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We are Sharing With You Common Questions Asked during Accountant Interview ? . So kindly Check Out our http://www.castudynotes.com website and ALL the Best for Your upcoming Exams.
CA STUDY NOTES
𝗔𝗿𝗲 𝘆𝗼𝘂 𝗣𝗿𝗲𝗽𝗮𝗿𝗶𝗻𝗴 𝗳𝗼𝗿 𝗮𝗻 𝗮𝗰𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴 𝗶𝗻𝘁𝗲𝗿𝘃𝗶𝗲𝘄?
Q) What is a bank reconciliation? What are some common reasons for discrepancies?
Ans: Bank reconciliation statement is an internal tool used by companies to compare the balance in their own accounting records with actual bank statement balances.
Reasons of discrepancies:
· Insufficient fund in bank account
· Bank charges & fees that have not been taken into consideration.
· Cheque issued but not presented in due time.
· Transaction recording errors.
· On the way deposit or Online deposit etc.
Q) Difference between Trading company and manufacturing company?
Ans: Trading company is a company whose business is buying and selling of goods
Whereas, manufacturing company produces goods by the process of manufacturing
and sells it.
Q) What is revenue and expenses?
Ans: Revenue: Revenue means the money received from customers for sell of goods or services.
Expense: Expenses means payment of money for any service of goods purchase. It is an outflow
of money.
Q) What is depreciation and different types of depreciation?
Ans: Depreciation in value of a fixed assets in known as depreciation.
Type of Depreciations:
· Straight line method
· Diminishing value method
· Annuity method
· Machine hour rate method etc.
Q) What is Contra Entry?
Ans: Which accounting entry is recorded on both the debit and credit side of the
Cash book.
Q) What is Stock?
Ans: Unsold item at the time of the period is called stock.
Q) What is Voucher?
Ans: A documentary evidence in support of transaction is called a voucher.
Q) What are bad debts?
Ans: When amount is unrecovered from debtors it is known as bad debts.
Q) What is provision for bad debts?
Ans: It is estimated loss which bad debts is an actual loss.
Q) What is accrued Income?
Ans: Income which is a due but not received is called accrued income.
Q) What is ledger?
Ans: It is a summarised record that contains all the accounts.
Q) What is Trial balance and why do we prepare it?
Ans: Books are arithmetically correct; helps you prepare the final account.
Q) What is Capital?
Ans: Which is invested by owner.
Q) What is Income Tax?
Ans: Income tax is tax which is charges on income of a person/business.
Q) What is deferred tax liability?
Ans: Company may pay more tax in the future due to current transaction.
Q) What are deferred revenue and expenses?
Ans: Deferred Revenue: Money received before a service is performed or a product is delivered.
Deferred expenses: Payments made in advance for goods or services to be used in the future.
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