General Accounting Interview Preparation Guide
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General Accounting frequently Asked Questions in various Accounting General job Interviews by interviewer. Get preparation of General Accounting job interview

26 Accounting General Questions and Answers:

2 :: Explain what journal entry pass in case of vat refundable and in case of vat payable?

In case of vat payable:
output vat
Toinput vat
To vat payable

In case of vat refundable:
output vat
vat refundable
To input vat

3 :: What is meant by spin-off?

Spin off is creating new company by selling or distributing
the shares of existing company

4 :: Tell me Which company is coded in SENSEX?

1. BMW
2. Toyota Motors
3. TATA Motors
4. All

5 :: How to explain the reasons to quit my previous job and what are the better reasons to quit my job?

My present company is shifting its business premises to far
from the present place.

6 :: Suppose in Baance sheet Furniture is given @ rs.1200000. and an adjustment tells that half of the building is used for residential purpose... then what is treatment in accounts?

only 600000 worth of building is used for office purpose
so only 600000 will be showing in the balance sheet as the building used for residential purpose will not be shown as it is personal

7 :: What is difference between budget & budgeting?

An estimation of the revenue and expenses over a specified
future period of time. A budget can be made for a person,
family, group of people, business, government, country,
multinational organization or just about anything else that
makes and spends money. A budget is a microeconomic concept
that shows the tradeoff made when one good is exchanged for

Budgeting lies at the foundation of every financial plan. It
doesn’t matter if you’re living paycheck to paycheck or
earning six-figures a year, you need to know where your
money is going if you want to have a handle on your
finances. Unlike what you might believe, budgeting isn’t all
about restricting what you spend money on and cutting out
all the fun in your life. It’s really about understanding
how much money you have, where it goes, and then planning
how to best allocate those funds. Here’s everything you need
to help you create and maintain a budget

9 :: What is the difference between journal voucher and contra?

journal voucher is the voucher in which all the adjustment related entries and non cash non bank transactions are entered in journal eg-dep, some of them book the bills in journal and
while they make a payment they record in payment eg-contractor bill

contra appears two times in two sides of a account an account will be treated as contra when
1, cash deposited in bank
2, cash with drawn from bank for office use
3, cheques deposited in bank
4, cheques withdrawn for office use
5, transfers from one account to another account

10 :: What is payroll?

Payroll deals with paying your employees (including seeing that the government gets the monies they require you to withhold from the employees and the payroll taxes they require you to pay).

If you have occasional employees, or even one or two full- or part-time, you can get by recording the payroll transactions in the General Journal. The typical transaction is <date> <cash / amt– labor-expense / amt+... withholding / amt–... accrued-tax / amt–... tax-expense / amt+...> <comments>, where <comments> include who you paid and the hours they worked. Labor-expense, withholding, accrued-taxes, and tax-expense include multiple accounts as we'll get into below.

If you have more than a couple of employees it definitely pays to set up a Payroll system.

A Payroll system involves a Payroll Journal — in which payroll is accrued, i.e., held in an "owed" state (like an open vendor invoice) until paid, and a Payroll Disbursements Journal — in which the actual payments to the employees are recorded.