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Accounts Related Interview Questions

  1. How many types of accounts are there? What are they?
    Ans: There are three type of accounts. Personal Accounts, Nominal Accounts and Real Accounts.

  2. Give examples to Nominal accounts?
    Ans: All office accounts, other than accounts in the names of individuals are nominal accounts. (Ex: Interest accounts, suspense account etc.,).

  3. Can you give example for real account?
    Ans: Cash is an example for real account.

  4. What is Bank Reconciliation Statement (BRS)?
    Ans: It is a statement of reconciliation of entries in bank pass book and cash book.

  5. Is it required now a days, with technological advancement in Banking?
    Ans: It is required, because technology is yet to reach all customers of banks.

  6. What is trial balance?
    Ans: Trial balance is ledger balances of all accounts on a particular date.

  7. Why we call profit and loss account? Why not profit or loss account?
    Ans: In the case of business any firm or company will be gaining in certain areas and losing in some other areas. Thus there will be both profit and loss in the business, though we arrive at net position at the year end.

  8. Where do you get gross profit?
    Ans: We will arive at GP. in trading / manufacturing account.

  9. What expenses are booked in trading account?
    Ans: In trading / manufacturing account, related expenses like sales, purchasesjeturns, wages etc., are booked.

  10. What is the difference between gross profit and net profit?
    Ans: Selling, marketing and other administrative expenses are deducted from gross profit.

  11. Where do you get / arrive at net profit?
    ans: Profit and Loss Account.

  12. What is depreciation?
    Ans: It is the wear & tear of the machinery used in the process of manufacturing. This is also known as user cost.

  13. What is the purpose?
    ans: Usually it is understood as reserve for replacements.

  14. Under what authority depreciation is charged to P & L a/c?
    Ans: I.T. Act provisions allow this with a cap percentage to various types of assets.

  15. What is a balance sheet?
    Ans: Balance sheet is a statement of assets and liabilities, with reference to a firm or a company sometimes individuals also may draw their balance sheets.

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