What are the Golden Rules of Accounting?

The Golden Rules of Accounting guide double-entry bookkeeping based on account type: 1) Personal Accounts: Debit the receiver, Credit the giver. 2) Real Accounts: Debit what comes in, Credit what goes out. 3) Nominal Accounts: Debit all expenses/losses, Credit all incomes/gains.

Explain the difference between Accrual basis and Cash basis of accounting.

Under the Accrual basis, revenues and expenses are recorded in the period they occur, regardless of when cash is received or paid. Under the Cash basis, transactions are recorded only when cash is physically received or paid.

How do you reconcile a Bank Statement (BRS)?

A Bank Reconciliation Statement (BRS) matches the company's ledger cash balance with the bank passbook by adjusting for timing differences (like uncleared checks) and errors/omissions (like bank charges or direct interest deposits).

What is the difference between CGST, SGST, and IGST in India?

CGST (Central GST) and SGST (State GST) are levied on intra-state supplies (within the same state) and shared equally between central and state governments. IGST (Integrated GST) is levied on inter-state supplies (between states) and collected by the Central Government.

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Accounts Interview Prep

What are the Golden Rules of Accounting?

Explain the difference between Accrual basis and Cash basis of accounting.

How do you reconcile a Bank Statement (BRS)? What are the common reconciling items?

What is the difference between CGST, SGST, and IGST in the Indian GST framework?

What is TDS (Tax Deducted at Source), and how does it appear in the books of accounts?

What is the difference between VLOOKUP and XLOOKUP in Excel, and how are they used in accounting?

How do you record journal entries for Outstanding Expenses and Prepaid Expenses at the end of the year?

What is the difference between Capital Expenditure and Revenue Expenditure?

If a company's Trial Balance does not agree, what steps will you take to find the errors?

What is Depreciation, and how does Straight Line Method (SLM) differ from Written Down Value (WDV) method?

Explain the concept of 'Working Capital'. How do you calculate it?

A vendor complains they did not receive a payment, but your bank statement shows the amount was debited. How do you resolve this?

What is a 'Contra Entry' in Tally/Double-entry bookkeeping, and when is it recorded?

What are 'Deferred Tax Assets' (DTA) and 'Deferred Tax Liabilities' (DTL)?

How would you handle a situation where a manager asks you to record a transaction without proper invoices or support?

Accounts Interview Prep

What are the Golden Rules of Accounting?

Explain the difference between Accrual basis and Cash basis of accounting.

How do you reconcile a Bank Statement (BRS)? What are the common reconciling items?

What is the difference between CGST, SGST, and IGST in the Indian GST framework?

What is TDS (Tax Deducted at Source), and how does it appear in the books of accounts?

What is the difference between VLOOKUP and XLOOKUP in Excel, and how are they used in accounting?

How do you record journal entries for Outstanding Expenses and Prepaid Expenses at the end of the year?

What is the difference between Capital Expenditure and Revenue Expenditure?

If a company's Trial Balance does not agree, what steps will you take to find the errors?

What is Depreciation, and how does Straight Line Method (SLM) differ from Written Down Value (WDV) method?

Explain the concept of 'Working Capital'. How do you calculate it?

A vendor complains they did not receive a payment, but your bank statement shows the amount was debited. How do you resolve this?

What is a 'Contra Entry' in Tally/Double-entry bookkeeping, and when is it recorded?

What are 'Deferred Tax Assets' (DTA) and 'Deferred Tax Liabilities' (DTL)?

How would you handle a situation where a manager asks you to record a transaction without proper invoices or support?