Senior Accountant Interview Questions and Answers| Accountant Interview Questions and Answers

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Why Trading Account is credited by Closing Stock?
In the context of the Trading Account, the cost of goods sold (COGS) needs to be matched against the revenues generated from the sale of those goods.

Closing Stock represents the value of unsold goods at the end of the accounting period. By crediting the Trading Account with the value of Closing Stock, you are essentially accounting for the value of those unsold goods

What is Cost of Goods Sold?

Cost of Goods Sold (COGS) refers to the direct costs associated with producing the goods sold by a company. It includes the cost of materials, labor, and overhead expenses that are directly tied to the production of the goods. COGS does not include indirect expenses like distribution costs and sales force costs.

Difference between Cost of Goods Sold and Cost of Sales

COGS focuses purely on production costs.
COS presents a more comprehensive picture, including some selling expenses.

Why Quick Ratio is better than Current Ratio

Quick Ratio focuses on highly liquid assets and excludes inventory and prepaid expenses

Why do we record expenses in the current year even though the same is outstanding?

The reason is the accrual basis of accounting.

Why high asset turnover ratio is considered good?

In most cases, a high asset turnover ratio is considered good, since it implies that receivables are collected quickly, fixed assets are heavily utilized, and little excess inventory is kept on hand

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[beautifullifebyroy]

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[DADDY_BOLTEEE]

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[shivanimore]

Please make more videos related to TALLY interview questions. Thank you!

[employeetrader]

Closing stock is your asset so we mentioned it in the credit side of trading account

[madhuairani]

Is there a difference between advance received from customers for good and services v/s deferred revenue ...or is it one and the same....?

[mishrabhavna]

Mam Kolkata location me accounts me job mil jayega kya

[MOHIT-kcqm]

Mam closing stock Wala question aap ek aur baar bata sakte hai if possible mam

[NidhiSingh-bzws]

Mam senior accountant ki best salry ke liye after bcom kya krna chyie

[nikunj]

Mdm, I have 2yrs experience in accounting, what area should I cover to apply for senior accountant

This is very usefull sestion mam, i reqvested to you Please do the P&L, BAL sestion