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Wednesday, January 20, 2016

Can some one answer accounting questions asked in interviews?

Payroll is made in different methods. Fixed Salary, Hourly Wage, By-piece of work done. For Hourly Wage employees are being paid the number of hours he worked for a week or days including rest day. for fixed salaries like supervisors and managers, they are being paid according to contract despite of working hours, although there is a standard working hours. By piece method is quiet different and now rarely being used. In payroll, additional information is needed, like deductions on Social Security, Advances to employees, loans, health insurance etc.., Overtime is the exceess of hours worked against the regurlar working hours set by the company which is commonly 8 hours. double time applies if the employer decided to pay employees as twice as the regular rates during holidays.

2. accruals are made by debiting Expense Account and Crediting Accrued Expense account. Adjustment for Accrued Expense is made by debiting Accrued Expense and Crediting Expense and Cash. Accrued expense is a liability account.

3. Sales budgeting is based on past sales and collections. It is being measured by the percentage of sales collected in every period pass through the next period's assumptions of sales and collection.

4. (Dr)Accounts Receivables-Customer aCcount - xxx
(Cr) Sales - xxxx
On Payment - (Dr)- Cash - xx, (Cr)-Accounts Receivable

For Accounts Payable - Dr)-Purchases - xx, Cr)- Accounts Payable. (These are just basics)

5. This will be a long discussion. reconciliation is to bring the book value tallied with bank statement.
6. Just relax. If you can't answer the question, say so. Accounting is not based on interviews but in in questionnaires. 

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