stream What is Amortization? BRS is prepared when the passbook balance differs from the cashbook balance. Ans. Debit note or debit memorandum is a commercial document sent to a seller, by a buyer, formally requesting a credit note. Examples – Preliminary expenses, promotional expenses of a business, discount allowed on the issue of shares, the loss incurred on issue of debentures, etc. The most popular accounting concepts are –. appear. x��}]�%G�ޙc�? Ans. Ans. It is a type of accounting information system that records all the financial information and activities of the department. Example – A small-sized technology company Unreal Corp. spends 500,000 on R&D which is expected to sustain for 5 years so it may decide to amortize this & show 1,00,000 each year for 5 years in the financial statements. Ans. It is a common terminology in certain industries like retail and restaurant businesses. Debit Note – When a buyer returns goods to the seller, he sends a debit note as an intimation to the seller of the amount and quantity being returned and requesting the return of money. Job candidates with some accounting training or experience should have no trouble with their answer. Supplies purchased for Rs. We will include the following things: Ans. Services. Accounting Standards play an important role in preparing a good and accurate financial report. It is a cluster of accounting standards and common industry usage, and it is used by organizations to: Ans. appear. Accrued Income is an income which has been earned, but has not been recorded in the books of accounts presently. The opposite is true for a liability account. Ans. ˆ ˘ ˘˘ ˙ ˘ˇ h�bbd```b``�"k�d �d�"�^If�� 2�$� H2�_ �T��E@��8&F�� �]�����0 ��1 It goes into “Deferred Revenue” on the balance sheet as a liability if no revenue has been earned yet. Ans. Choose your answers to the questions and click 'Next' to see the next set of questions. We recommend every job seeker to take advantage of our free eBook. Ans. – If an ex-employee of an ABC company sues it for gender discrimination for any particular sum, the company has a contingent liability. Accounting and Journal Entry for Purchase Returns. Yes, I have prepared MIS reports. The amount a company has the right to collect because it sold goods or services on credit to a customer. This site uses cookies to store information on your computer. Section 209(4A) in The Companies Act, 1956 states that: Every company must preserve the books of accounts, together with the vouchers relevant to any entry in such books of account, in good order, relating to a period of not less than 8 years immediately preceding the current year. Fictitious assets are intangible assets and their benefit is derived over a longer period, for example, goodwill, rights, deferred revenue expenditure, miscellaneous expenses, preliminary expenses, and accumulated loss, among others. This fund is used for internal projects and services that are solely done for other government agencies or departments. Ans. This is another very common question asked in finance and accounting interviews, especially with entry-level roles. Ans. Study more effectively: skip concepts you already know and focus on what you still need to learn. Therefore, when an organization received the money or cheque, it needs to credit the person who is paying and debit the organization. In bookkeeping, three golden rules of accounting are, Personal Account – Debit the receiver, Credit the giver, Real Account – Debit what comes in, Credit what goes out, Nominal Account – Debit all expenses & losses, Credit all incomes & gains, Understand this with examples here Three Golden Rules of Accounting with examples, They are Real, Personal and Nominal but wait.. if don’t want to sound artificial and stand out from the crowd then make sure you are explaining your answer in brief (one line about each is ideal). Take this practice test to check your existing knowledge of the course material. Government Accounting and Auditing Procedures. Another one among the list of commonly asked finance and accounting interview questions is Deferred Revenue Expenditure. As the month of June has 30 days the DPO will be: Hence, the DPO in the above situation is 3 days. Government agencies serve as _____ of taxpayer money. that the statement be divided into functional categories, that the statement be simplified into one category, that the statement be reviewed by FASB for approval. Ans. An item’s cost is capitalized is it is expected to be consumed by the company over a long period. %PDF-1.4 Ans. Example – Purchases for a period = 60,000, Closing Stock (remainder out of purchases) = 10,000, if both of these items are separately shown inside trial balance the effect will double up & trial balance will error out. When replying to accounting interview questions, be very specific and don’t speak up generic stuff. APT Sample Test Questions Page 8 of 8 Answers to Sample Test Questions Bookkeeping and Accounting Problems 1. We’re gathering the latest news stories along with relevant columns, tips, podcasts, and videos on this page, along with curated items from our archives to help with uncertainty and disruption. The Federal Accounting Standards Advisory Board requires less extensive