Interview question.

1.
2.
3.

Tell me about yourself?

What do you know about tally?
Bank deposited how to entry passed?

4. Define dual aspect term in accounting?

a. As the name implies, the dual aspect concept states that every transaction has two sides. For example,
when you buy something, you give the cash and get the thing. Similarly, when you sale something, you
lose the thing and gets the money. So this getting and losing is basically two aspects of every transaction.
5. Define depreciation and its types?
a. By depreciation we mean that a value of an asset is decreasing as it is in use. It has two types such as
Straight Line Method and Written Down Value Method.
6. Differentiate between provision and reserve?
a. Provisions are the liabilities or the anticipated items such as depreciation. You can say provisions are
expenses. Reserves are the profits of any company and a part of that profit is placed back to the business
to keep it sustainable in tough times of a company.
7. what is the difference between Purchase order and invoice
a. Puchase order is the document in which Customer will mention
the items to be required for them & also Terms of Delivery.
But Invoice is the document proof made by the supplier,
stating that they had supplied items to the customer as per
the purchase order of the customer.
8. A document evidencing a debit to be raised against a party for any reason other
than a credit sale is called ---------a. Debit Note
9. Whatis the Journal entry for advance payments and advance receipts from Debtors and
creditors
a. Creditors A/c Dr.
To Cash/bank A/c
Bank/Cash A/c Dr.
To Debtors A/c
10. capital expenditure , revenue expenditure
a. Capital Expenditure : Expenditure incurred for the
particular purpose and the benefit enjoyed for the ever
lasting future.
Revenue Expenditure : Expenditure incurred for the
particular purpose and the benefit enjoyed within the
accounting period.

11. classify the following into real, nominal, personal account

a. 1. Discount account

Nominal

b. 2. interest on debenture

nominal

c. 3. Land account

Real

d. 4. salary account Nominal

e. 5. carriage account

Nominal

f. 6. printing & stationary account

g. 7. stock account

Nominal

Real

12. What is meaning of fictitious asset

a. Fictitious Assets are not assets which are tangible and visible like buildings, machinery , computer but
the expenditure on some activity which is on sided as a Capital expenditure instead of Revenue
expenditure.
When
expenditure incurred amount is not debited to Profit and Loss A/C but shown as Fictitious asset and over
a period the amount is writtenoff or debited to P and L account. For example Share issue expenses by a
Corporate, This is not debited to P& L A/c in the year in which it is incurred but debited in installments as
decided by Management over few years.
13.