sanjay interview
TRANSCRIPT
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What does the abbreviation dr mean in accounting?
Where should TDS received should show in balance sheet?
What is the difference between personal account real account and nominal
account?What are premises in accounting sense? What is VAT adjustment?
What is the basic accounting equation?
What is Service Tax & Excise? How will it be charged?
What is Purchase returns Accounting?
What is the difference between Perpetual and Periodic Inventory systems?
Give me examples of the accounting reports you have prepared?
What are the fictitious assets?
What is Departmental Accounting? Give an example?
What procedure for excess payment to supplier I would like know withoutadjusting invoice that means how supplier will send back excess amount howdo in oracle apps?
How many accounting standards are currently published?
What is the difference between inactive accounts and dormant account?
What is marginal cost?
What is Executive Accounting?
What is the dual aspect concept?
What is meant by public accounting?
What are the different branches of accounting ?
Why are Accounting Standards necessary?
What are
the
Accounting
entries for
branch
accounts?
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What is a
difference
between
public and
privateaccounting?
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What are
the
differences
between
accounting
and
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auditing?
What is the definition of
offset accounting?
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Are there any questions you
would like to ask?
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What is retail banking?
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What are the elements of
the accounting equation?
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What do you mean by
material facts in accounting?
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What are bills receivable?
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What is accrual accounting?
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Define Tally Accounting?
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What is the difference
between Consigner and
Consignee?
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What are the Steps involved
in Project implementation?
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What is bank reconciliation statement?
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Answer
What does overhead mean in regards to
accounting?
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In accounting, are assets a permanent account?
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Answer
What is the difference between the accrual
accounting and cash accounting?
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Answer
What is the meaning of Scrap Value in accounting?
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What is the difference between provision and
reverse?
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Answer
What are MIS reports and do you prepare it?
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In whichways is
math used
in
accounting
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Answer
What are
the items
that are to
be debited in
accounting
and what
are the
items thatare to be
credited in
accounting?
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What is the relationship between cost
accounting financial accounting and
managerial accounting?
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What is accounting ethics?
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What is cash flow and fund flow? ViewAnswer
What is computerized accounting?
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Answer
What is the basic accounting View
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equation? Answer
What is service tax?
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Answer
Why did you choose the A-levels youdid?
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What are cost accounting and its
applications?
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How to prepare finalization accounts?
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What is accounting chart of accounts?
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Explain the concept of responsibilityaccounting
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What is Use of statistics in accounting?
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Answer
How many invoices on average do you
handle on a weekly/monthly basis?
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Answer
What is balance sheet and off balance
sheet?
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What are trade bills?
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Answer
What is meant by partitioning?
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Answer
What are
accounting
principles?
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Answer
Contrast
bookkeeping and
accounting
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What are the
different
branches of
accounting?
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Answer
What have
you read in
the
newspapers
in the last few
days that
particularly
interested
you?
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Answer
What is an
operative
accounts?
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Answer
What is
definition of a
cash float in
accounting?
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Answer
What is fair
value
accounting?
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Answer
What is
meant by
balancing?
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Answer
Discuss the
consistency
concept in
accounting?
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Answer
What are the
disadvantages
of back-flush
accounting?
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Answer
Why do users
of accountingInformation
need
accounting
information?
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What is
double entry
book
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Answer
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keeping?
What is
fiduciary
accounting?
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Answer
How did you
chose your
university?
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Answer
How can you
do credit
control?
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Answer
Have you
ever been
involved in an
invoice
dispute? How
did you
manage the
problem?
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Answer
What is
dividend
warrants?
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Answer
Is financial
accounting
necessary?
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Answer
What is
Capital
Budget?
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Answer
What is an
interlocking
accounting
system?
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Answer
Tell me about
an invoice
discrepancy
you
discovered
and how you
resolved it?
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What is
meaning of
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invoice?
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What doesit mean to
do
accounting
training
outside of
public
practice?
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Answer
What is
Letter of
Credit?
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Answer
What is thedefinition of
manual
accounting?
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Answer
What is
meant by
daily
accrual and
booking?
