Interview Tips For Accounts Freshers

Here are some strategic interview tips for accounts freshers and relevant question –

Question - Explain Financial Accounting and its prominent features?
Answer - Financial Accounting is the process in which business transactions are recorded systematically in the various books of accounts maintained by the organization in order to prepare financial statements. These financial statements are basically of two types: First is Profitability Statement or Profit and Loss Account and second is Balance Sheet.

Characteristics features of Financial Accounting -
• Monetary Transactions
• Historical Nature
• Legal Requirement
• External Use
• Disclosure of Financial Status
• Interim Reports
• Financial Accounting Process

Question - Make a comparison between Financial Accounting and Cost Accounting.
Answer - Financial Accounting protects the interests of the outsiders dealing with the organization e.g shareholders, creditors etc. Cost Accounting is used for the internal purpose by the management to enable the same in discharging various functions in a proper manner.

Question - What are the various systems of Accounting?
Answer - There are two systems of Accounting:
• Cash System of Accounting
• Mercantile or Accrual System of Accounting