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

Accounting Standard Accounting/ Auditing Clerk

Ques:- What is window dressing in final accounts?

Asked In :- SpringRole, Nextgen Clearing, easyfinancial, didi chuxing, financialforce, authbridge research services,

Right Answer:
Window dressing in final accounts refers to the practice of presenting a company's financial statements in a more favorable light than they actually are, often by manipulating figures or timing transactions to improve the appearance of financial health.

Accounting Standard Accounting/ Auditing Clerk

Ques:- What do you know about the historical background of Development Financial Institutions (DFIs)?

Asked In :- QuadReal, align technology, tata capital,

Right Answer:
Development Financial Institutions (DFIs) were established in the mid-20th century, primarily after World War II, to promote economic development in developing countries. They were created to provide long-term financing for projects that would stimulate economic growth, support infrastructure development, and enhance industrialization. DFIs often focus on sectors that are underserved by traditional banks, such as agriculture, small and medium enterprises, and social infrastructure. Their role has evolved over time to include not only financial support but also technical assistance and capacity building.

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.

Accounting Standard Financial Accountant

Ques:- What is the difference between gross profit and net profit?

Asked In :- SR Batliboi & Associates,

Right Answer:
Gross profit is the revenue from sales minus the cost of goods sold (COGS), while net profit is the total revenue minus all expenses, including operating expenses, taxes, and interest.

Accounting Standard Accounts Assistant/ Book Keeper

Ques:- What is journal entry

Asked In :- Junior Assistant, Commerzbank, John Hancock, Lawson, mcap,

Right Answer:
A journal entry is a record of a financial transaction in accounting, detailing the accounts affected, the amounts debited and credited, and a brief description of the transaction.

Accounting Standard Accounting/ Auditing Clerk

Ques:- Why do you prepare a Trial Balance?

Asked In :- LIGHT PHARMA, Jeeves ERP, Jazz Aviation, HWL Ebsworth, Oaktree Capital Management, Full Stack Finance, LLC, alliancebernstein, insight venture partners, prudential bank limited, pmb-gpo, accra ghana, kpmg philippines,

Right Answer:
A Trial Balance is prepared to ensure that the total debits equal the total credits in the accounting records, helping to identify any errors in the bookkeeping process before preparing financial statements.

Accounting Standard Financial Accountant

Ques:- Debt equity ratio

Asked In :- Techvaria Solutions,

Right Answer:
The debt equity ratio is a financial metric that compares a company's total debt to its total equity, indicating the proportion of debt used to finance the company's assets. It is calculated using the formula:

Debt Equity Ratio = Total Debt / Total Equity.

Accounting Standard Payroll Accountant

Ques:- What is imprest a/c ?

Asked In :- escalon, sdo,

Right Answer:
An imprest account is a type of account used to manage a fixed amount of cash for specific purposes, such as petty expenses. It is replenished periodically to maintain the set balance, ensuring that funds are available for small, routine expenditures.

Accounting Standard Cost Accountant/ Icwa

Ques:- What is the differance bet ween Bill and invoice?

Asked In :- gsk, bmo capital markets, equitas small finance bank, ministry of fisheries, happy money, amadeus,

Right Answer:
A bill is a request for payment for goods or services provided, while an invoice is a detailed document that outlines the transaction, including the items sold, their prices, and payment terms.

Accounting Standard Accounts Assistant/ Book Keeper

Ques:- What do you mean by matching order? (7 steps)

Asked In :- grant thornton - uae, irc, five rings capital, llc,

Right Answer:
Matching order refers to the process of ensuring that the amounts recorded in the accounting records correspond to the actual transactions. The seven steps typically involved in the matching order are:

1. Identify the transaction.
2. Gather relevant documents (invoices, receipts).
3. Record the transaction in the accounting system.
4. Match the recorded transaction with the corresponding document.
5. Verify the accuracy of amounts and details.
6. Adjust any discrepancies found during the matching process.
7. Finalize and confirm the matched transaction in the accounting records.

Accounting Standard Accounts Assistant/ Book Keeper

Ques:- What is the difference between banker cheque and cheque?

Asked In :- Cascade Revenue Management (India), epr, fundrise, dmi finance private limited,

Right Answer:
A banker’s cheque is issued by a bank on its own funds and is guaranteed by the bank, while a regular cheque is written by an individual or business and is drawn on their personal account, which may not have sufficient funds.

