Accounting Interview questions and answers for Freshers। #upgradingway #interviewquestionandanswer

Summary

In this informative video, Ania Singh introduces herself as a candidate for a junior accountant position and shares an interview scenario. She discusses her academic background in accounting, her preference for Microsoft Accounting Professional software, and her understanding of accounting terms like 'debit' and 'credit'. Ania also touches on business transactions, the balance sheet, TDS, GST, departmental accounting, inventory systems, and accounting standards by ICAI. The video aims to guide and prepare viewers for similar interviews, emphasizing the importance of a strong grasp of accounting principles and practices.

Takeaways

• 😀 Ania Singh is interviewing for a junior accountant position and shares tips for others preparing for similar interviews.
• 📚 She emphasizes the importance of being familiar with accounting applications, particularly Microsoft Accounting Professional for its reliability and efficiency.
• 🏷️ The abbreviations for debit and credit in accounting are 'DR' and 'CR', respectively.
• 💼 There are two types of business transactions in accounting: revenue and capital transactions.
• 📊 The balance sheet is a financial statement that presents a company's assets, liabilities, and equity at a specific point in time.
• 💧 TDS stands for 'Tax Deducted at Source' and is shown in the assets section of the balance sheet, following current assets.
• 🛃 GST, or Goods and Services Tax, is an indirect tax levied on the value of services or products sold to a customer, collected by the seller and paid to the government.
• 🏢 Departmental accounting involves creating and managing separate accounts for different departments, which are independently shown in the balance sheet.
• 🔄 The perpetual inventory system adjusts accounts continuously, while the periodic inventory system does so at set intervals.
• 📝 Ania acknowledges knowledge of accounting standards, with 33 standards published by the ICAI to ensure uniform policies and practices.
• 📈 The basic accounting equation is Assets = Liabilities + Owner's Equity, reflecting the fundamental relationship between assets, liabilities, and equity in accounting.

Q & A

Why did Ania choose accounting as her profession?

Ania chose accounting as her profession because she was quite good at it throughout her studies and received a distinction in her master's degree, which led her to adopt this field.

Which accounting application does Ania prefer and why?

Ania prefers Microsoft Accounting Professional because it offers reliable and fast processing of accounting transactions, which saves time and increases proficiency.

What are the abbreviations for debit and credit in accounting?

The abbreviation for debit is 'DR' and for credit is 'CR'.

How many types of business transactions are there in accounting according to the script?

According to the script, there are two types of transactions in accounting: revenue and capital.

What is a balance sheet and what does it include?

A balance sheet is a statement that states all the liabilities and assets of a company at a certain point in time.

What does TDS stand for and what is its role in accounting?

TDS stands for Tax Deducted at Source, and it is a system where tax is deducted at the source of income and deposited with the government.

Where is TDS shown in a balance sheet?

In a balance sheet, TDS is shown in the assets section, right after the heading 'Current Assets'.

What is GST and how does it work?

GST stands for Goods and Services Tax. It is an indirect tax levied on the value of services or products sold to a customer. The customer pays the GST, and the seller deposits it with the government.

What is departmental accounting and how is it managed?

Departmental accounting is a type of accounting where separate accounts are created for different departments, which are managed and shown independently in the balance sheet.

What is the difference between perpetual and periodic inventory systems?

In a perpetual inventory system, accounts are adjusted on a continual basis as transactions occur. In a periodic inventory system, accounts are adjusted at specific intervals, such as at the end of an accounting period.

What are the total number of accounting standards published by ICAI and their purpose?

ICAI has published a total of 33 accounting standards so far. The purpose of these standards is to implement consistent policies and practices across the country.

What does ICAI stand for and what is its role?

ICAI stands for the Institute of Chartered Accountants of India. It is a professional organization that sets standards for professional accounting practice in India.

How can the basic accounting equation be explained?

The basic accounting equation can be explained as Assets = Liabilities + Owner's Equity, which represents the fundamental relationship between a company's assets, liabilities, and the equity of its owners.