Accounting Interview questions and answers for Freshers। #upgradingway #interviewquestionandanswer
Summary
TLDRIn 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.
Outlines
📚 Interview Introduction and Accounting Basics
Ania Singh introduces herself and begins an interview for a junior accountant position. She advises viewers to subscribe and hit the bell icon for updates. Ania greets the interviewer and confirms her name. The interview starts with questions about Ania's choice of accounting as a profession, her preferred accounting application, and her knowledge of accounting terms like 'debit' and 'credit'. She also explains the types of business transactions and the concept of a balance sheet.
💼 Understanding Taxes and Accounting Systems
The interview continues with questions about Tax Deducted at Source (TDS), its role in the balance sheet, and Goods and Services Tax (GST). Ania explains the purpose of GST and its function as an indirect tax. She also discusses the concept of departmental accounting, the difference between perpetual and periodic inventory systems, and her knowledge of accounting standards published by the Institute of Chartered Accountants in India (ICAI).
Mindmap
Keywords
💡Junior Accountant
💡Accounting Application
💡Debit (DR)
💡Credit (CR)
💡Business Transactions
💡Balance Sheet
💡TDS (Tax Deducted at Source)
💡GST (Goods and Services Tax)
💡Departmental Accounting
💡Inventory System
💡Accounting Standards
💡ICAI (Institute of Chartered Accountants of India)
💡Basic Accounting Equation
Highlights
Introduction of Ania Singh as a candidate for a junior accountant position.
Advice for viewers to subscribe and hit the bell icon for interview tips.
Ania's confidence in her accounting skills and decision to pursue it as a profession.
Preference for Microsoft Accounting Professional due to its reliability and efficiency.
Explanation of the abbreviations for debit and credit in accounting.
Identification of two types of business transactions in accounting: revenue and capital.
Description of a balance sheet as a statement of a company's assets and liabilities.
Understanding of TDS (Tax Deduction at Source) and its role in accounting.
Clarification of TDS placement in the assets section of a balance sheet.
Definition and explanation of GST (Goods and Service Tax).
Comparison of GST with sales service tax in different countries.
Introduction to departmental accounting and its role in managing separate accounts for departments.
Difference between perpetual and periodic inventory systems.
Knowledge of 33 accounting standards published by ICAI for uniform policies and practices.
Explanation of ICAI as the Institute of Chartered Accountants in India.
Basic accounting equation linking assets, liabilities, and owner's equity.
Transcripts
hello friends i am ania and today is my
interview for the post of junior
accountant
if you also going to be interviewed then
this video will be helpful for you
before starting the video please don't
forget to subscribe to the channel and
hit the bell icon let's start the video
good morning sir i am ania singh yes
miss anya please see it thank you sir
shall we start the interview yeah sure
sir why did your select accounting is
your profession well i was quite good in
accounting throughout but in my master's
when i got distinction i decided to
adopt this field as a profession
which accounting application you prefer
most and why i think all are good though
but microsoft accounting professional is
best
because it offers reliable and fast
processing of accounting transactions
that saves time and increases
proficiency
what is the abbreviation for the
accounting terms debit and credit debit
abbreviation as dr and credit
abbreviation is cr
how many types of business transactions
are there in accounting there are two
types of transactions in accounting that
is revenue and capital
what is balance sheet it is a statement
that states all the liabilities and
assets of the company at certain point
have you ever heard about tds what it
does
yes tds abbreviates tax deduction at
source in balance sheet where do you
show tds it is shown on the assets
section right after the head current
asset
do you have any idea about gst gst
stands for goods and service tax it's an
indirect tax other than the income tax
its charges on the value of the service
or product sold to a customer
the customer pays the gst and the seller
deposits the gst with the government
some countries have sales service tax
with works more or less the same as gst
how can you define departmental
accounting it is a type of accounting in
which separate account is created for
departments
it is managed separately as well as
shown independently in the balance sheet
by saying perpetual or periodic
inventory system what do we mean
in the perpetual inventory system the
accounts are adjusted on continual basis
in the periodic inventory system the
accounts are adjusted periodically do
you possess any knowledge about
accounting standards yes as for my
knowledge there are total 33 accounting
standards published so far by icai
the purpose of these standards is to
implement same policies and practices in
any country what is icai it is the
abbreviation of institute of chartered
accountants in india how can you explain
the basic accounting equation we know
that accounting is all about assets
liabilities and capital
therefore the accounting equation is
assets equals liabilities plus owner's
equity
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