Most Common Questions Accounting Students Face During Interviews

All students consider their colleges as a gateway to their dreams. That’s why they study diligently to obtain a seat in the best colleges of the nation. Just like other students, accounting major students aspire to get finest colleges for their career growth. Apart from their academics, interviews work as a determining factor to secure their jobs. To face interviews, their preparations must be strong. Students must also consult with their seniors for getting interview tips. Apart from the introduction and family details, they must know the questions related to accounting subject.  Check out how to deal with such questions.

1.     What are real and nominal accounts?

Ans. A real account is related to assets & liabilities while nominal accounts take care of income and expenses.

2.     Define Working Capital?

Ans. This is the capital of a business which measures its short term wealth and liquidity. For smooth business transactions, working capital is required.  

3.     Can you differentiate between a balance sheet and a trial balance?

Ans. To check the correctness of recorded transactions, the trial balance is being used. On the contrary, the balance sheet is a statement that determines the financial position of the company on a specific date.  

4.     Explain about compound journal entry?

Ans. It is basically a grouping of simple entries. When there is more than one credit transaction or debit transactions or more of both, it is called compound journal entry.

5.     Can you explain Bank Reconciliation?

Ans. Under the bank reconciliation process, the company’s records for cash account are being tallied with data given on a bank statement.  It’s a scrutiny of company books.

6.       If a company borrows money from a bank through a note payable. What will happen in the cash account?

Ans. Under this situation, the cash account, as well as the liability account, will increase.

7.       What documents are needed to assess the financial condition of the company?

Ans. To assess the financial situation of a company, it is important to analyze the balance sheet, cash flow statement, profit or loss statement and equity statement.

8.   Throw light on accounting ethics.

Ans.  Accounting ethics can be summarized as a study of moral values, applied judgments and business ethics to curb misuse of financial data.   

9.     Quote some examples of liability accounts.

Ans.  Income Tax Payable

Notes Payable

Accounts Payable

Bonds Payable

Accrued Expenses

10.   What are fictitious assets?

Ans. Such assets which cannot be touched but whose benefits can be enjoyed by the organization are called fictitious assets like goodwill, trademarks and patents etc. 

Although there is no defined parameter of success, a good job is usually considered as a road to a flourishing career path. In the field of accounting, students work hard to get the best jobs. Well… to fulfill this target they first need to get through the interviews. For that, the above-mentioned questions can help accounting scholars. In fact, assignment writing also helps them to build the basics. Students who face difficulties in project writing can approach the team of Archlite Assignments. Due to their qualified writers, they ensure the best accounting assignment help. Even their support team handles all the queries of the students patiently.