Accounting Interview Questions and Answers
Question - 31 : - How much mathematics knowledge is necessary or required in accounting?
Answer - 31 : -
Not much knowledge, but the basic mathematical background is required in accounting for operations like addition, subtraction, multiplication, and division.
Question - 32 : - Define retail banking
Answer - 32 : -
Retail banking is a type of banking that involves a retail client. These clients are normal people and not any organizational customers.
Question - 33 : - Define a company’s payable cycle
Answer - 33 : -
It is the time required by the company to pay all its account payables.
Question - 34 : - What are the MIS reports?
Answer - 34 : -
MIS reports are created to identify the efficiency of any department of a company.
Question - 35 : - Define the term material facts in accounting
Answer - 35 : -
Material facts are the bills or any document that becomes the base of every account book. It means that all those documents, on which account book is prepared, are called material facts.
Question - 36 : - What do we mean by purchase return in accounting?
Answer - 36 : -
Purchase return is a term used to record every defective or unsatisfactory product returned to its supplier.
Question - 37 : - Define dual aspect term in accounting
Answer - 37 : -
As the name implies, the dual aspect concept states that every transaction has two sides. For example, when you buy something, you give the cash and get the thing. Similarly, when you sell something, you lose the thing and get the money. So this getting and losing are two aspects of every transaction.
Question - 38 : - Define balancing in accounting
Answer - 38 : -
Balancing means to equate both sides of the account, i.e., the debit and credit sides of an account must be equal/balanced.
Question - 39 : - How much statistics knowledge is necessary or required in accounting?
Answer - 39 : -
You must be very good at statistics if you want to do well in accounting. Otherwise, with minimum knowledge, you cannot manage your day to day transactions effectively in accounting.
Question - 40 : - Define Scrap value in accounting
Answer - 40 : -
It is the residual value of an asset. The residual value is the value that any asset holds after its estimated lifetime.