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Ace your Accounting Job Interview Prep with these 30 Accounting Interview Questions on Not-for-Profit Organizations (NPO) and Partnership Accounts. In this video, we cover both conceptual and practical journal entry-based questions that interviewers commonly ask. Whether you are a fresher preparing for your first accounting job or an experienced professional aiming for career growth, this video will be highly useful. 📋 Questions Covered in the Video: 1. Tell us something about the "Not for Profit" Concerns from Accounting point of view? 2. How do NPOs collect their money? 3. What is Receipts & Payments Account. 4. Difference between Capital Receipts & Revenue Receipts. 5. Difference between Capital Expenditure and Revenue Expenditure. 6. What is Income and Expenditure Account. 7. Do the Balance Sheets of Trading & Non- trading concerns differ in any way? 8. What is Implied Adjustment? 9. What is Accrued Income? What is its effect on the accounts of Not for Profit Concerns? 10. Suppose, if you received the income in Advance - What would be its effect on the Accounts of an NPO? 11. How would you treat the Life Membership fees? 12.Suppose an NPO wants to sell out its old assets like furniture, how will you treat this? 13. What is Capital in terms of Partnership Accounts? 14. Suppose a new partner joins your partnership firm with some capital or assets, how would the Journal Entry for this be made? 15. Suppose two partners X and Y currently share profits and losses in the ratio of 2:3. A new partner Z joins for 1/4th share in future profit. What will be the new profit sharing ratios of X, Y and Z? 16. What is Sacrifice Ratio? 17. What is New Ratio and Gain Ratio, in case of Retirement of Partner? 18. Suppose the entire amount payable to the retiring partner is paid in one single installment. How would the Journal entry for this look like? 19. Let's suppose you make the partial payment to the retiring partner in cash while the balance is transferred to the loan account, what would the journal entry be? 20. What are the different accounts opened in the books of a partnership firm, in case of Simple Dissolution? 21. What is Realisation Account? 22.How are accumulated Profits and Reserves treated at the time of dissolution of Partnership? 23. If all the assets are sold out for Cash during the Realisation stage of Dissolution, how would the Journal entries show up? 24. If a Partner discharges any liabilities of the firm, how would the Journal entries look like? 25. If Partner actively helps with realising the assets and is paid a commission for his effort. How would the journal entry for this be passed? 26. At the time of closing the Realisation Account, if the credit side is more than the debit side or vice versa, what does this mean? 27. How is the current Account of the Partner closed? 28. How do you go about closing the Capital Account? 29. How do you handle unrecorded assets or liabilities realised or paid at the time of closure? 30. How is goodwill treated on Dissolution of Partnership? 🔹 Who should watch this video? 👉 Fresh graduates preparing for their first accounting job. 👉 Experienced professionals aiming for roles like Accounts Assistant, Accountant, Cost Accountant, Accounts Officer, Finance Executive, Management Accountant etc. ✨ Our Other Videos on Finance & Accounting Basic Financial Accounting --------------------- i.) 25 Basic Accounting Interview Questions: • 28 Basic Accounting Interview Questions | ... ii.) 30 Accounting Interview Questions (NPO & Partnership) - • 28 Basic Accounting Interview Questions | ... iii.) 30 Accounting Interview Questions (Trading A/c, Cash Book, Cash Flow, Fund Flow, Depreciation, Provisions, Reserve, Asset Disposal etc.) - • 30 Basic Accounting Interview Questions - ... iv.) 15 Basic Accounting Interview Questions (Liquidity, Solvency, Turnover, Profitability Ratios): • 15 Basic Accounting Interview Questions - ... 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Situational Interview Questions for Financial Analysts: • Situational Interview Questions and Answer... 🔗 Explore more resources on our websites: https://www.careerride.com | https://www.tutorialride.com 📱 Connect with me: Instagram: @kshipra_careerride #accountinginterview #accountsjob #interviewquestions