23/06/2025
Top 10 General Accounting Interview Q&As, perfect for preparing for most entry to mid-level accounting roles:
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✅ 1. What is Accounting?
Answer:
Accounting is the process of recording, classifying, summarizing, and interpreting financial transactions to provide accurate financial information for decision-making.
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✅ 2. What are the Golden Rules of Accounting?
Answer:
1. Personal Account – Debit the receiver, Credit the giver
2. Real Account – Debit what comes in, Credit what goes out
3. Nominal Account – Debit all expenses and losses, Credit all incomes and gains
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✅ 3. What is the Difference Between Accounts Payable and Accounts Receivable?
Answer:
• Accounts Payable (AP): Amount owed to vendors/suppliers.
• Accounts Receivable (AR): Amount due from customers for goods/services sold.
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✅ 4. What are the Types of Accounting?
Answer:
• Financial Accounting
• Management Accounting
• Cost Accounting
• Tax Accounting
• Forensic Accounting
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✅ 5. What is a Journal Entry?
Answer:
A journal entry is the first step in the accounting cycle. It records the financial transaction with proper debit and credit accounts and amounts, along with the date and description.
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✅ 6. What is a Trial Balance?
Answer:
A trial balance is a report that lists the balances of all ledger accounts to check the mathematical accuracy of the books — ensuring total debits = total credits.
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✅ 7. What is Accrual Accounting?
Answer:
Accrual accounting recognizes revenues and expenses when they are incurred, regardless of when cash is exchanged. It’s based on the matching principle.
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✅ 8. What are Adjusting Entries?
Answer:
Adjusting entries are journal entries made at the end of an accounting period to allocate income and expenses to the correct period (e.g., accrued expenses, prepaid expenses).
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✅ 9. What is Depreciation?
Answer:
Depreciation is the allocation of the cost of a tangible asset over its useful life. It reflects how assets lose value over time due to use and wear and tear.
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✅ 10. What Financial Statements Do Accountants Prepare?
Answer:
1. Income Statement – shows profit/loss
2. Balance Sheet – shows assets, liabilities, and equity
3. Cash Flow Statement – shows cash inflow and outflow
4. Statement of Changes in Equity – tracks changes in owners’ equity
✅ Top 10 General Accounting Interview Q&As, perfect for preparing for most entry to mid-level accounting roles: ⸻ ✅ 1. What is Accounting? Answer: Accounting is the process of recording, classifying, summarizing, and interpreting financial transactions to provide accurate financial informa...
