Interview Questions Answers in Accounting AllOther, Accounting General, Banking Finance

Questions / { kannan }

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Answers / { kannan }

what do you mean by Account receivables

Answer

Account Receivable is nothing but, the amount we need to received from vendor for the service or sales render to them. Accounting is sundry debtors in assets side of the balance sheet.

Is This Answer Correct ?

1 Yes

0 No

Question { IBM, 27908 }

Sales Return is asset or laibility

Answer

it is neither a asset nor liability, it is shown in trading account like sales -sales return= net sales. take a effect at gross profit

Is This Answer Correct ?

6 Yes

4 No

Question { Syntel, 7375 }

What is the mean of capital in account

Answer

capital is fixed liabilities -the amount one who put forth to start his venture

Is This Answer Correct ?

0 Yes

0 No

Question { Capital IQ, 7088 }

calculation of coast of goods sold

Answer

I'll give the full format
cost of goods sold
-------------------
opening stock+expenes of purchase(freight)-discount-closing stock

Is This Answer Correct ?

1 Yes

0 No

Question { 6360 }

Four of the following five are alike in a certain way and
hence from a group.Which one of the following does not
belong to that group?
21,35,49,63,56........ if u get answer pls explain hw u get
it?

Answer

it is a mulitple of 7, therefore in that order we have to get the answer of 21, 35, 49,63,77.

so the odd one out is -56
answer is 56

Is This Answer Correct ?

0 Yes

0 No

Question { EDS, 223264 }

Calculation of closing Stock give example?

Answer

opening stock +purchase-sales=closing stock

Is This Answer Correct ?

81 Yes

47 No

Question { Genpact, 16469 }

what will be the entry for credit purchases with discount

Answer

PURCHASE A/C DR
TO DISCOUNT RECEIVED A/C CR
TO SUPPLIER A/C CR

Is This Answer Correct ?

1 Yes

0 No

Question { TATA, 5447 }

why bank accounts are not coming in profit and loss
account ?

Answer

First of All , P/L A/c consists of Companies income and Expenses. Bank A/c is neither an expenses nor an Income, its like a lnvestment. so it should be shown in assets side of the balance sheet.

Is This Answer Correct ?

3 Yes

0 No

Question { 6770 }

What will be JV of if gets discount received from my
vendors and as well as I allowed discount to my customer?
What will be the journal entry in these both cases. Pls.
give the answer, it's urgent.

Answer

in case of discount received- happens when purchase involved

purchase a/c Dr
discount received a/c Dr
To vendor A/c

in case of discount allowed- happens when sales involved

vendor A/c Dr
To discount allowed
To Sales

Is This Answer Correct ?

1 Yes

0 No

Question { SVE Drilling Tools, 136174 }

Explain Sundry Debtors and Sundry Creditors.

Answer

sundry debtors is nothing but a person who received service and goods from us,therefore he has to pay the service and good received from us.

sundry creditor is a person whom we received service and good from them, we have to pay for them.

Is This Answer Correct ?

407 Yes

49 No

Question { IBM, 6417 }

what is provision what is the difference between provision
& reserve

Answer

Provision is the allocation of amount to be made for expenses incurred in future, it should be write-off once amount made.

Reserve is the portion of earing to meet the eventual loss

Is This Answer Correct ?

1 Yes

0 No

Question { 8063 }

waht is the menaing of accounts payble?

Answer

It's Bills Payable, it is shown in liability side of the B/s.
It means service or sales we received from supplier, suppose to be paid

Is This Answer Correct ?

0 Yes

0 No

Question { 5410 }

how many types of account

Answer

As far as Accounts is Concern, it is broadly classified into three accounts
1.Real Account
2.Personal Account
3.Nominal Acconunt.

As far as Banking is concern, it will more like, Fixed, Current, and Savings etc....

Is This Answer Correct ?

2 Yes

0 No

Question { Syntel, 8016 }

when we debit any party in our account?

Answer

It's a personal account, that means we have to debit the receiver, it happens only at the time of purchase and service we received from them

Is This Answer Correct ?

3 Yes

0 No

Question { 7390 }

how the loss on sale of furniture will be entered in
accounting books

Answer

The loss you incurred is just like a discount you allowed to them , so the entry is

cash a/c Dr
Discount allowed a/c Dr
To Furniture a/c

Is This Answer Correct ?

0 Yes

5 No