Interview for Accounts profile

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sandeep (Querist)
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13 August 2008 Dear All,

Now days I am attending interviews & following are some questions which I could not answer.
Please give me answers for all following questions , So that in next interview it will help me.

Similarly if you have any questionnaire & answers for Accounts Executive profile ply mail me at sandeepbhor2005@yahoo.co.in

SR NO PARTICULARS
1 TRADE DISCOUNT- WHERE IT WILL APPEAR IN B.SHEET

2 CAPITAL - HOW TO CALCULATE , ITEMS TO BE CONSIDER

3 WHAT IS BANK GUARANTEE & LETTER OF CREDIT

4 WHAT IS ACCRUAL /ACCRUED EXPENSES

5 INSURANCE PAID ON ASSETS WILL BE REV EXP/COST OF ASSET/PRODUCTION OVERHEAD

6 VALE OF ASSET NOT BECOM NIL -UNDER REDUCING/ANNUITY/STRAIGHT/WRITTEN DEP METHOD

7 PATENTS & RIGHTS IS A ASSET OR NOT

8 IN WHICH LOAN BANK ACTUALLY DOESN'T GIVE FUNDS - BANK GURANTEE/TERM LOAN./OVERDRAFT

9 WHAT DOCUMENTS REQIRED BY BANK FOR BANK GUARANTEE

CA Nallathambi Srinivasan

CA Nallathambi Srinivasan (Expert)
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13 August 2008 Please see the queries which I can Solve.

3. Bank Guarantee is normally used for Capital Projects, when any contractor provides service to us, we normally request them to give Bank guarantee for providing the Service. The need for it, normally the service provider require say 25% to 50% of the total contract value as advance for this we require BG.

BG will be two types, i.e Performace Bank Guarantee & Advance Bank Guarantee.

Letter of Credit is used in mostly in Import and Export of materials.

5. Insurance paid on Assets are revenue Expenditure.

7. Patents & Rights are Fictious Assets like Goodwill

8 Bank Guarantee, I have already explained. Banker will give money when the service provider defaults, otherwise they will not give. Primarily the money given under BG by the banker is Service providers money only and not bankers money.

9. It may vary depends upon the banker.

You can get Websites which provides the Interview Questions and answers of Accounting Field.

example : WWW.geekinterview.com

Message likes : 1 times

CA Naveen Kumar Agrawal

CA Naveen Kumar Agrawal (Expert)
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14 August 2008 Answer 1:
No entry for Trade Discount is made in the Books of a/s hence no Ques arise of its appearance in the balance sheet.

Answer 2:
Capital is owners equity includes the following Share Capital(in case of company)+ Free Reserves(i.e. General Res. , P&L Cr. Balance)- Losses-Misc exp.
in case of prop/partnership: capital+ net profit (- in case of Net loss)- drawing + addition during the financial period.

Answer 4:
Accrued Expenses means outstanding Expenses (i.e. expenses which have been incurred during the financial period but pending at the end of the financial period.

Answer 5: Insurance paid for assets being used in production process shall be treated as Production overhead and insurance paid for other assets shall be treated as administrative overhead. in both the case it is revenue exp.

Answer 6:
Value of Asset never become Nil under reducing balance method of Depreciation.

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