reports than does the FASB or GASB. It involves comparing the year-over-year (YoY) change of each line in the income statement. Double-entry bookkeeping is an accounting principle where every debit has a corresponding credit. Ans. The existence of this kind of liability is completely dependent on the occurrence of a probable event in future. Ans. Ans. All of the following are types of governmental financial statements EXCEPT: Which section of a governmental financial statement shows both reserved and unreserved funds? It reduces capital invested and is a temporary account which is cleared at the end of each accounting period. Three Golden Rules of Accounting with examples, explanation on Accruals along with a couple of examples, Bank Reconciliation Statement and reasons to prepare a BRS, 11 Tips to Follow for Freshers Before an Accounting Interview. Ans. _____ are used to track the revenue from specific sources restricted to certain purposes. 4 14. It holds the opposite sign for a particular type of account. Without knowing how many years a fixed asset will last depreciation cannot be charged. Of course, it is the abbreviation of the Institute of Chartered Accountants in India. Your reply should be –. What are the Three Types of Personal Accounts? ��0��)tԐJ�!��� ���B�P:�����8�����B�ȺAhiy( Later other transactions which took place in 2019 are: Ans. 2. Contingent liabilities are those liabilities that may or may not be incurred by a business depending on the outcome of a future event. See a list of typical accounting interview questions, along with sample answers, and … All of the following are the main funds that the Funds-Based Financial Statements show EXCEPT. If you need to take an accounting or bookkeeping test - this is certainly the perfect page for you. It ensures reliability and relevance in financial reports. These year-end tax planning strategies address recent tax law changes enacted to help taxpayers deal with the pandemic, such as tax credits for sick leave and family leave and new rules for retirement plan distributions, as well as techniques for putting your clients in the best possible tax position. Ans. Ans. Here is our detailed article on Capital along with its Journal Entry here. ���@��Nw�K��uӊe�ko��}Ox ��l�>����w?��Pi�D��c?���w��6��6��2�޿W^�ߪww;�]}�D�&�����鬚fXp��sL�t�s��?G:�pa��U����VE/��$�l��J֘��1�-M��M�w�YA 25,000 on May 3, 2019. Ans. %�쏢 You can skip questions if you would like and come %%EOF Ans. What is the Journal Entry for Credit Sales and Cash Sales? What is the Journal Entry for Discount Received? Under the current liabilities, we will include the amount for creditors/payables which is 10,000 in the above case. What assets does the Balance Sheet show at the time the report was made. Choose your answers to the questions and click 'Next' to see the next set of questions. Ans. Accrued Expense is an expense which has been incurred, but has not been recorded in the books of accounts presently. to them later with the "Go To First Skipped Question" button. What does the publication by the Financial Accounting Standards Board (FASB) require in the government's statement of functional expenses? Our online financial accounting trivia quizzes can be adapted to suit your requirements for taking some of the top financial accounting quizzes. h���N#9�_ŗ3Z���|�FH!i��vY�� � -�$J����ewHȄ ����)��j�粭�B While you are answering the questions here, write down each of your answers on the piece of paper (number the questions 1-9 and put your answers next to them). 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Ans. A balance sheet, on the other hand, is a statement that shows the assets, liabilities, and equity of a company and is used to ascertain its financial position on a particular date. endstream endobj startxref © Association of International Certified Professional Accountants. This fund is set up with intent of the government serving as the middle man to make payments to other entities, often used in utilities. There are various tools and resources which can be used to limit the potential for errors to creep in and address quickly if any errors do arise. Also, it can be done to repay any loan principal. E.g. When a proprietor withdraws cash or goods from its own business for personal use it is termed as drawings. 0 Ans. Nominal – All accounts related to expenses & losses or incomes & gains fall under this category. Read more on Depreciation with examples along with types of depreciation. This Accounting test paper on Accounting Basics is divided into four sections: • Section A:10 questions on True Or False • Section B:15 questions on Fill The Blank • Section C:15 questions on Multiple Choice Question • Section D: 2 questions on Solved Questions SECTION A: Question on True Or False ˘ ! As no other assets apart from land is mentioned we will consider Land as the only fixed assets: Ans. Our research involved over 100 aspirants who went through a technical or written interview in companies such as EY, KPMG, Deloitte, PWC, Grant Thornton, Ameriprise Financial, American Express, FIS, Fluor Corporation, Genpact, Bechtel, Citigroup, Accenture, Agilent, UHG, UBS, Bank of America, HCL, Sapient, Blackstone, HSBC, FIS, WNS, XL Catlin, BT, Boston Consulting Group, Royal