Accountant Interview Question 101

 Accountant Interview Question

Here is the accountant Interview Question for fresher also as experienced candidates to urge their dream job.

1. Why prefer to account as a profession?

Accounting is chosen as a profession because:

Become a neighborhood of an in-depth network of execs.

Accept or experience a challenging role.

Explore new opportunities.

Offers all types of career options.

2. What are the talents needed to figure as an accountant?

Skills needed to figure as an accountant are:

Excellent at math

Strong analytical skills

Structured work style

Aptitude for technology

3. Mention some accounting software you know?

The best accounting software is:

SAP

Oracle

NetSuite ERP

Sage Business Cloud Accounting

Tally ERP primer

4. Mention the difference between SAP Memory and ABAP Memory

SAP Memory may be a global user-related memory that extends beyond the limit of transaction.

ABAP Memory may be a memory area within each main session and may be accessed by programs using the import-export statement.

5. What’s Microsoft Accounting Professional?

 Microsoft Accounting Professional is an accounting application that gives reliable and fast processing of accounting transactions. It also helps with financial analysis.

6. What’s the acronym for the accounting words debit and credit?

 The debit version is “dr” and the credit summary is “cr”.

7. What percentage of sorts of business transactions are there in accounting?

 There are two sorts of transactions in accounting, i.e., revenue and capital.

8. What’s the balance sheet?

It’s a press release that states all the liabilities and assets of the corporate at a particular point.

9. What’s TDS?

TDS stands for a tax write-off at Source. it’s introduced to gather text from the corporate form where the worker income is generated.

10. Where to point out TDS within the balance sheet?

 TDS is shown on the assets section, right after the top current asset.

11. What is Form 16?

Please follow the below link:

https://prabhanjanyoga.blogspot.com/2021/04/accountant-interview-question.html

 

12.What are the different types of accounting?

Ans. Different types of accounting are –

Financial Accounting – This type of accounting records information related to the financial status of the company.

Administrative Accounting – Administrative accounting is focused on the administrative aspects of the company and is used above all to assess the fulfillment of the established objectives and improve the implemented strategy. It is very useful for making forecasts and planning the actions and resources to be used.

Tax Accounting -Tax accounting helps to register and prepare reports related to tax returns to the public treasury and payment of taxes.

Cost Accounting – This type of accounting is more focused on companies of an industrial nature. It helps to make a detailed analysis of the unit costs of production, sales, and, in general, of the production process that the company carries out.

Management Accounting – Management accounting has a broader vision than cost accounting since it records all the economic and financial information of the company to be able to make short-term and long-term decisions.

 13. What is working capital?

Working capital is calculated as current assets minus current liabilities, which is used in day-to-day trading.

In a simple accounting the scheme, the concept of working capital focuses on the capital resources that a given company can count on in the short term to operate. These resources owned by the company are the cash, the portfolio of financial products, and other investments made by the company.

14. Give a suggestion to improve the company’s working capital flow.

In my opinion, the stock on hand can be the key to improving the working capital of the company. Of all the components of working capital, the stock is something we can control. We can pressure our debtors to pay us instantly, but we cannot have direct control over them because they are separate legal entities and, in the end, they are the ones who give us business.

We may tend to delay payments from our suppliers, but it ruins business relationships and hinders goodwill in the industry. Also, if we delay payments, they may not supply goods in the future. Maintaining liquidity in the form of funds in the bank can help the flow of working capital, but it comes at an opportunity cost.

With all of this in mind, I personally believe that inventory management can be of great help in improving the working capital of the company. Over-stock should be avoided and stock turnover rates should be high.

This answer is generic. There are industries that work with negative working capital, such as electronic commerce, telecommunications, etc. So do some research on working capital before answering.