Accountant/ Accounts Executive Interview Questions and Answers in 2025 (100+ Q&A)

Accountant/ Accounts Executive Accounting Standard

Ques:- Concepts of accounting

Asked In :- bluecross blueshield of tennessee, market simplified,

Right Answer:
The concepts of accounting include:

1. **Accrual Concept**: Revenues and expenses are recorded when they are earned or incurred, not when cash is received or paid.
2. **Consistency Concept**: Accounting methods should be applied consistently from one period to another.
3. **Going Concern Concept**: Assumes that a business will continue to operate indefinitely.
4. **Matching Concept**: Expenses should be matched with the revenues they help to generate in the same period.
5. **Economic Entity Concept**: Business transactions are separate from the personal transactions of its owners.
6. **Monetary Unit Concept**: Only transactions that can be measured in monetary terms are recorded.
7. **Time Period Concept**: Financial statements are prepared for specific periods of time, such as months or years.

Accountant/ Accounts Executive Tax Assessment

Ques:- If Advance deposited Rs.200000/-, TDS diposited Rs.100000/- & Provision for Income Tax is Rs.250000/- but It department raise the Assessment Tax is Rs.350000/-. What will be the journal entries?

Asked In :- Money Honey Financial Services, SR Batliboi & Associates, Uday Group (India), Accelya Kale Solutions, deloitte australia, keystone bank limited, credence analytics, canada life group insurance, link group (lnk),

Right Answer:
1. **To record the advance deposit:**
```
Bank Account Dr. 200,000
To Advance Received Account 200,000
```

2. **To record the TDS deposit:**
```
TDS Receivable Account Dr. 100,000
To Bank Account 100,000
```

3. **To record the provision for income tax:**
```
Income Tax Expense Account Dr. 250,000
To Provision for Income Tax Account 250,000
```

4. **To record the assessment tax raised by the IT department:**
```
Assessment Tax Account Dr. 350,000
To Income Tax Payable Account 350,000
```