Bank of Scotland, Whirlpool, GE, EXL, BlackRock, etc. For the sake of quality, our forum is currently "Restricted" to invitation-only. 3 18. All entries related to accounts receivable: Hence, here is the total calculation of accounts receivable: 20,000 + 42,000 + 10,000 + 60,000 = 1,32,000. Ans. We faced problems while connecting to the server or receiving data from the server. are called personal accounts. Ans. This intimation suggests that the buyer’s account is being credited for the purpose indicated. I am familiar with accounting apps like CGram Software, Financial Force, Microsoft Accounting Professional, Microsoft Dynamics AX, and Microsoft Small Business Financials. This could be a tricky accounting interview question so you can answer like – “I was good at numbers and accounting since my school days, but it was during my 10+2; I decided to adopt this field as a profession and did Bachelor’s and then Master’s in Accounting.”. Closing stock is a part of purchases & trial balance already includes purchases, hence if the closing stock is shown as a separate item it will double count and result in an error. These will also help you to freshen up your accounting knowledge. 20,000 for cash. They are a must-read for all job seekers especially freshers and intermediate level candidates with an experience range of 0-4 years. 2 8. Ans. Amortization is an accounting concept that is used to gradually write off the cost. E.g. salary account, wages account, etc. �?��lK�_8���a\�hjy�t�rx�.�6)���M:������_ׯ΃�D�tվ9y�V�|pw�R�*�y�I�(�Mղ���*�v�f���R�pQ' et=���0��q˻������K[�}U���7Ȍ/Z�� �V!�f�R���O��@[�_��-TϘb IZ(�cұ������~�;���ig�gm���W�$�*=p���������~���*Qˠ��� 547 0 obj <>stream What is Amortization? BRS is prepared when the passbook balance differs from the cashbook balance. Ans. Debit note or debit memorandum is a commercial document sent to a seller, by a buyer, formally requesting a credit note. Examples – Preliminary expenses, promotional expenses of a business, discount allowed on the issue of shares, the loss incurred on issue of debentures, etc. The most popular accounting concepts are –. appear. x��}]�%G�ޙc�? Ans. Ans. It is a type of accounting information system that records all the financial information and activities of the department. Example – A small-sized technology company Unreal Corp. spends 500,000 on R&D which is expected to sustain for 5 years so it may decide to amortize this & show 1,00,000 each year for 5 years in the financial statements. Ans. It is a common terminology in certain industries like retail and restaurant businesses. Debit Note – When a buyer returns goods to the seller, he sends a debit note as an intimation to the seller of the amount and quantity being returned and requesting the return of money. Job candidates with some accounting training or experience should have no trouble with their answer. Supplies purchased for Rs. We will include the following things: Ans. Services. Accounting Standards play an important role in preparing a good and accurate financial report. It is a cluster of accounting standards and common industry usage, and it is used by organizations to: Ans. appear. Accrued Income is an income which has been earned, but has not been recorded in the books of accounts presently. The opposite is true for a liability account. Ans. ˆ ˘ ˘˘ ˙ ˘ˇ h�bbd```b``�"k�d �d�"�^If�� 2�$� H2�_ �T��E@��8&F�� �]�����0 ��1 It goes into “Deferred Revenue” on the balance sheet as a liability if no revenue has been earned yet. Ans. Choose your answers to the questions and click 'Next' to see the next set of questions. We recommend every job seeker to take advantage of our free eBook. Ans. – If an ex-employee of an ABC company sues it for gender discrimination for any particular sum, the company has a contingent liability. Accounting and Journal Entry for Purchase Returns. Yes, I have prepared MIS reports. The amount a company has the right to collect because it sold goods or services on credit to a customer. This site uses cookies to store information on your computer. Section 209(4A) in The Companies Act, 1956 states that: Every company must preserve the books of accounts, together with the vouchers relevant to any entry in such books of account, in good order, relating to a period of not less than 8 years immediately preceding the current year. Fictitious assets are intangible assets and their benefit is derived over a longer period, for example, goodwill, rights, deferred revenue expenditure, miscellaneous expenses, preliminary expenses, and accumulated loss, among others. This fund is used for internal projects and services that are solely done for other government agencies or departments. Ans. This is another very common question asked in finance and accounting interviews, especially with entry-level roles. Ans. Study more effectively: skip concepts you already know and focus on what you still need to learn. Therefore, when an organization received the money or cheque, it needs to credit the person who is paying and debit the organization. In bookkeeping, three golden rules of accounting are, Personal Account – Debit the receiver, Credit the giver, Real Account – Debit what comes in, Credit what goes out, Nominal Account – Debit all expenses & losses, Credit all incomes & gains, Understand this with examples here Three Golden Rules of Accounting with examples, They are Real, Personal and Nominal but wait.. if don’t want to sound artificial and stand out from the crowd then make sure you are explaining your answer in brief (one line about each is ideal). Take this practice test to check your existing knowledge of the course material. Government Accounting and Auditing Procedures. Another one among the list of commonly asked finance and accounting interview questions is Deferred Revenue Expenditure. As the month of June has 30 days the DPO will be: Hence, the DPO in the above situation is 3 days. Government agencies serve as _____ of taxpayer money. that the statement be divided into functional categories, that the statement be simplified into one category, that the statement be reviewed by FASB for approval. Ans. An item’s cost is capitalized is it is expected to be consumed by the company over a long period. %PDF-1.4 Ans. Example – Purchases for a period = 60,000, Closing Stock (remainder out of purchases) = 10,000, if both of these items are separately shown inside trial balance the effect will double up & trial balance will error out. When replying to accounting interview questions, be very specific and don’t speak up generic stuff. APT Sample Test Questions Page 8 of 8 Answers to Sample Test Questions Bookkeeping and Accounting Problems 1. We’re gathering the latest news stories along with relevant columns, tips, podcasts, and videos on this page, along with curated items from our archives to help with uncertainty and disruption. The Federal Accounting Standards Advisory Board requires less extensive reports than does the FASB or GASB. It involves comparing the year-over-year (YoY) change of each line in the income statement. Double-entry bookkeeping is an accounting principle where every debit has a corresponding credit. Ans. The existence of this kind of liability is completely dependent on the occurrence of a probable event in future. Ans. Ans. All of the following are types of governmental financial statements EXCEPT: Which section of a governmental financial statement shows both reserved and unreserved funds? It reduces capital invested and is a temporary account which is cleared at the end of each accounting period. Three Golden Rules of Accounting with examples, explanation on Accruals along with a couple of examples, Bank Reconciliation Statement and reasons to prepare a BRS, 11 Tips to Follow for Freshers Before an Accounting Interview. Ans. _____ are used to track the revenue from specific sources restricted to certain purposes. 4 14. It holds the opposite sign for a particular type of account. Without knowing how many years a fixed asset will last depreciation cannot be charged. Of course, it is the abbreviation of the Institute of Chartered Accountants in India. Your reply should be –. What are the Three Types of Personal Accounts? ��0��)tԐJ�!��� ���B�P:�����8�����B�ȺAhiy( Later other transactions which took place in 2019 are: Ans. 2. Contingent liabilities are those liabilities that may or may not be incurred by a business depending on the outcome of a future event. See a list of typical accounting interview questions, along with sample answers, and … All of the following are the main funds that the Funds-Based Financial Statements show EXCEPT. If you need to take an accounting or bookkeeping test - this is certainly the perfect page for you. It ensures reliability and relevance in financial reports. These year-end tax planning strategies address recent tax law changes enacted to help taxpayers deal with the pandemic, such as tax credits for sick leave and family leave and new rules for retirement plan distributions, as well as techniques for putting your clients in the best possible tax position. Ans. Ans. Here is our detailed article on Capital along with its Journal Entry here. ���@��Nw�K��uӊe�ko��}Ox ��l�>����w?��Pi�D��c?���w��6��6��2�޿W^�ߪww;�]}�D�&�����鬚fXp��sL�t�s��?G:�pa��U����VE/��$�l��J֘��1�-M��M�w�YA 25,000 on May 3, 2019. Ans. %�쏢 You can skip questions if you would like and come %%EOF Ans. What is the Journal Entry for Credit Sales and Cash Sales? What is the Journal Entry for Discount Received? Under the current liabilities, we will include the amount for creditors/payables which is 10,000 in the above case. What assets does the Balance Sheet show at the time the report was made. Choose your answers to the questions and click 'Next' to see the next set of questions. Ans. Accrued Expense is an expense which has been incurred, but has not been recorded in the books of accounts presently. to them later with the "Go To First Skipped Question" button. What does the publication by the Financial Accounting Standards Board (FASB) require in the government's statement of functional expenses? Our online financial accounting trivia quizzes can be adapted to suit your requirements for taking some of the top financial accounting quizzes. h���N#9�_ŗ3Z���|�FH!i��vY�� � -�$J����ewHȄ ����)��j�粭�B While you are answering the questions here, write down each of your answers on the piece of paper (number the questions 1-9 and put your answers next to them).

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