ACCT 212 Questions and Answers with Explanations, 100% Correct, Download to Score A

ACCT 212 Questions and Answers with Explanations, 100% Correct, Download to Score A
1) Why choose accounting as a profession?
Accounting is chosen as a profession because:
Become a part of an extensive network of professionals.
Accept or experience a challenging role.
Explore new opportunities.
Offers all kinds of career options.
2) What are the skills needed to work as an accountant?
Skills needed to work as an accountant are:
Excellent at math
Strong analytical skills
Structured work style
Aptitude for technology.
3) Mention some accounting software
The best accounting software are:
FreshBooks
NetSuite ERP
Tipalti
FreeAgent
Zoho Books
Sage Business Cloud Accounting
Sage 50cloud
Tally
4) Mention the difference between SAP Memory and ABAP Memory
SAP Memory is a global user-related memory that extends beyond the limit of transaction.
ABAP Memory is a memory area within each main session and can be accessed by programs using the
import-export statement.
5) What is Microsoft Accounting Professional?
Microsoft Accounting Professional is an accounting application that offers reliable and fast processing of
accounting transactions. It also helps with financial analysis.
6) What is the abbreviation for the accounting terms debit and credit?
The debit abbreviation is "dr" and credit abbreviation is "cr".
7) How many types of business transactions are there in accounting?
There are two types of transactions in accounting, i.e., revenue and capital.
8) What is the balance sheet?
It is a statement that states all the liabilities and assets of the company at a certain point.
Accounting Interview Questions
Accounting Interview Questions
9) What is TDS?
TDS stands for Tax Deduction at Source. It is introduced to collect text from the company from where
the employee income is generated.
10) Where to show TDS in the balance sheet?
TDS is shown on the assets section, right after the head current asset.
11) What is GST?
GST stands for Goods and Service Tax. It's an indirect tax other than the income tax. It charges on the
value of the service or product sold to a customer. The customer/clients pay the GST, and the seller
deposits the GST with the government. Some countries have sales, service tax with works more or less
the same as GST.
12) What is the key difference between inactive and dormant accounts?
Yes, both are different terms in accounting. Inactive accounts mean that accounts have been closed and
will not be used in the future as well. Dormant accounts are those that are not functional today but may
be used in the future.
13) What is tally accounting?
It is the software used for accounting in small business and shops for managing routine accounting
transactions.
14) How to define departmental accounting?
Departmental accounting is a type of accounting in which a separate account is created for
departments. It is managed separately as well, as shown independently in the balance sheet.
15) Define fictitious assets
These are the assets that cannot be shown or touch. Fictitious assets can only be felt, such as goodwill,
rights, etc.
16) What is the meaning of a perpetual or periodic inventory system?
In the perpetual inventory system, the accounts are adjusted on a continual basis. In this inventory
system, the accounts are changed periodically.
17) What is premises in accounting?
Premises refers to fixed assets that are shown in the balance sheet.
18) What is the abbreviation of VAT?
The abbreviation of VAT is Value Added Tax.
19) How many accounting standards are published by ICAI?
There is a total of 33 accounting standards published by ICAI. The purpose of these standards is to
implement the same policies and practices in any country. 

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