US GAAP Interview Questions For Freshers

What is the accounting equation in US GAAP?

Summary:

Detailed Answer:

Describe the guidelines for segment reporting under US GAAP.

Summary:

Detailed Answer:

What is the purpose of the Statement of Comprehensive Income in US GAAP?

Summary:

Detailed Answer:

Explain the treatment of intangible assets under US GAAP.

Summary:

Detailed Answer:

What is the role of the Governmental Accounting Standards Board (GASB) in US GAAP?

Summary:

Detailed Answer:

Define the concept of retained earnings in US GAAP.

Summary:

Detailed Answer:

What is the purpose of the Statement of Shareholders' Equity in US GAAP?

Summary:

Detailed Answer:

Explain the concept of depreciation in US GAAP.

Summary:

Detailed Answer:

What is the purpose of the Statement of Cash Flows in US GAAP?

Summary:

Detailed Answer:

What are the different categories of long-term liabilities under US GAAP?

Summary:

Detailed Answer:

Explain the historical cost principle in US GAAP.

Summary:

Detailed Answer:

Provide an example of a current asset under US GAAP.

Summary:

Detailed Answer:

What is the concept of future income tax under US GAAP?

Summary:

Detailed Answer:

What is the role of the Securities and Exchange Commission (SEC) in US GAAP?

Summary:

Detailed Answer:

Explain the revenue recognition principle in US GAAP.

Summary:

Detailed Answer:

Define the concept of fair value in US GAAP.

Summary:

Detailed Answer:

What is the purpose of the Statement of Financial Accounting Concepts (SFAC)?

Summary:

Detailed Answer:

What are the four levels of the US GAAP hierarchy?

Summary:

Detailed Answer:

What is the role of the Financial Accounting Standards Board (FASB) in US GAAP?

Summary:

Detailed Answer:

Explain the concept of materiality in US GAAP.

Summary:

Detailed Answer:

What is the difference between US GAAP and IFRS?

Summary:

Detailed Answer:

What are the basic principles of US GAAP?

Summary:

Detailed Answer:

What is the purpose of US GAAP?

Summary:

Detailed Answer:

What is the purpose of the Statement of Financial Position in US GAAP?

Summary:

Detailed Answer:

Explain the treatment of stock-based compensation under US GAAP.

Summary:

Detailed Answer:

What is the concept of a business combination under US GAAP?

Summary:

Detailed Answer:

Describe the guidelines for accounting for pensions and other post-employment benefits under US GAAP.

Summary:

Detailed Answer:

What does GAAP stand for?

Summary:

Detailed Answer:

Explain the treatment of contingencies under US GAAP.

Summary:

Detailed Answer:

Define the concept of interim financial reporting in US GAAP.

Summary:

Detailed Answer:

What is the purpose of the Statement of Functional Expenses in US GAAP?

Summary:

Detailed Answer:

Describe the treatment of foreign currency translation under US GAAP.

Summary:

Detailed Answer:

What are the requirements for lease accounting under US GAAP?

Summary:

Detailed Answer:

Explain the concept of segment elimination in US GAAP.

Summary:

Detailed Answer:

What is the purpose of the Statement of Changes in Net Assets in US GAAP?

Summary:

Detailed Answer:

Describe the treatment of research and development costs under US GAAP.

Summary:

Detailed Answer:

What are the disclosure requirements for contingent liabilities under US GAAP?

Summary:

Detailed Answer:

Explain the concept of impairment in US GAAP.

Summary:

Detailed Answer:

US GAAP Intermediate Interview Questions

Explain the concept of accounting for post-balance sheet events under US GAAP.

Summary:

Detailed Answer:

Describe the treatment of subsequent events under US GAAP.

Summary:

Detailed Answer:

What are the requirements for accounting for convertible debt instruments under US GAAP?

Summary:

Detailed Answer:

Explain the concept of troubled debt restructurings under US GAAP.

Summary:

Detailed Answer:

Describe the treatment of going concern considerations under US GAAP.

Summary:

Detailed Answer:

What are the guidelines for accounting for share-based payment transactions with nonemployees under US GAAP?

Summary:

Detailed Answer:

Explain the concept of stock splits under US GAAP.

Summary:

Detailed Answer:

Describe the treatment of employee benefit plans under US GAAP.

Summary:

Detailed Answer:

What is the difference between an operating segment and a reporting unit under US GAAP?

