Accounting Standard Interview Questions and Answers in 2025 (100+ Q&A)

Accountant/ Accounts Executive Accounting Standard

Ques:- Accounting procedure,

Asked In :- Modulr, bmo capital markets, avalara, simmons bank, giz, happy money, pension fund, congo,

Right Answer:
The accounting procedure involves a systematic process of recording, classifying, and summarizing financial transactions to prepare financial statements. It typically includes steps such as identifying transactions, recording them in journals, posting to ledgers, preparing trial balances, and creating financial statements.

Accountant/ Accounts Executive Accounting Standard

Ques:- What do you know about BALANCE SHEET?

Asked In :- TFT, Ujjivan Small Finance Bank, kpmg sri lanka, kreston reeves, park square capital,

Right Answer:
A balance sheet is a financial statement that shows a company's assets, liabilities, and equity at a specific point in time. It follows the accounting equation: Assets = Liabilities + Equity. This statement helps assess the financial position and stability of the business.

Accountant/ Accounts Executive Accounting Standard

Ques:- Related Accounting Entries (Sales, Purchase, bank Reco etc )Vat & Tds and other Statutory liabilities, Fixed Assets, Depreciation etc

Asked In :- Basware India, Junior Assistant, UBA Bank, bc pension corporation, ofwat, man group,

Right Answer:
1. **Sales Entry**:
- Debit: Accounts Receivable/Cash
- Credit: Sales Revenue
- Credit: VAT Payable (if applicable)

2. **Purchase Entry**:
- Debit: Inventory/Expense
- Debit: VAT Input (if applicable)
- Credit: Accounts Payable/Cash

3. **Bank Reconciliation**:
- Adjust bank balance for outstanding checks and deposits in transit.

4. **TDS Entry**:
- Debit: Expense Account
- Credit: TDS Payable

5. **Fixed Assets Purchase**:
- Debit: Fixed Assets
- Credit: Cash/Accounts Payable

6. **Depreciation Entry**:
- Debit: Depreciation Expense
- Credit: Accumulated Depreciation

7. **Statutory Liabilities**:
- Record as they arise, typically as a liability until paid.

Accounting Standard Accounts Assistant/ Book Keeper

Ques:- Cash flow, tally, warehouse etc

Asked In :- Constellation Software, Wipfli, MassMutual, guardian life, wema bank plc, clearwater analytics, sybrin limited, reynolds & reynolds inc., distinguished young women,

Right Answer:
Cash flow refers to the movement of money in and out of a business, tally is an accounting software used for bookkeeping and financial management, and warehouse management involves overseeing the storage and distribution of goods.

Accounting Standard Internal Auditor

Ques:- Matters relating to Accounting Standards, Balance sheet/Profit & Loss preparation and presentation.

Asked In :- Mosmil Consultancy,

Right Answer:
Accounting standards provide guidelines for preparing and presenting financial statements, including the balance sheet and profit & loss statement. They ensure consistency, transparency, and comparability in financial reporting. Key standards include IFRS and GAAP, which dictate how to recognize, measure, and disclose financial information.

Accounting Standard Internal Auditor

Ques:- How to write off debtors from books of accounts?

Asked In :-

Right Answer:
To write off debtors from the books of accounts, follow these steps:

1. Identify the debtor that is uncollectible.
2. Ensure that all collection efforts have been exhausted.
3. Prepare a journal entry to debit the Bad Debts Expense account and credit the Accounts Receivable account for the amount being written off.
4. Document the reason for the write-off for audit purposes.
5. Update the accounts to reflect the write-off in the financial statements.

Accounting Standard Accounts Assistant/ Book Keeper

Ques:- MEANING OF ACCOUNTS

Asked In :- Markel Insurance, Nakilat, US Department of Veterans Affairs, Refract Consulting, rabobank,

Right Answer:
Accounts refer to the systematic recording, reporting, and analysis of financial transactions of a business or organization.

Accountant/ Accounts Executive Accounting Standard

Ques:- All about Accounts and Job role

Asked In :- Varma & Varma, Aadhar Housing Finance, lyondellbasell, siam,

Right Answer:
The role of an accountant involves managing financial records, preparing financial statements, ensuring compliance with accounting standards, and analyzing financial data to support decision-making. Key responsibilities include bookkeeping, budgeting, tax preparation, and financial reporting. An accountant must be familiar with accounting principles such as GAAP or IFRS, depending on the jurisdiction.

Accounting Standard

Ques:- Double Entry System Of Accounting

Asked In :-

Right Answer:
The double entry system of accounting is a method where every financial transaction affects at least two accounts, ensuring that the accounting equation (Assets = Liabilities + Equity) remains balanced. Each entry has a debit and a corresponding credit of equal value.

Accounting Standard Accounts Manager

Ques:- About Accounting Policies

Asked In :-

Right Answer:
Accounting policies are the specific principles, bases, conventions, rules, and practices applied by an entity in preparing and presenting its financial statements. They guide how transactions and events are recognized, measured, and reported.

Accountant/ Accounts Executive Accounting Standard

Ques:- What Is the Key of Accounting?