5. **To adjust the provision for income tax against the assessment tax:**
```
Provision for Income Tax Account Dr. 250,

Accountant/ Accounts Executive Tax Assessment

Ques:- What diffrance between TDS & TCS.

Asked In :- Afcons Infrastructure, federal reserve bank of richmond, axa mansard, agl,

Right Answer:
TDS (Tax Deducted at Source) is the tax that is deducted from payments made to individuals or entities, such as salaries or contract payments, before the payment is made. TCS (Tax Collected at Source) is the tax collected by sellers from buyers at the time of sale of specific goods.

Accountant/ Accounts Executive Tax Assessment

Ques:- What is the journal entry for tax refund?

Asked In :- FLO, Dominion Energy, texas workforce commission, willkie farr & gallagher llp, mcap, uganda wildlife authority,

Right Answer:
The journal entry for a tax refund is:

Debit: Cash/Bank
Credit: Income Tax Receivable (or Tax Expense)

Accountant/ Accounts Executive Aptitude

Ques:- What is full form of INDIA

Asked In :- Millennium Organisation, AXA XL, jack henry & associates, ebx,

Right Answer:
The full form of INDIA is "Independent Nation Declared in August."

Account Receivable Accountant/ Accounts Executive

Ques:- What is Deposit? A customer deposit Rs.15,000/ and heordered the goods of Rs.10,000/ against the deposit. Now hewants the remaining cash back. how do you do in receivables?

Asked In :- Nalco Water, securian financial group, stelco,

Right Answer:
A deposit is an amount of money paid in advance by a customer. In this case, the customer deposited Rs. 15,000 and ordered goods worth Rs. 10,000. To handle this in receivables, you would:

1. Record the sale of goods for Rs. 10,000.
2. Deduct the Rs. 10,000 from the deposit, leaving a balance of Rs. 5,000.
3. Process a refund of Rs. 5,000 to the customer.

Accountant/ Accounts Executive Accounting Standard

Ques:- What is difference between nominal and real account

Asked In :- CARE Ratings, Jp Morgan Chase, Mahagenco, Ujjivan Small Finance Bank, capitec bank, kenya revenue authority,

Right Answer:
Nominal accounts are temporary accounts that track income, expenses, gains, and losses over a specific period and are closed at the end of that period. Real accounts, on the other hand, are permanent accounts that represent assets, liabilities, and equity, and they carry their balances into the next accounting period.

Accountant/ Accounts Executive Audit

Ques:- What would you do if a member of your audit team was underperforming?

Asked In :- Prakash Kochar & Co, Commonwealth Bank of Australia, First American, Dillon Consulting, Corporate Finance Institute (CFI), The Bharat Co-Operative Bank (Mumbai), phillips 66, inland revenue nz, saxo bank, crowe horwath llp,

Right Answer:
I would first have a private conversation with the team member to understand any challenges they are facing. Then, I would provide constructive feedback and support, set clear expectations, and offer additional training or resources if needed. If the issue persists, I would involve management to discuss further steps.

Accountant/ Accounts Executive Audit

Ques:- In one sentence, What is Auditing ?

Asked In :- Ryan India Tax Services, T R CHADHA & CO, OSFI, Performio, neuberger berman, zenith bank, south african reserve bank, au small finance bank, sbi card, citrin cooperman,

Right Answer:
Auditing is the systematic examination and evaluation of financial records and statements to ensure accuracy and compliance with established standards and regulations.

Account Receivable Accountant/ Accounts Executive

Ques:- WHAT IS CLEARNCE METHOD IN AR ?

Asked In :- CTPS, Haldiram, SpringRole, Executive Ship Management, s&p global market intelligence, tmx group, master magazine,

Right Answer:
The clearance method in Accounts Receivable (AR) refers to a process used to match and clear outstanding invoices against payments received, ensuring that customer accounts are accurately updated and reflecting the correct balance after payments are applied.

Accountant/ Accounts Executive Accounting Standard

Ques:- Revenue and provision ,null,,null,differences?

Asked In :- Shriram Transport Finance, Leyton, Beml, beever and struthers,

Right Answer:
Revenue is the income generated from normal business operations, while a provision is an amount set aside to cover a future liability or decrease in asset value.

Accountant/ Accounts Executive Tax Assessment

Ques:- We calculate TAx for Our Vendors/Customers when the transaction is completed Right.Then y can't we calculate Tax(If the year ends) When the Partial payment is done i.e DownPayment/Received. Please Reply.

Asked In :- India Cements, Vontobel, Marsh McLennan, bata, cibc mellon, mahindra finance, lapo microfinance, fundrise,

Right Answer:
Tax is typically calculated at the point of sale or when the transaction is completed because that is when the liability is established. Partial payments, like down payments, do not represent the full transaction value, so tax is not assessed until the complete transaction is finalized.

Accountant/ Accounts Executive Accounting Standard

Ques:- What is meant by SBA ( savings bank account) & FD (fixed deposit)?

Asked In :- SpiceJet, TVS Credit Services, Adaptive Financial Consulting, ghana cocoa board,

Right Answer:
A Savings Bank Account (SBA) is a deposit account held at a financial institution that allows you to deposit money, earn interest, and withdraw funds while maintaining liquidity. A Fixed Deposit (FD) is a financial instrument where you deposit a lump sum amount for a fixed period at a predetermined interest rate, which typically offers higher interest than a savings account but restricts access to the funds until maturity.

Accountant/ Accounts Executive Accounting Standard

Ques:- REALISATION ACCOUNT VS REVALUATION ACCOUNT

Asked In :- NBP National Bank of Pakistan, Equitable Advisors, bdo uk llp, rashmi group, gain credit (formerly global analytics), itam, market simplified,