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Answer
Discuss the
consistency
concept in
accounting?
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Answer
What are
the golden
rules of
accounting?
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Answer
What
accounts
payable
applications
are yourfamiliar
with?
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Answer
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Answer
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Can I take
service tax
on freight
outward?
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What
information
do you
require
before you
approve an
invoice for
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payment?
What is
depreciation
and how
many types
are there.
Please give
details?
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What is debit
and credit
note?
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What is the
definition of
accounting?
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What is the
difference
between
financial
accounting
and
management
accounting?
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What is a
register when
referring to
accounting or
bookkeeping?
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What is
mutual fund
sub
accounting?
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What are the
different
fields of
accounting?
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When acompany s
accounting
year-ends on
a day that is
other than
the end of
the calendar
year what is
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called in
accounting?
What is
deferred
account?
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What is SLA?
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What is the
difference of
Cost
Accounting
and Financial
Accounting?
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What are the
effects of
international
accounting
standards on
accounting
practices of
developing
nations?
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What is the
TDS effect in
balance
sheet if TDS
receipts?
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Accounting
for VC money
in financials?
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What are the
nine
accounting
cycles?
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What is the
difference
between costaccounting
management
accounting
and financial
accounting?
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What isView Answer
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vendor?
What is the
important of
computerized
accounting to
manual?
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Who is considered
the father of
accounting?
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What does the
abbreviation mmean in
accounting?
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Is an "account
receivable" and
"goodwill" real
accounts in
accounting?
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Why do you want
to be an
accountant?
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What steps would
you take before
approving an
invoice for
payment?
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Explain
Accounting 101?
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What is
accounting
transaction?
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What are
accounting
entities?
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Describe the
advantages and
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disadvantages of
the different
accounting
packages/systems
you have used
recently in your
accountant jobs?
Tell me about a
situation where
you showed
determination?
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What is customer
account?
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What are time
sheets? How are
they maintained?
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What are the
advantages of
Computer
accounting over
Paper accounting?
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What is the
Provision? What is
the Entry for
Provision?
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How does
accounting
contribute to the
community?
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Why are
accounting firms
needed?
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Definition of push
down accounting?
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How is an
accounting
department
structured?
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What is the
Importance of
accounting
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standards?
What is
partnership
accounting?
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What are the
functions of
accounting?
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What are the
4 phases
accounting?
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Answer
What is
normative
accounting?
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Answer
What is
account in
accounting?
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Answer
What is
accounting?
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Answer
What role did you play in collections?
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What is Contingent Liabilities?
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Explain the accounts payable cycle.
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Answer
What is a Comprehensive Income?
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Answer
What is your greatest achievement and
why?
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Answer
Why have you applied to our firm?
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What is shadow balance?
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Answer
What are the extraordinary items?
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Answer
In terms of accounting the trial balancewhen is it taken?
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What are the disadvantages of manual
accounting?
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What is DD and A in oil and gas
accounting?
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Answer
What is Control in Accounting?
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Answer
What is creative accounting?
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Who uses accounting?
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Answer
Is push down accounting accepted under
generally accepted accounting standards?
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Does the accounting system
appear to facilitate one specialty
from financial, auditing, or cost
managerial or tax accounting over
the others?
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Where the financial accounting
fails the cost accounting for is
rescue but still there are some
limitations deficiencies in the
system?
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What are the steps to take before
you approve an invoice for
payment?
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What is purchasing order?
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If assume we paid 50/- as an
advance for worth or 100/- goods,
but our supplier sent only up to
25/- worth of goods. Know my
question is that we want to close
the transaction now and how it
possible? What about VAT like TaxSetups in AP and AR? What about
the SWEEP command in AP?
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In terms of accounting the trial
balance when is it taken?
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Define social responsibility
accounting
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Why Accounting is important in
business?
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What are cost accounting and its
applications?
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What are Source documents in
accounting?
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Who created SnapIt accounting?
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What do you consider to be the
biggest challenge facing the
accounting profession today?
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What was your average accounts receivable days
outstanding/days sales outstanding?