Asked In :- Performio, Brex, spi global, otn, behavox, rede partners llp,

Right Answer:
The key of accounting is the double-entry system, which ensures that every transaction affects at least two accounts, maintaining the accounting equation: Assets = Liabilities + Equity.

Accountant/ Accounts Executive Accounting Standard

Ques:- What are 3 golden rules in accounting

Asked In :- Kiran, Starwood Capital, jet2.com, pwc luxembourg, lapo microfinance, the blackstone group, cleveland-cliffs inc, scottish power energy networks holdings ltd.,

Right Answer:
1. Debit what comes in, credit what goes out.
2. Debit the receiver, credit the giver.
3. Debit all expenses and losses, credit all incomes and gains.

Accountant/ Accounts Executive Accounting Standard

Ques:- What is dual concept

Asked In :- NISC Exports Services (p), GAIN Credit, Fantastic Furniture, RenMoney, future generali india life insurance co, bernhard schulte shipmanagement, oxford properties group,

Right Answer:
The dual concept in accounting refers to the principle that every transaction affects at least two accounts, ensuring that the accounting equation (Assets = Liabilities + Equity) remains balanced.

Accountant/ Accounts Executive Accounting Standard

Ques:- What is Accruals entry

Asked In :- CTPS, AllOptions, Netwealth Investments, spi global, piramal capital & housing finance,

Right Answer:
Accruals entry is an accounting adjustment made to record revenues and expenses that have been incurred but not yet recorded in the financial statements, ensuring that financial reports reflect the true financial position of a company during a specific period.

Accountant/ Accounts Executive Accounting Standard

Ques:- What is ledger, balance sheet & P& L

Asked In :- Ameriprise India, NISM, tp icap, joe & the juice, cashpor micro credit, aoa, sari sari store, gkp,

Right Answer:
A ledger is a book or digital record that contains all the accounts of a business, detailing all financial transactions. A balance sheet is a financial statement that shows a company's assets, liabilities, and equity at a specific point in time. The profit and loss statement (P&L) summarizes the revenues, costs, and expenses over a period, showing the company's profitability.

Accounting Standard

Ques:- ABOUT TO ACCOUNT & FINANCE

Asked In :-

Right Answer:
The question seems incomplete. Please provide more details or clarify the specific accounting or finance topic you would like to discuss.

Accounting Standard Financial Accountant

Ques:- How hash function works in router?

Asked In :- VALUEWING CONSULTANCY SERVICES (P), Wolseley UK, chubb,

Right Answer:
A hash function in a router takes input data (like IP addresses or packets) and converts it into a fixed-size string of characters, which is typically a hash code. This hash code is used to efficiently route data packets by determining the best path for them to travel through the network, ensuring quick lookup and management of routing tables.

Accountant/ Accounts Executive Accounting Standard

Ques:- Of Abdul, Binoy, and Chandini: a)Each member belongs to the Tee family whose members always tell the truth or to the El family whose members always lie. b)Abdul says ''Either I belong or Binoy belongs to a different family from the other

Asked In :- Accelya, Corporate Finance Institute (CFI), Equitable Advisors, ey, great southern bank, guru & jana, aksia, bank of abyssinia s.c., fundrise, avara foods,

Right Answer:
Abdul belongs to the Tee family (truth-tellers), and Binoy belongs to the El family (liars).

Accounting Standard

Ques:- What is the A Levels

Asked In :-

Right Answer:
A Levels, or Advanced Level qualifications, are subject-based qualifications typically taken by students in the UK and some other countries, usually after completing their GCSEs. They are often required for university admission and are considered a higher level of academic achievement.

Accounting Standard Cost Accountant/ Icwa

Ques:- How can managerial accounts helps to quickly get information?

Asked In :- DFO, HNI, rak ceramics,

Right Answer:
Managerial accounts provide timely and relevant financial information, enabling managers to make informed decisions quickly. They include detailed reports on costs, budgets, and performance metrics, which help in identifying trends and areas for improvement.

The Accounting Standards category on takluu.com provides a detailed understanding of the rules and frameworks that govern financial reporting globally and in India. Accounting Standards are essential to ensure consistency, transparency, and accuracy in the financial statements of businesses, making them crucial for investors, regulators, and internal stakeholders.

This section is especially useful for candidates preparing for interviews in fields like accounting, finance, auditing, tax consultancy, and corporate compliance. It covers the Indian Accounting Standards (Ind AS), as well as important global frameworks like IFRS (International Financial Reporting Standards) and US GAAP. You’ll learn the logic behind standardization and the practical application of each standard through real-world examples and commonly asked interview questions.

The questions here span across key standards such as AS 1 (Disclosure of Accounting Policies), AS 2 (Valuation of Inventories), AS 10 (Property, Plant & Equipment), and Ind AS 115 (Revenue from Contracts with Customers), among others. You’ll also get exposure to differences between AS, Ind AS, and IFRS, how changes in accounting standards impact business reporting, and what recent amendments have been introduced.

For freshers and professionals alike, this category ensures you’re interview-ready with solid theoretical knowledge and practical insights. Whether you’re preparing for roles like Accounts Executive, Chartered Accountant, Auditor, or Financial Analyst, mastering accounting standards is vital to showcasing your understanding of accurate financial representation.

Questions in: Accounting Standard

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