Accounting Interview Questions and Answers
| 16) |
Define company’s payable cycle? It is the time required by the company to pay all its account payables. |
| 17) |
Have you ever prepared MIS reports and what are these? Yes, I have prepared few MIS reports during my previous jobs. MIS reports are created to identify the efficiency of any department of a company. |
| 18) |
Define the term material facts in accounting? Material facts are the bills or any document that becomes the base of every account book. It means that all those documents, on which account book is prepared, are called material facts. |
| 19) |
What do we mean by purchase return in accounting? It is the term introduced in the records for every defective or unsatisfactory good returned back to its supplier. |
| 20) |
Define dual aspect term in accounting? As the name implies, the dual aspect concept states that every transaction has two sides. For example, when you buy something, you give the cash and get the thing. Similarly, when you sale something, you lose the thing and gets the money. So this getting and losing is basically two aspects of every transaction. |