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What are the four classifications of Bad and DoubtfulDebts as per the context of the Bank?
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Were you happy with the grades you achieved at A-
level?
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What is an operative accounts?
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What is capital gain?
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What is the difference between Accounts and Finance?
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What is FBT (Fringe Benefit Tax)?
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What is the relationship between bookkeeping and
accounting?
Question RatingView
Answer
Why does
the
accounting
equation
have to
balance?
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Answer
What is the differencebetween accounting and
bookkeeping?
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What are accounting rules
called?
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What is accounting period?
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What is an accounting loss?
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What is accounting
management?
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What is an EA in accounting?
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Is there a difference between
accounting for conversion of
bonds and accounting for the
conversion of preferred
stock?
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What are the most important
goals of accounts receivable?
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What information is included
in a bill for services?
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What software applications
have your used for accounts
receivable?
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Detail your responsibilities in accounts receivable?
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What is inventory management?
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What is mean by Working Capital?
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What are the functions of manger -accounts and
manager-finance? Explain in detail?
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What is your role in planning?
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Define "book value" as applied to accounting?
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What does the word credit mean in terms of
accounting?
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What are the limitations of accounting ratios?
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What are the basic assumptions in accounting?
Rating
What is
accounting for
plant assets?
What is the
difference in
Accounting
and Marketing
and what is so
differentabout them?
What is a
ledger in
regards to
accounting?
What is
accounting
normalization?
Describe anyaccounting
process that
you have
developed or
revised?
Which
accounting
applications
are your
familiar with?
1. 'Dr' means Debere in Latin stands for 'what comes in' or in simple words whatever
assets the business owns or the expenses it has to pay comes under debit.
While 'cr' means credere in Latin means 'what goes out', in simple words whateverliabilities business owns, or the income it earned during the year comes under credit.
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You are correct, debt the receiver and credit is the giver.......
Posted by: Gavvaji Arun Kumar
Contact Gavvaji Arun Kumar
The abbreviation "dr" in the accounting it refers to "debit"
where as "cr" refers to "credit"
According to the "Golden Rules" of accounting..
under "Personal a/c"
'dr the receiver''cr the giver'
under "Real a/c"
'dr what comes in'
'cr what goes out'
under "Nominal a/c"
'dr all expenses and losses''cr all incomes and gains'.
2. Assets Side: Advance In-Come Tax Ledger in current year.
it should be shown under the head current asset on the asset side of balancesheet
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3. The total business transactions are divided in to three They are Transactions
related to persons, Transactions related to Things, Transactions related to incomes
& expenditures. In accountancy we have three types of accounts they are -personal, real, nominal Personal accounts refers to all the transactions related tonatural persons, artificial persons and representative persons ex:- rama, ravi,
Indian bank, outstanding rent. ,. First category of transactions belongs to personal
accounts RULE: debit the receiver and credit the giver Real accounts includethings in the business i.e. assets. Second category of transactions related to Real
accounts ex: buildings, machinery, cash etc. RULE: Debit what comes in and
credit what goes out Nominal accounts includes all the transactions related toexpenditures, incomes, losses, and profits. Ex: - rent paid, rent received, baddebts, profit on sale of an asset.
RULE: Debit all expenses and losses and credit all incomes and profits
4. Premises is and Fixed Assed in the accounting sense which is shown in
the balance sheet in final accounts Vat adjustment is out put tax - input tax the vatwhich is paid on purchase will be deducted from vat collected from sales thisadjustment is known as vat adjustment.
5.
Accounting Equation- Accounting rotates around three basic terms. These terms areassets, liabilities and capital. the true relationship between these terms isrepresented as Acconting Equations ie..Assets= liabilities+ Capital.
6. Service Tax is a form of indirect tax imposed on specified services called Taxableservices. Presently it covers 58 services. The service provider but A collected shallpay a service tax from the service receiver. Excise is also a form of indirect tax levied
on A goods produced or manufactured in India.
7. "Purchase returns" is the entry made in the journal that refers to "Unsatisfactoryor defectivemerchandise/goods which is returned back to the supplier".
