietor (owner) is treated as creditor of business due to: a) Periodicity concept b) Materiality Principle c) Entity Concept d) Consistency concept		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
Management Accounting: a) Is a clerical work b) Is accounting for future c) Is a recording technique of the management related transactions d) Is an analysis of the past business activities		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
Unpaid expenses are: a) Outstanding Liabilities b) Prepaid expenses c) Unaccrued expenses d) All of these		View Answer
How to debug a script in ABAP?		View Answer
If Going Concern Concept is no longer valid, which of the following is true? a) All prepaid assets should would be completely written off immediately b) The allowance for uncollectable accounts would be eliminated c) Intangible assets would continue to be carried at net amortized historical cost d) Land held as an investment would be valued at its realizable value		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
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
ACE Traders purchased goods for RS. 30,00,000 and sold 70% of such goods during the accounting year ended 31st March, 2012. The market value of the remaining goods was Rs. 6,00,000. ACE Traders valued the closing stock at RS. 6,00,000 and not at Rs. 9,00,000 due to concept of ________ a) Money Measurement b) Periodicity c) Cost d) Conservatism		View Answer
Which of these is not available in the Financial Statements of a company? a) Total Sales b) Total Profit & Loss c) Capital d) Cost of Production		View Answer
The policy of " anticipate no profit and provide for all possible losses" arises due to convention of a) Consistency b) Disclosure c) Conservation d) Matching		View Answer
The problems related to price- rise are handled under: a) Management Accounting b) Cost Accounting c) Financial Accounting d) Inflation Accounting		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
Cash of Rs. 2,000 is withdrawn for personal expenses. This will be debited to which account: a) Drawings A/C b) Creditors A/C c) Capital A/C d) Cash A/C		View Answer
Accounting does not record non- financial transactions because of: a) Accrual concept b) Cost Concept c) Continuity Concept d) Money Measurement Concept		View Answer
Which of the following is correct? a) (Current Assets + Fixed Assets) + (Current Liabilities+ Long term Liabilities) b) (Current Assets + Fixed Assets)- (Current Liabilities+ Long term Liabilities) c) (Current Asset- Fixed Asset)- (Current Liabilities+ Long term Liabilities) d) None of the above		View Answer
Financial statements users include: a) Shareholders b) Government c) Vendors d) All of the above		View Answer