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

Accounting Standard Financial Accountant

Ques:- How to take print checks in tally

Asked In :- AFEX Group, unops, jane street,

Right Answer:
To print checks in Tally, follow these steps:

1. Go to the "Gateway of Tally."
2. Select "Accounts Info" and then "Vouchers."
3. Choose the "Payment" voucher type.
4. Enter the details of the payment and select the bank account.
5. Press "Ctrl + P" to open the print dialog.
6. Select the "Check" format from the print options.
7. Adjust the settings as needed and click "Print."

Make sure your printer is set up correctly to print checks.

Accounting Standard Financial Accountant

Ques:- What is the treatment you give for the prepaid insurance created in the year end in the month of April

Asked In :- Think Analytics, Tower Hamlets Council, bny mellon, rangsit university international college,

Right Answer:
Prepaid insurance created at year-end in April should be recorded as an asset on the balance sheet. As time passes and the insurance coverage is used, you will expense a portion of it each month by debiting the insurance expense account and crediting the prepaid insurance account.

Accounting Standard Financial Accountant

Ques:- What do you mean by ratio analysis

Asked In :- RLI, hiqa - health information and quality authority, kumari bank limited, sari sari store,

Right Answer:
Ratio analysis is a financial analysis tool that uses ratios calculated from financial statements to evaluate a company's performance, financial health, and operational efficiency.

Accounting Standard Financial Accountant

Ques:- What is BASEL accord and what are BASEL II norms

Asked In :- National University of Modern Languages (NUML), mphasis, shanghai jiao tong university, oz minerals, us equity advantage,

Right Answer:
The Basel Accord is a set of international banking regulations developed by the Basel Committee on Banking Supervision to ensure financial stability and reduce risks in the banking sector. Basel II norms, established in 2004, focus on three main pillars:

1. Minimum capital requirements to ensure banks hold enough capital to cover risks.
2. Supervisory review process to evaluate banks' internal risk management and capital adequacy.
3. Market discipline through enhanced disclosure requirements to promote transparency and accountability.

Accounting Standard Payroll Accountant

Ques:- An importer import some goods @10,000 us dollar on cif basisfollowing dollar rates avilable on the date of presentention of bill entry.(1) Rbi floor rate 46.35,(2)rate notify by CBE AND C under section 14(3)(a)(i)of custom act Rs.46.55 (3) Rate at which bank has reliased the payment from importer Rs.46.58, what will be assessable valu according to custom act?

Asked In :- azets,

Right Answer:
The assessable value according to the Customs Act will be Rs. 46,55,000 (10,000 USD x 46.55).

Accounting Standard Financial Accountant

Ques:- What is 3 Way Matching?

Asked In :- VALUEWING CONSULTANCY SERVICES (P), Womble Bond Dickinson, EYG, Serum Institute Of India, kinder morgan pipeline,

Right Answer:
Three-way matching is a process used in accounts payable to ensure that the details on a purchase order, the receipt of goods or services, and the invoice from the supplier all match before payment is made.

Accounting Standard Financial Accountant

Ques:- What do mean by sales ledger and sales account

Asked In :- iServeU (India), iowa department of transportation, singapore economic development board, rota,

Right Answer:
A sales ledger is a detailed record of all sales transactions made by a business, showing amounts owed by customers. A sales account, on the other hand, is a general ledger account that summarizes total sales revenue for a specific period, reflecting the overall income generated from sales.

Accounting Standard Payroll Accountant

Ques:- Golden principle of accounting?

Asked In :- TTN,

Right Answer:
The golden principle of accounting is: "Debit what comes in, credit what goes out."

Accounting Standard Financial Accountant

Ques:- Any example should cover all three types of account in one entry

Asked In :- elections canada, infocenter,

Right Answer:
A common example that covers all three types of accounts (assets, liabilities, and equity) in one entry is:

**Transaction:** A company purchases equipment for $10,000, paying $4,000 in cash and financing the remaining $6,000 with a loan.

**Journal Entry:**
- Debit Equipment (Asset) $10,000
- Credit Cash (Asset) $4,000
- Credit Loan Payable (Liability) $6,000

This entry reflects an increase in assets (equipment) and a decrease in cash, along with an increase in liabilities (loan payable).

Accounting Standard Payroll Accountant

Ques:- What are profitability ratios?

Asked In :- Offshore Accounting & Taxation Services,

Right Answer:
Profitability ratios are financial metrics used to assess a company's ability to generate profit relative to its revenue, assets, or equity. Common examples include the gross profit margin, net profit margin, and return on equity.

