Accounting Reports Interview Preparation Guide
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Accounting Reports frequently Asked Questions by expert members with experience in Accounting Reports. So get preparation for the Accounting Reports job interview

29 Accounting Reports Questions and Answers:

1 :: What is Gross Profit Margin?

Gross Profit Margin = Gross Profit/Sales or Revenue

Gross Profit = Sales or Revenue - Cost of Goods Sold

2 :: What is accounting report?

Periodic statemets showing financial position of a firm/company for a specific period, resulted from its business tranasctions and operations

3 :: Explain what are the different kind of MIS reports?

Management Information System (MIS) reports are prepared for the management to take key managerial decisions. It may vary from company to company and industry to industry.

4 :: Tell me how will you account B company investment in C company in consolidated accounts?

A parent company, acquired 80% of B company, which in turn has already acquired 40% of C company. How will you account profit of C company in consolidated accounts? How will you account B company investment in C company in consolidated accounts?

5 :: What is committed cost?

Committed cost is a fixed cost which results from the decisions of the management in the prior period and is not subject to the management control in the present on a short run basis. They arise from the possession of production facilities, equipment, an organization setup, etc.

Some examples of committed costs are: plant and equipment depreciation, taxes, insurance premium and rent charges.

6 :: What is forecasting and Budget?

Forecosting is done based on the past experiences of the persons in the particular field and predict the cost involved for the particular action or for the data collected about the a project in the past it is done on based of past data.

7 :: What is the difference between forecasting & Budget?

Budget is the cost involved for the project right from start all tha cost regarding materials, men power, place, time to complete the the project with in a time frame and the cost involved it.

In budgeting, a detail study will be done from laying a plan, study the number of methods to do the task, the technology to be use, the alternative way or process, manpower required and their skill level and the time duration from raw material to finished goods convertion and the work in progress must be taken to account and life time of project and return from the project are calculated in black and white based on which decision are taken whether to do the project are not.

8 :: What is appropriation?

Money set aside (as by a legislature) for a specific purpose generally for aquisitions by a firm

9 :: What is GPSD in accounting?

GPSD is a service daemon that monitors one or more GPSes or AIS receivers attached to a host computer through serial or USB ports, making all data on the location/course/velocity of the sensors available to be queried on TCP port 2947 of the host computer. With gpsd, multiple location-aware client applications (such as navigational and wardriving software) can share access to receivers without contention or loss of data. Also, gpsd responds to queries with a format that is substantially easier to parse than the NMEA 0183 emitted by most GPSes. The GPSD distribution includes a linkable C service library, a C++ wrapper class, and a Python module that developers of gpsd-aware applications can use to encapsulate all communication with GPSD.

Besides GPSD itself, the project provides auxiliary tools for diagnostic monitoring and profiling of receivers and feeding location-aware applications GPS/AIS logs for diagnostic purposes.

10 :: How FIRC accounting is done?

When any foreign exchange (currency) comes to your bank account Bank wants confirmation from your side as per RBI rule i.e.-what is the purpose of this remittance means how and why got this money? Then You have to submit the purpose/amount/ bank account etc. to the bank.This is the procedure of giving disposal instruciton of remittance after this document you can ask to get FIRC.