Summary:

Detailed Answer:

Explain the concept of accounting for business combinations achieved in stages under US GAAP.

Summary:

Detailed Answer:

Describe the treatment of noncontrolling interests under US GAAP.

Summary:

Detailed Answer:

What are the requirements for accounting for income taxes in interim periods under US GAAP?

Summary:

Detailed Answer:

Explain the concept of a defined benefit pension plan under US GAAP.

Summary:

Detailed Answer:

Describe the treatment of share-based payment arrangements under US GAAP.

Summary:

Detailed Answer:

What are the guidelines for accounting for debt modifications and extinguishments under US GAAP?

Summary:

Detailed Answer:

Explain the concept of contingently issuable shares under US GAAP.

Summary:

Detailed Answer:

Describe the treatment of nonmonetary transactions under US GAAP.

Summary:

Detailed Answer:

What are the requirements for reporting on fair value measurements under US GAAP?

Summary:

Detailed Answer:

Explain the concept of noncurrent assets held for sale under US GAAP.

Summary:

Detailed Answer:

Describe the treatment of revenue from contracts with customers under US GAAP.

Summary:

Detailed Answer:

What are the guidelines for accounting for financial instruments under US GAAP?

Summary:

Detailed Answer:

Explain the concept of fair value measurement hierarchy under US GAAP.

Summary:

Detailed Answer:

Describe the treatment of investment properties under US GAAP.

Summary:

Detailed Answer:

What are the requirements for accounting for business combinations under US GAAP?

Summary:

Detailed Answer:

Explain the guidelines for accounting for goodwill and intangible assets with indefinite useful lives under US GAAP.

Summary:

Detailed Answer:

What is the concept of a derivative instrument under US GAAP?

Summary:

Detailed Answer:

Describe the treatment of stock repurchases under US GAAP.

Summary:

Detailed Answer:

What are the guidelines for accounting for income taxes under US GAAP?

Summary:

Detailed Answer:

Explain the concept of variable interest entities (VIE) under US GAAP.

Summary:

Detailed Answer:

Describe the treatment of long-lived assets under US GAAP.

Summary:

Detailed Answer:

What are the requirements for revenue recognition for software companies under US GAAP?

Summary:

Detailed Answer:

US GAAP Interview Questions For Experienced

Describe the guidelines for accounting for extractive industries under US GAAP.

Summary:

Detailed Answer:

Explain the concept of interim financial reporting for depository institutions under US GAAP.

Summary:

Detailed Answer:

Describe the treatment of accounting for government grants under US GAAP.

Summary:

Detailed Answer:

What are the requirements for accounting for stock-based compensation in a business combination under US GAAP?

Summary:

Detailed Answer:

Explain the concept of interim financial reporting for insurance companies under US GAAP.

Summary:

Detailed Answer:

Describe the guidelines for accounting for intangible assets with finite useful lives under US GAAP.

Summary:

Detailed Answer:

What is the treatment of a change in accounting principle under US GAAP?

Summary:

Detailed Answer:

Explain the concept of accounting for income taxes in a consolidated group under US GAAP.

Summary:

Detailed Answer:

Describe the treatment of fair value measurements for nonfinancial assets under US GAAP.

Summary:

Detailed Answer:

What are the requirements for accounting for discontinued operations under US GAAP?

Summary:

Detailed Answer:

Explain the concept of interim financial reporting for mining and oil and gas companies under US GAAP.

Summary:

Detailed Answer:

What is the treatment of extraordinary items under US GAAP?

Summary:

Detailed Answer:

Explain the concept of interim financial reporting for specialized industries under US GAAP.

Summary:

Detailed Answer:

Describe the treatment of accounting changes and error corrections under US GAAP.

Summary:

Detailed Answer:

What are the guidelines for accounting for joint ventures under US GAAP?

Summary:

Detailed Answer:

Explain the concept of hedges under US GAAP.

Summary:

Detailed Answer:

Describe the treatment of revaluation of nonfinancial assets under US GAAP.

Summary:

Detailed Answer:

What are the requirements for accounting for foreign currency transactions under US GAAP?

Summary:

Detailed Answer:

Explain the concept of intraperiod tax allocation under US GAAP.

Summary:

Detailed Answer:

Describe the guidelines for accounting for contingencies under US GAAP.

Summary:

Detailed Answer:

What is the treatment of discontinued operations under US GAAP?

Summary:

Detailed Answer: