Interview questions and answers for accounts payable and accountant ,account assistant

        

 

         In the below Article we are discuses about the basic, common, simple interview question and answers for the account payable and the account receivable and for the account assistant.

          Here in this article lets we are discussed the sample interview questions and answers for accounts related.

1)   How to define inter company transaction in accounts receivable?                                                                                                               

          inter company transactions are those transactions that takes place between two or more entities of the same group of company so the receivable of one entity would the payable of the another entity all inter company transactions are eliminated before preparing the final balance sheet of the group company.

             2) Explained about accounts receivable in accounting?

           it is money receivable from Sandra Department tears for sales made or services rendered.

              3) What is reconciliation statement and investment banking?       

           reconciliation statement is formally known as a tool which is used to reconcile the bank passbook and our passbook investment banking is a instrument which is used by the financial organization to take a better investment decision like issuing IPO stocks bonds etc.

              4) What are the three golden rules of accounts?

             the three golden rules of accounts are,                                                        Personal Accounts:- Debit: The Benefit Receiver, Credit: The Benefit Giver,               Real Accounts:- Debit: What Comes In, Credit: What Goes Out,                                  Nominal Accounts:- Debit: All Expenses And Losses, Credit: All Incomes And Gains.

               5) What are the goals of accounts receivable?

             as sales occurs every customer is not able to pay the bills that's where the accounts receivable are occurs the goal of accounts receivable is to maintain summarize and record all the transactions related to unpaid account or future collections or accounts receivable.

              6) What is the table that is used foraging bucket report? what is the main purpose of this report?

            time periods you define to age your debit items aging buckets are used in the aging reports to see both current and outstanding depth items. for example you can define an aging bucket that includes all debit items that are one to thirty days past you normal table used for this report that is less than 30 days 30 days to 60 days, 60 to 90 days, 90 to 180 days, and greater than 180 days.

              7) What is auto invoice? what are the set of steps for auto invoice?

                a powerful tool to import and validate transaction data from other financial systems and create invoices debit memos and create memos and on account, credits setup steps define the line ordering rules define the grouping rules attached the line ordering rules to the grouping rules.

               8) which type of assets should be capitalized and when expense out? which type of assets expense out or when assets are things? Which provides service for long duration?

              It may be three to four years or even more than that of time period these items capitalized in our account books and charge depreciation in every year according to these rates it may be twenty ten or hundred.

             9) What is reconciliation you should have recorded in your cashbooks?

             all amounts you have actually received and payments you have actually made however the cash books may be incomplete as your bank may have put extra transactions through your account .such as bank fees or interest charges direct debits payments and direct credit receives doing a regular bank reconciliation will allow you to take into account any extra transactions your bank puts through your account check and record any errors or omissions by regularly doing a bank reconciliation say monthly you can be more confident that your records contain all the information you need to prepare your income tax return and activity statements.

             10) What is the difference between finance and accounts?

              most of the companies having different sections like finance and accounts why they are not had only single section neither finance nor accounts finance it is a branch of economics that studies the management of money and other assets in simpler terms. it can be defined as the commercial activity of providing funds and capital. it addresses questions like what funds are required by the organization how they can be raised how they have to be allocated etc accounts. it is the occupation of maintaining and auditing records and preparing financial reports for business accounts provides quantitative information about finance sit addresses issues like, what amount of funds have been allocated to various activities, how the book keeping is being done etc both functions are distinct but complementary to each other finance and accounts are highly specialized and distinct areas and hence most organizations have a separate section of Finance and accounts have you been asked to prepare a bill for services.

                 11) What information should be included in the build service provided details?

               that is organization name and address service receiver details that is organization's name and address details of the service that is for example advertisement charges dying charges tax that is service tax on total chargeable amount and says or surcharge on service tax and if there is any expenses or abatements incurred by the service receiver less all those things and calculate service task and the says for the balance amount explain.

                12) What is factoring selling the rights to the amounts owing by depth?   

                 are to the finance company for an agreed amount which is less than the figure at which they are recorded in the accounting books because the finance company needs to be paid for providing the service explain.

                13) How is journal entry recorded journal entries are recorded on a double entry system?

                that is debit and credit concept in order to record a journal entry the following steps need to be followed entered the general entry number enter the date of transaction enter the debit item as per the golden principles of accountancy, enter the corresponding GL folio number enter the debit amount enter the credit item as per the golden principles of accountancy enter the amount in the credit column provide a brief description of your transaction leave a single line before next transaction. what is total flow of accounts receivable flow of accounts receivable should be in proportion to accounts payable that is in terms of ratio to is to one how important does accounts receivable for small business and why accounts receivable help small businesses by providing short-term liquidity and also continued sales on credit to provide the much-needed continuity for small businesses.