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What is Accounting? | Accounting Interview Question and Answer

Description:
In this video, we explain “What is Accounting?” in a simple and clear way.
✅ Perfect for freshers and experienced candidates preparing for accounting job interviews.
✅ Learn with easy examples and tips.

Question: Can you tell me, what is Accounting?

Answer: Yes sir. Accounting is the process of recording, classifying, and summarizing financial transactions of a business.

In simple words, it means keeping a proper record of all money coming in and going out.

Question: Okay, why do we need Accounting?

Answer: Because it helps us know whether the business is making profit or loss. It also shows the financial position — like how much assets we own, and how much liabilities we have.

question: Can you give a small example?

Answer: Sure. If a company buys goods for ₹50,000, sells them for ₹80,000, and pays salaries of ₹10,000 — all these transactions are recorded in accounting. Finally, accounting will show profit = 80,000 – (50,000 + 10,000) = ₹20,000.

question: Very good. So, in one line, what is Accounting?
Answer: Accounting is the language of business. It helps in decision making by showing the true financial picture.

👉 Watch till the end for a full understanding!
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accounting interview questions, what is accounting, accounting basics, accounting for freshers, interview preparation, job interview accounting