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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
Net Profit or Loss will be derived at ________ stage of accounting. a) Classifying b) Interpretation c) Recording d) Summarising		View Answer
At the end of the financial year, Mr. X earns a profit of Rs. 57,000 in his business. This is a) a transaction b) an event c) a transaction as well as an event d) neither a transaction nor an event		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
_________ was the root of financial accounting system: a) Social accounting b) Stewardship accounting c) Management accounting d) Responsibility accounting		View Answer
If owner's capital is Rs. 50,000 liability is Rs. 30,000 and fixed assets is Rs. 70,000, then what is the value of current assets? a) Rs. 10,000 b) Rs. 40,000 c) Rs. 80,000 d) Rs. 1,00,000		View Answer
Cost concept basically recognizes a) Fair Market Value b) Historical Cost c) Realisable Value d) Replacement Cost		View Answer
As per Accrual Concept, Sales- Gross Profit= Revenue is true or not?		View Answer
Gyan received Rs. 5,000 advance from a customer. He showed this amount as his income, which Accounting Concept is not followed? a) Money Measurement b) Accrual c) Consistency d) Conservatism		View Answer
Which one of the following is not a main objective of accounting? a) Systematic recording of the transaction. b) Ascertainment of the profitability of the business. c) Ascertainment of the financial position of the business. d) Solving tax disputes with tax authorities.		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
" Holding gains in relation to stocks should not be used for payment of dividend." Which on of the following accounting principle is involved in this? a) Consistency b) Cost c) Materiality d) Realization		View Answer
The adjustments to be made for prepaid expenses is: a) Add prepaid expenses to respective expenses and show it as an asset b) Deduct prepaid expenses form respective expenses and show it as an asset c) Add prepaid expenses to respective expenses and show it as a liability d) Deduct prepaid expenses from respective expenses and show it as a liability		View Answer
Interpreting Financial Statements means: a) Methodical classification of the data given in the financial statements. b) Preparation and presentation of the classified data in a manner useful to the users of financial statements. c) Systematic analysis of the recorded data so as to put information in usable form. d) Explaining the meaning and significance of the relationship of analysis of accounting data.		View Answer
A person opting for the presumptive taxation scheme of section 44ADA will ________ to pay advance tax in respect of income from business covered under section 44ADA. (a) Be liable (b) Not be liable		View Answer
The obligations of an enterprise other than owner's fund are known as: a) Assets b) Liabilities c) Capital d) None of these		View Answer
Which concept requires that those transactions which can be measured in terms of money are recorded in books of account?		View Answer
Double Accounting System owes its origin to: a) Lucas Pacioli b) Adam Smith c) Kohler d) Karl Marx		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
Define viscosity.		View Answer
What is Gibbs free energy?		View Answer