What are the basic accounting questions asked in an interview?

The basic accounting questions asked in an interview include:

• What is the difference between accrual accounting and cash accounting?

• Can you explain the accounting equation?

• What are debit and credit? How do they affect the accounting equation?

• Define assets, liabilities, and equity.

• What is the purpose of a trial balance?

• Explain the concept of depreciation.

• How do you calculate gross profit and net profit?

• What is a balance sheet?

• Describe the income statement and its components.

• What is the importance of a bank reconciliation statement?

• How does the double-entry system work?

• What is the significance of the chart of accounts?

• Can you differentiate between current assets and non-current assets?

• What are accounts payable and accounts receivable?

• How do you handle bad debts?

• Explain the concept of goodwill in accounting.

• What is the difference between a general ledger and a subsidiary ledger?

• How do you record the purchase of inventory?

• What are the different financial statements and their purposes?

• How do you calculate the return on investment (ROI)?