If you want to make your career in accounting then you need to read the following Common Interview questions and answers:
1) Explain the owner’s equity? And how to calculate it?
The claim of the entrepreneur against the business assets is the business capital or Owner’s equity. This is calculated by deducting creditors equity from the total equity.
2) Explain double-entry bookkeeping and its rules?
It follows the principle where each debit has a subsequent credit, therefore, a total of all debits is equal to the total of all credits. Here when an account is debited there is another account which is credited.
3) Explain the significant terms used in the balance sheet?
Equity
Assets
Liability
4) Define Trial Balance?
At any given time, a total sum of all the balances standing on the ledger accounts is called Trial balance.
5) Common Errors in Accounting?
These are the following common errors in accounting:
6) List the items included in the Profit and Loss account?
7) List of adjustment entries made by preparing the final accounts of Trial Balance?
The above common interview questions and answers are sufficient to clear the interview rounds