Accounting Interview Questions and Answers
Question - 41 : - What is the marginal cost?
Answer - 41 : -
Marginal cost is defined as an increase or decrease in the cost of producing units or serving customers.
Question - 42 : - Define Partitioning in accounting
Answer - 42 : -
It is a kind of group made based on the same responses by a system.
Question - 43 : - What is the key difference between provision and reserve?
Answer - 43 : -
Provisions are the liabilities or the anticipated items, such as depreciation. In contrast, Reserves are the profits of any company, placed back to the business to keep it sustainable in tough times of a company.
Question - 44 : - Define offset accounting
Answer - 44 : -
Offset accounting is one that decreases the net amount of another account to create a net balance.
Question - 45 : - Define overhead in terms of accounting
Answer - 45 : -
It is the indirect expenditure of a company such as salaries, rent dues, etc.
Question - 46 : - Define trade bills
Answer - 46 : -
The trade bills are accounting documents generated against each transaction.
Question - 47 : - Define fair value in accounting
Answer - 47 : -
Fair value is the measurement of liabilities and assets according to the current value of the market. It shows the estimated price at which any assets are sold. Liability shows third party transactions under the current condition of the market.
Question - 48 : - When are revenues reported in the accounting period?
Answer - 48 : -
Revenues are reported in the accounting period when service or goods have been delivered.
Question - 49 : - List things will not be included in a bank reconciliation statement
Answer - 49 : -
Things will not be included in a bank reconciliation statement are:
- Cheques dishonored not recorded in the cash book
- Direct payments made by the bank not entered in Cashbook
- Bank Charges or Interest debited by the bank.
- Cheques deposited but not cleared.
- Wrong debits given by the bank.
- Banks direct payment not entered in Cashbook.
Question - 50 : - What is the general classification of accounts that usually ledger account involve?
Answer - 50 : -
The general classification of accounts that usually ledger account involves are:
- Assets: cash, accounts receivable
- Liabilities: accounts payable, loans payable
- Stockholders’ equity: common stock
- Operating revenues: revenues through sales
- Operating expenses: rent expense, salaries expense
- Non-operating revenues and gains: investment income, gain on disposal of equipment
- Non-operating revenues and losses: interest expense, loss on disposal of equipment