Accounting Standard Cost Accountant/ Icwa

Ques:- Sums on Finalization of Accounts give exaple?

Asked In :- Funding Circle, Dolat Capital, creditas, partners capital,

Right Answer:
Finalization of accounts involves preparing the financial statements at the end of an accounting period. For example, a company calculates its total revenue, deducts total expenses to determine net profit or loss, and prepares the balance sheet showing assets, liabilities, and equity. This process ensures that all financial transactions are accurately recorded and reported.

Accountant/ Accounts Executive Accounting Standard

Ques:- What is basic general accounting.

Asked In :- SBI Life Insurance, HOOPP, Bny Mellon India Pvt Ltd, meridian credit union, mha macintyre hudson,

Right Answer:
Basic general accounting refers to the systematic process of recording, summarizing, and reporting financial transactions of a business. It includes maintaining financial records, preparing financial statements, and ensuring compliance with accounting principles and standards.

Accounting Standard Cost Accountant/ Icwa

Ques:- What is Liquidity Ratio?

Asked In :- Tolani Maritime, Nakilat, Bfl, nedbank, scalable capital, the punjab provincial cooperative bank,

Right Answer:
Liquidity Ratio is a financial metric that measures a company's ability to meet its short-term obligations using its most liquid assets. Common liquidity ratios include the Current Ratio and Quick Ratio.

Accounting Standard Cost Accountant/ Icwa

Ques:- WHAT ISDEFFERED REVENUE EXPENDITURE?

Asked In :- Jai Balaji, Allocator, Serum Institute Of India, jane street, the blackstone group, qatar investment authority,

Right Answer:
Deferred revenue expenditure refers to expenses that are paid in advance but will be recognized as an expense in future accounting periods. These are costs that benefit multiple periods and are recorded as an asset until they are amortized over time.

Accounting Standard Financial Accountant

Ques:- What is IFRS ?Brifely explain.

Asked In :- Kardium, nedbank, crowe horwath malaysia,

Right Answer:
IFRS stands for International Financial Reporting Standards. It is a set of accounting standards developed by the International Accounting Standards Board (IASB) that provides guidelines for financial reporting to ensure transparency, consistency, and comparability of financial statements across different countries.

Accountant/ Accounts Executive Accounting Standard

Ques:- What happens to the bank rate during inflation ?(A)kept constant (B) Raised (C) Lowered (D) None of these

Asked In :- PMEP Consulting, lyondellbasell, au small finance bank, sustainalytics, equinox labs, mahathi infra services pvt. ltd.,

Right Answer:
(B) Raised

Accountant/ Accounts Executive Accounting Standard

Ques:- Principles of accounting with atleast one example for each.

Asked In :- Susquehanna International Group (SIG), bny mellon, leaseplan, sbi card, ho, lodha & co., xendit,

Right Answer:
1. **Entity Concept**: The business is treated as a separate entity from its owners. Example: A sole proprietorship's personal expenses are not recorded in the business accounts.

2. **Going Concern**: Assumes that the business will continue to operate indefinitely. Example: A company does not liquidate its assets unless it is facing bankruptcy.

3. **Accrual Basis**: Revenues and expenses are recorded when they are earned or incurred, not when cash is exchanged. Example: A company recognizes revenue when a service is performed, even if payment is received later.

4. **Consistency**: Accounting methods should be applied consistently over time. Example: If a company uses straight-line depreciation, it should continue to use this method in future periods.

5. **Matching Principle**: Expenses should be matched with the revenues they help to generate. Example: A company records advertising expenses in the same period as the sales generated from that advertising.

6. **Prudence (Conserv

Accounting Standard Accounting/ Auditing Clerk

Ques:- In Banking industry difference between interest income andinterest expenses is called as ………….

Asked In :- agl, xendit,

Right Answer:
Net Interest Income.

Accounting Standard Payroll Accountant

Ques:- 3 golden rules of accountancy?

Asked In :-

Right Answer:
The three golden rules of accountancy are:

1. **Debit the receiver, credit the giver** - For personal accounts.
2. **Debit what comes in, credit what goes out** - For real accounts.
3. **Debit all expenses and losses, credit all incomes and gains** - For nominal accounts.

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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