Accenture Accountant Interview Questions, Process, and Tips

Accountancy is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions.

• It involves keeping track of financial transactions such as sales, purchases, and payments

• It includes preparing financial statements such as balance sheets and income statements

• It helps businesses make informed decisions based on financial data

• Examples of accoun...read more

A balance sheet is a financial statement that provides a snapshot of a company's financial position at a specific point in time.

• It shows the company's assets, liabilities, and shareholders' equity.

• Assets include cash, accounts receivable, inventory, and property.

• Liabilities include loans, accounts payable, and accrued expenses.

• Shareholders' equity represents the company's net worth.

• The balance sheet follows the formula...read more

Assets and liabilities are recorded in the books of accounts to track the financial position of a company.

• Assets are resources owned by a company that have economic value, such as cash, inventory, or property.

• Liabilities are obligations or debts that a company owes to external parties, such as loans or accounts payable.

• Recording assets and liabilities helps in determining the financial health and net worth of a company...read more

Accounts to be maintained in accounts include cash, accounts receivable, accounts payable, inventory, and fixed assets.

• Cash account for recording all cash transactions

• Accounts receivable for recording money owed to the company by customers

• Accounts payable for recording money owed by the company to suppliers

• Inventory for recording the value of goods held for sale

• Fixed assets for recording long-term assets such as proper

Depreciation is the decrease in value of an asset over time due to wear and tear, obsolescence or other factors.

• Depreciation is a non-cash expense that reduces the value of an asset on the balance sheet.

• It is calculated based on the useful life of the asset and the method of depreciation chosen.

• Examples of assets that can be depreciated include buildings, vehicles, machinery, and equipment.

• Depreciation can be straight-...read more

The 3 golden rules of accounting are the fundamental principles that guide the recording of financial transactions.

• 1. Debit the receiver, credit the giver: This rule states that when an asset is received, it is debited, and when an asset is given, it is credited.

• 2. Debit what comes in, credit what goes out: This rule applies to expenses and incomes. When an expense is incurred, it is debited, and when income is earned,...read more