Accounting Interview Questions and Answers
| 6) |
Define Partitioning in accounting? It is a kind of groups made on the basis of same responses by a system. |
| 7) |
Define Marginal Cost? Suppose you have to produce an additional unit of output. The estimated cost of additional inputs to produce that output is actually the marginal cost. |
| 8) |
Define Scrap value in accounting? It is the residual value of an asset. The residual value is the value that any asset holds after its estimated life time. |
| 9) |
How much statistics knowledge is necessary or required in accounting? You must be very good at statistics if you want to do well in accounting. Otherwise, with minimum knowledge you cannot manage your day to day transactions effectively in accounting. |
| 10) |
Define balancing in accounting? Balancing means to equate both sides of the T-account i.e. the debit and credit sides of a T-account must be equal/balanced. |