Accounting Standard Financial Accountant

Ques:- Why Banking companies didn't show EBIT in income statement?

Asked In :- Cervello India, university of bedfordshire, sil international,

Right Answer:
Banking companies do not show EBIT (Earnings Before Interest and Taxes) in their income statements because their primary operations involve interest income and interest expense, making EBIT less relevant for assessing their performance. Instead, they focus on net interest income and net income after taxes.

Accounting Standard Payroll Accountant

Ques:- What are accounting principles

Asked In :-

Right Answer:
Accounting principles are the rules and guidelines that companies follow when preparing financial statements. They include concepts like consistency, relevance, reliability, and comparability, ensuring that financial information is accurate and useful for decision-making.

Accounting Standard Payroll Accountant

Ques:- What is day book and how it is different from ledger

Asked In :-

Right Answer:
A day book is a chronological record of daily transactions, while a ledger is a collection of accounts that summarizes those transactions by account type. The day book records transactions as they occur, whereas the ledger organizes them into specific accounts for reporting and analysis.

Accounting Standard Payroll Accountant

Ques:- What is account opening and account closing??

Asked In :-

Right Answer:
Account opening is the process of creating a new account for a customer in a financial institution, allowing them to deposit and withdraw funds. Account closing is the process of terminating an existing account, which involves settling any outstanding transactions and removing the account from the institution's records.

Accounting Standard Financial Accountant

Ques:- What are the basic 3 rules of accounting

Asked In :- britam, skipton building society, valuation office agency, qmax, sari sari store,

Right Answer:
The basic three rules of accounting are:

1. **Debit the receiver, credit the giver** - When value is received, it is debited; when value is given, it is credited.
2. **Debit what comes in, credit what goes out** - Assets that come into the business are debited, while assets that leave are credited.
3. **Debit expenses and losses, credit income and gains** - Expenses and losses are debited, while income and gains are credited.

Accounting Standard Financial Accountant

Ques:- WHAT IS 'ABSORPTION AND CONSOLIDATION'?

Asked In :- Wolseley UK, AFEX Group, north star bluescope steel, rto, tresvista financial services,

Right Answer:
Absorption refers to the process of incorporating all costs associated with production into the cost of a product, including direct and indirect costs. Consolidation is the accounting process of combining the financial statements of a parent company and its subsidiaries into a single set of financial statements, reflecting the overall financial position and results of the entire group.

Accounting Standard Payroll Accountant

Ques:- What is badts and its entries?

Asked In :-

Right Answer:
BADTS stands for "Bad Debt Tax Shield." It refers to the tax benefit a company receives from writing off bad debts as an expense. The entries typically involve debiting the Bad Debt Expense account and crediting Accounts Receivable to reflect the write-off of uncollectible accounts.

Accounting Standard Payroll Accountant

Ques:- What is dividend? how do the use an accountancy?

Asked In :-

Right Answer:
A dividend is a portion of a company's earnings distributed to its shareholders. In accounting, dividends are recorded as a reduction in retained earnings and are typically classified as a liability when declared but not yet paid.

Accounting Standard Financial Accountant

Ques:- I was asked to journalise nominal accounts please give methe answer with examples so dat its easy for me 2 understand

Asked In :- Gleacher Shacklock, wildlife conservation society, ausgrid, britam, curriculum associates, global mobility tax, llp,

Right Answer:
Nominal accounts are accounts that represent expenses, losses, incomes, and gains. They are closed at the end of the accounting period. Here are examples of journal entries for nominal accounts:

1. **Expense Account (e.g., Rent Expense)**:
- **Journal Entry**:
- Debit: Rent Expense $1,000
- Credit: Cash $1,000

2. **Income Account (e.g., Service Revenue)**:
- **Journal Entry**:
- Debit: Cash $2,000
- Credit: Service Revenue $2,000

3. **Loss Account (e.g., Loss on Sale of Asset)**:
- **Journal Entry**:
- Debit: Loss on Sale of Asset $500
- Credit: Asset Account $500

4. **Gain Account (e.g., Gain on Sale of Asset)**:
- **Journal Entry**:
- Debit: Asset Account $1,500
- Credit

Accounting Standard Payroll Accountant

Ques:- HOW MANY ACCOUNTING STANDARDS IN INDIA

Asked In :- dfas,

Right Answer:
There are 41 Accounting Standards in India.

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

What makes Takluu valuable for interview preparation?

Get Our Mobile App

Programming

Reasoning

Network & Telecom

Management

What makes Takluu valuable for interview preparation?