Accounting Interview Questions and Answers
Question - 11 : - What is GST?
Answer - 11 : -
GST stands for Goods and Service Tax. It’s an indirect tax other than the income tax. It charges on the value of the service or product sold to a customer. The customer/clients pay the GST, and the seller deposits the GST with the government. Some countries have sales, service tax with works more or less the same as GST.
Question - 12 : - What is the key difference between inactive and dormant accounts?
Answer - 12 : -
Yes, both are different terms in accounting. Inactive accounts mean that accounts have been closed and will not be used in the future as well. Dormant accounts are those that are not functional today but may be used in the future.
Question - 13 : - What is tally accounting?
Answer - 13 : -
It is the software used for accounting in small business and shops for managing routine accounting transactions.
Question - 14 : - How to define departmental accounting?
Answer - 14 : -
Departmental accounting is a type of accounting in which a separate account is created for departments. It is managed separately as well, as shown independently in the balance sheet.
Question - 15 : - Define fictitious assets
Answer - 15 : -
These are the assets that cannot be shown or touch. Fictitious assets can only be felt, such as goodwill, rights, etc.
Question - 16 : - What is ICAI?
Answer - 16 : -
ICAI the abbreviation of the Institute of Chartered Accountants in India.
Question - 17 : - How many accounting standards are published by ICAI?
Answer - 17 : -
There is a total of 33 accounting standards published by ICAI. The purpose of these standards is to implement the same policies and practices in any country.
Question - 18 : - What is the abbreviation of VAT?
Answer - 18 : -
The abbreviation of VAT is Value Added Tax.
Question - 19 : - What is premises in accounting?
Answer - 19 : -
Premises refers to fixed assets that are shown in the balance sheet.
Question - 20 : - What is the meaning of a perpetual or periodic inventory system?
Answer - 20 : -
In the perpetual inventory system, the accounts are adjusted on a continual basis. In this inventory system, the accounts are changed periodically.