1) Why did you select accounting as your profession?
Well, I was quite good in accounting throughout but in my masters, when I got distinction I decided to adopt this field as a profession.
2) Do you have any professional experience of this field?
Yes, I have worked as an accountant at two different places.
3) Did you use accounting applications at your previous companies or prefer working manually??
Yes, I have used Advanced Business Solutions and AME Accounting Software in my previous jobs.
4) Can you name any other accounting application?
Yes, I am familiar with CGram Software, Financial Force, Microsoft Accounting Professional, Microsoft Dynamics AX and Microsoft Small Business Financials.
5) Which accounting application you prefer most and why?
I think all are good though but Microsoft Accounting Professional is best because it offers reliable and fast processing of accounting transactions that saves time and increases proficiency.
6) What is the abbreviation for the accounting terms debit and credit?
Debit abbreviation is “dr” and credit abbreviation is “cr”.
7) How many types of business transactions are there in accounting?
There are two types of transactions in accounting i.e. revenue and capital.
8) What is balance sheet?
9) Have you ever heard about TDS, what it is?
Yes, TDS abbreviates Tax Deduction at Source.
10) In balance sheet, where do you show TDS?
It is shown on the assets section, right after the head current asset.
11) Do you have any idea about Service Tax or Excise?
It is a kind of hidden tax that is included in the service provided by the service provider and paid by the service receiver.
12) Do you think there is any difference between inactive and dormant accounts?
Yes, both are different terms in accounting. Inactive accounts means that accounts have been closed and will not be used in future as well. While, dormant accounts are those that are not functional today but may be used in future.
13) What is tally accounting?
It is the software used for accounting in small business and shops for managing routine accounting transactions.
14) How can you define departmental accounting?
It is a type of accounting in which separate account is created for departments. It is managed separately as well as shown independently in the balance sheet.
15) Define fictitious assets?
These are the assets that cannot be shown or touch. Fictitious assets can only be felt such as good will, rights etc.
16) By saying, perpetual or periodic inventory system; what do we mean?
In the first one i.e. the perpetual inventory system, the accounts are adjusted on continual basis. In the periodic inventory system, the accounts are adjusted periodically.
17) In accounting, how do you define premises?
Premises refer to fixed assets that are shown in the balance sheet.
18) In accounting, VAT abbreviates what?
VAT means Value Added Tax.
19) Do you possess any knowledge about accounting standards?
Yes, as per my knowledge there are total 33 accounting standards published so far by ICAI. The purpose of these standards is to implement same policies and practices in any country.
20) What is ICAI?
It is the abbreviation of Institute of Chartered Accountants in India.