AARGEE STAFFING SERVICES Business Associate Interview Questions, Process, and Tips

Bad debts are the amounts owed to a company that are unlikely to be paid back.

• Bad debts are a loss for the company as they cannot recover the amount owed.

• They are usually written off as an expense in the company's financial statements.

• Examples include unpaid invoices, defaulted loans, and bounced checks.

• Companies may try to recover bad debts through debt collection agencies or legal action.

• Bad debts can be minimized th...read more

The Golden Rule is a moral principle that states one should treat others as they would like to be treated.

• The Golden Rule is also known as the ethic of reciprocity.

• It is found in many cultures and religions around the world.

• Examples include 'Do unto others as you would have them do unto you' and 'Love your neighbor as yourself.'

A financial statement that shows a company's assets, liabilities, and equity at a specific point in time.

• It is a snapshot of a company's financial position.

• Assets are listed on the left side and liabilities and equity on the right side.

• The equation Assets = Liabilities + Equity must always balance.

• It helps investors and creditors to evaluate a company's financial health.

• Examples of assets include cash, inventory, and p...read more

There are two main types of accounting: financial accounting and managerial accounting.

• Financial accounting focuses on external reporting and providing financial information to stakeholders.

• Managerial accounting focuses on internal decision-making and providing financial information to management.

• Other types of accounting include tax accounting, auditing, and forensic accounting.

• Tax accounting involves preparing tax re...read more

A mortgage is a loan taken out to purchase a property, where the property serves as collateral for the loan.

• Mortgages are typically long-term loans, with repayment periods ranging from 15 to 30 years.

• Interest rates on mortgages can be fixed or adjustable.

• Mortgages can be obtained from banks, credit unions, or other financial institutions.

• The amount of the mortgage loan is based on the value of the property being purcha...read more