Right Answer:
A Realisation Account is used to record the actual sale of assets and settlement of liabilities during the dissolution of a partnership or company, reflecting the final amounts received and paid. A Revaluation Account, on the other hand, is used to adjust the values of assets and liabilities to their current market values, typically during a partnership change or when assets are revalued for financial reporting purposes.

Accountant/ Accounts Executive Company LawCompliance

Ques:- What you mean by blue chip companies?

Asked In :- Shriram Finance, IG Wealth Management, Bny Mellon India Pvt Ltd, Dynata, dscl, home first finance company (hffc),

Right Answer:
Blue chip companies are large, well-established, and financially stable firms that have a history of reliable performance and strong market presence. They typically have a reputation for quality, reliability, and the ability to generate consistent profits, making them a safe investment choice.

Accountant/ Accounts Executive Accounting Standard

Ques:- WHAT ARE THE PRINCIPALS OF ACCOUNTING

Asked In :- Wellness Forever, V Singhi & Associates, P C Chandra Jewellers, nedbank, orbis investments, hul, innocap, bancassurance,

Right Answer:
The principles of accounting are:

1. **Consistency** - Use the same accounting methods over time.
2. **Accrual** - Record revenues and expenses when they are earned or incurred, not when cash is exchanged.
3. **Going Concern** - Assume the business will continue to operate indefinitely.
4. **Matching** - Match expenses with the revenues they help to generate in the same period.
5. **Economic Entity** - Keep personal and business finances separate.
6. **Materiality** - Focus on information that could influence decisions.
7. **Conservatism** - Report expenses and liabilities as soon as possible, but revenues only when they are assured.

Accountant/ Accounts Executive Tax Assessment

Ques:- Our one Company Profit is 67.61 Lakh, How to Calculate Advance Tax For First Qurter Als?

Asked In :- Revenue Assurance Services, AboitizPower, elanco, computershare, keystone bank limited, analytics quotient, montagu evans, jmi equity, osm,

Right Answer:
To calculate the advance tax for the first quarter, take 15% of the estimated annual profit.

1. Annual profit: 67.61 Lakh
2. Estimated annual profit for the year: 67.61 Lakh
3. Advance tax for the first quarter: 15% of 67.61 Lakh = 10.1415 Lakh

So, the advance tax for the first quarter is approximately 10.14 Lakh.

Accountant/ Accounts Executive Aptitude

Ques:- What was the name of first bank established in India ?

Asked In :- PRAN-RFL, HWL Ebsworth, Dial A Bank, Rodic Consultants, khimji ramdas llc, sienna senior living, manitoba liquor & lotteries corporation,

Right Answer:
Bank of Hindustan

Comments

shubham Apr 2, 2022

bank of calcutta originated in 1806
there is another answer such as
bank of hindustan

Accountant/ Accounts Executive Accounting Standard

Ques:- What are the principles of Accounting

Asked In :- Jeeves ERP, Sonata Finance, SFH Nigeria, phillips 66, no frills supermarket, royal london, columbia shipmanagement,

Right Answer:
The principles of accounting are:

1. **Consistency**: Use the same accounting methods over time.
2. **Accrual**: Record revenues and expenses when they are earned or incurred, not when cash is exchanged.
3. **Going Concern**: Assume the business will continue to operate indefinitely.
4. **Matching**: Match expenses with related revenues in the same period.
5. **Prudence**: Be cautious in financial reporting, avoiding overstatement of income or assets.
6. **Economic Entity**: Keep personal and business finances separate.
7. **Materiality**: Focus on information that could influence decisions.
8. **Full Disclosure**: Provide all necessary information to users of financial statements.

Accountant/ Accounts Executive Audit

Ques:- Do you think Auditing job is very boring ?

Asked In :- Prakash Kochar & Co, S S Kothari Mehta & Co, Varma & Varma, MP Chitale & Co, Mecca Bingo, Australian Border Force, ubs, pricewaterhousecoopers - service delivery center (pwc sdc), wawanesa insurance, commercial bank of ethiopia,

Right Answer:
No, auditing is not boring; it involves critical thinking, problem-solving, and learning about different businesses and industries.

The Accountant / Accounts Executive category on takluu.com is designed for professionals responsible for maintaining accurate financial records, handling accounts payable and receivable, and supporting financial audits. These roles are critical for the smooth functioning of an organization’s finance department.

This section covers essential topics including journal entries, ledger posting, bank reconciliation, invoicing, payroll processing, taxation basics, and preparation of financial statements. Interview questions also test knowledge of accounting principles (GAAP/IFRS), compliance regulations, and use of accounting software like Tally, QuickBooks, or SAP.

Candidates preparing for positions such as Junior Accountant, Accounts Executive, Finance Assistant, or Bookkeeper will find curated interview questions, practical scenarios, and tips on managing day-to-day accounting tasks efficiently.

Interviewers typically assess your accuracy, attention to detail, and understanding of financial processes. You may be asked to explain how you handle reconciliations, manage expense reports, or ensure timely submission of tax filings.

At Takluu, we provide detailed study materials and example questions to help you build confidence and demonstrate your competence in interviews.

Whether you are a fresher starting your career or an experienced professional seeking advancement, this category offers comprehensive preparation to help you succeed in accounting roles.

Questions in: Accountant/ Accounts Executive

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