Accounting Interview Questions and Answers
Question - 101 : - What is double-entry bookkeeping?
Answer - 101 : -
Double-entry bookkeeping is a principle of accounting where every debit entry has a corresponding credit. Therefore, the total debt is equal to the total credit.
Question - 102 : - What are the most common errors in accounting?
Answer - 102 : -
The most common errors in accounting are:
- Compensating error
- Errors of commission
- Errors of omission
- Errors of principle
Question - 103 : - What are the famous accounting applications?
Answer - 103 : -
Famous accounting applications are:
- CGram Software
- Microsoft Small Business Financials
- Microsoft Accounting Professional
- Financial Force
- Microsoft Dynamics AX
Question - 104 : - Mention four types of special journals
Answer - 104 : -
Four types of special journals are:
- Sales journals
- Cash payments journals
- Purchases journals
- Cash receipts journals
Question - 105 : - Define Payroll Source Documents
Answer - 105 : -
The Payroll source documents are timesheets of the employee.
- It is used to record the task completed by the employee.
- These records are audited by the labor department and the Equal Employment Opportunity Commission.
- Source documents are must be kept into the payroll source folder.
Question - 106 : - What Is Payroll?
Answer - 106 : -
The term payroll is defined as a list of employees who get paid by the organization. It refers to the money employer pays to their employees.
Question - 107 : - What is an EA in Accounting?
Answer - 107 : -
The full form of EA is Enrolled, Agent. It is a tax advisor who has unlimited practice rights. EA represents as a taxpayer and collects and audits, financial transactions.
Question - 108 : - What do you mean by vouching?
Answer - 108 : -
Vouching is a process of checking the voucher authentication maintain by the management using respective supportive documents.
Question - 109 : - What is accounting ethics?
Answer - 109 : -
Accounting ethics is a field of applied judgments, ethics, and the study of moral values.
Question - 110 : - Explain computerized accounting?
Answer - 110 : -
Computerized accounting is a method in which financial information is collected, processed, and summarized into financial reports.
The purpose of this accounting is to provide information used for decision making. It can be viewed as a process that converts data into helpful information.