91De Solutions Financial Accountant Interview Questions, Process, and Tips

Record to report is the process of collecting, processing, and reporting financial information within an organization.

• Record to report involves recording financial transactions, reconciling accounts, and preparing financial statements.

• It includes activities such as journal entries, general ledger maintenance, and financial close processes.

• The goal of record to report is to ensure accurate and timely financial reporting...read more

The golden rules in financial accounting are the basic principles that guide the preparation of financial statements.

• The revenue recognition principle dictates when revenue should be recognized in financial statements.

• The matching principle requires expenses to be recorded in the same period as the related revenue.

• The historical cost principle states that assets should be recorded at their original cost.

• The full disclo...read more

Types of R2R process include journal entries, reconciliations, and financial reporting.

• Journal entries: Recording financial transactions in the general ledger.

• Reconciliations: Matching transactions between different accounts to ensure accuracy.

• Financial reporting: Preparing and presenting financial statements to stakeholders.

• Intercompany accounting: Managing transactions between different entities within the same organ...read more

Types of ledgers include general ledger, subsidiary ledger, and control ledger.

• General ledger contains all financial transactions of a company.

• Subsidiary ledger provides detailed information on specific accounts.

• Control ledger summarizes the balances from the general and subsidiary ledgers.

• Examples: Accounts Receivable Ledger, Accounts Payable Ledger, Cash Ledger

Basic accounts refer to fundamental financial accounts used in accounting to track transactions and financial activities.

• Assets: resources owned by the company (e.g. cash, inventory)

• Liabilities: debts and obligations owed by the company (e.g. loans, accounts payable)

• Equity: the company's net worth or ownership interest (e.g. common stock)

• Income: revenue generated from business activities (e.g. sales)

• Expenses: costs inc