8. In perpetual inventory system, the inventory account is adjusted continually
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throughout the accounting period.
Whereas in the Periodic Inventory System: - Recording inventory transactionsperiodically thanrecording them continually.
9. Demonstrate your experience in maintaining accounting principles, practices andprocedures to ensure accurate and timely financial statements and reporting. Discussyour ability to meet tight deadlines and undertake a multitude of accountingactivities. Show your understanding of generally accepted and statutory accounting
principles.
10. These are like intangible assets, which cannot be seen or touched. Actually, these arenot assets but some expenditure, which cannot turn to profit and loss account of a
particular period that is why these items are shown on assets side of balance sheet tobe written off to P&L account in reasonable years.
11. Departmental accounting means account prepared separately for the department andhere ledgers will be opened trial balance will be prepared, also p&l account will beprepared, and profit or loss is included in the main p&l account and shown in the
balance sheet.
12. send back excess amount how do in oracle apps?
Excess payment to supplier is treated as Advance paid to supplier. This will showas debit balance in supplier account. Supplier can send the payment by way of check/ demand draft without adjusting in his subsequent bills.
13. Dormant accounts are those accounts in which there are transactions in the recent
history (the stipulation may vary according to the company'srules). Inactive accounts are those accounts in which transactions are being made forlong time.
14. The marginal cost of an additional unit of output is the cost of the additional inputs
needed to produce that output. More formally, the marginal cost is the derivative of total production costs with respect to the level of output. Marginal cost and average
cost can differ greatly. For example, suppose it costs $1000 to produce 100 units and
$1020 to produce 101 units. The average cost per unit is $10, but the marginal costof the 101st unit is $20The Econ Model applications Perfect Competition and
Monopoly emphasize the roles of average cost and marginal cost curves. The shortmovie Derive a Supply Curve (40 seconds) shows an excerpt from the Perfect
Competition presentation that derives a supply curve from profit maximizing behaviorand a marginal cost curve
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15. Executive Accounting is designed for service type businesses that require a
sophisticated accounting system, yet simple to use accounting system. Executive
Accounting contains many advanced features such as three styles of invoicing(service, distribution and recurrent), multi-currency capabilities, multiple bankaccount capabilities and other powerful features. Executive is a single-user system
that can be upgraded to an unlimited number of users.
16. Dual aspect concept: Each transaction has two sides. Example: when you buy a shirt,
then shirt comes to you while cash leaves you similarly if you sell the same shirt toanyone then cash comes to you while shirt leaves you. Recording both aspects of coming and going is called dual aspect concept. according to dual aspect concept
every business have two concept of business transaction one is debit second is credit
transaction.if follow the both aspects (dr,ct) in business that is called dual aspects of business.
17. Accounting standards are necessary to promote high quality financial reporting.The fundamentalrole of accounting is to communicate economic informationabout businesses andother organizationto various stakeholders including government, investors,
shareholders, suppliers, lenders, customers, and the public. These stakeholders use
such information to take decisions and to assess the stewardship of people appointedto manage such organizations. If this information were not of a high quality
standard, then the stakeholders would be unable to take effective decisions that will
benefit them. For example, if a financial report were manipulated to show higherprofits, investors would hold on to their shares with the belief that the company isdoing well.
Accounting standards came to be developed from the mid sixties onwards topromote the integrity of the accounting profession by way of ensuring uniformity in
the way accountants report transactions in their books and in their preparation of the
final accounts of businesses. This is largely aimed at boosting the confidence of stakeholders, particularly shareholders and potential investors inthe accounting profession.
Good and useful information should have the essential characteristics of understandability, comparability, relevance, and reliability in order to play its role
effectively.
Accounting standards serve to promote the understandability, comparability,relevance, and reliability of financial reports.
18. Financial accounting refers to accounting for revenues, expenses, assets, and
liabilities. It involves the basic accounting processes of recording, classifying, andsummarizing transactions.
- Cost accounting is the branch of accounting dealing with the recording,classification, allocation, and reporting of current and prospective costs.
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- Managerial accounting is the branch of accounting designed to provideinformation to various management levels in the hospitality operation forenhancing controls.
There are three types of branch of accounting
1. Financial Accounting2. Management Accounting3. Cost Account
19. Accounting records the events. Auditing is a process that checks to see whether theevents occurred and it is properly recorded.
20. Accrual Accounting refers to the recording of financial transactions once an economic
event has happened and it is not based on the movement of cash.
For example, in Accrual Accounting if you have office rent of $1000 per month, you
would record the expense of $1000 each month, regardless if you have actually paidthe rent or received an invoice from the property owner.
Most individuals live our daily lives in the cash basis of accounting. We get ourpaychecks we have revenue, when we pay our car note we have expense.
21. A Bank reconciliation statements are prepared if balance of bank account as shownin cashbook differs from balance as shown in passbook. This statement shows thereasons or transactions because of which balances as shown in cashbook and
passbook are not tallying with each other.Bank reconciliation statement statement
which reconciles the bank balance as per the cash book with balance as per the passbook or bank statement by showing all causes of difference between the two
22. MIS is management information system. In addition, MIS report is reportinginformation of reports like efficiency of wing or a department of a company.
IF we take BPO (Call center) sector as example, MIS consists of efficiency of
agents, Average time taken hold time etc, and passing this to the management
level for their analysis.
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23. Bills Receivable , in merchant accounts, are allpromissory notes, bills of exchange, bonds, and
other evidences or securities which a merchant ortrader holds, and which are payable to him.
24. Cash flow and funds flow: cash flow means directentry of cash in your business and exit of the samefunds flow means entry of funds (cash funds or non
cash funds) and their exit non cash funds may mean
rise in current assets or fall in current liabilitieswhich was not due to any cash movement./
25. The Accounting Principles are the assertion rules of
accounting and the application of these rules, method,
& procedures to actual practice of accounting. TheseAccounting principles have been divided into
A. accounting concepts
B. accounting conventions
26. Bookkeeping is the maintenance of the company's
financial records. Accounting is the presentation and
interpretation of those records to be used by managementfor decision making, improvement, and planning.
27. Capital Budgeting is a way to justify capital expenditures. It
was done to see if the added benefit of a capital purchase,i.e. increased revenue or decreased expense, exceeds thecost of capital.
28. Yes, the accounting calculates the cost of capital to thebusiness. It compares the current, expected, and historic rates
of return. Suppose a company is making 12% returns but
borrowing money by using the owner's credit card at 22% begood to know that
29. In double entry book, keeping method a journal entry is posted to
both respective accounts for each transaction.
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Let us say for sales transaction, debit entry posted to cash accountcredit entry posted to sales account.
Therefore, it is one of the methods to post accounting transactions.
Double entry book keeping is a system wherein every transaction has
two fold aspects i.e. a single transaction affects two accounts at a time
30. The theory and system of setting up, maintaining, and auditing the
books of a firm; art of analyzing the financial position and operatingresults of a business house from a study of its sales, purchases,
overhead, etc. The systematic recording, reporting, and analysis of
financial transactions of a business. The person in charge of accounting is known as an accountant, and this individual is typically
required to follow a set of rules and regulations, such as the Generally
Accepted Accounting Principles. Accounting allows a company toanalyze the financial performance of the business, and look atstatistics such as net profit.
31. Very briefly, the difference has to do with the needs of the user.
Management accounting for is the internal users of an entity andFinancial Accounting is for the external users.
Internal users (management) may be interested in the cost of making an
item using process A versus process B. Whereas External users aremostly interested in the overall results of those management decisions.
32. Very briefly, the difference has to do with the needs of the user.
Management accounting for is the internal users of an entity and FinancialAccounting is for the external users.
Internal users (management) may be interested in the cost of making anitem using process A versus process B. Whereas External users are mostlyinterested in the overall results of those management decisions.
33. Debit and credit note: while making entry in your books of accounts you
need the documentary voucher. Therefore, the voucher made stating what
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entry and why it is made is called debit/credit note.