10+ TRIANGLE Restaurant Interview Questions and Answers

Accounting is important for businesses to track financial transactions, make informed decisions, and comply with regulations.

• Helps track financial transactions and monitor cash flow

• Provides financial information for decision-making

• Assists in complying with tax and regulatory requirements

• Helps in budgeting and forecasting

• Provides insights into the financial health of the business

• Helps in identifying areas for cost-cutting or revenue growth

• Assists in securing loans or investmen...read more

Accounting is the process of recording, classifying, and summarizing financial transactions to provide information for decision-making.

• Accounting helps businesses keep track of their financial transactions and performance.

• It provides financial information to stakeholders such as investors, creditors, and management.

• Accounting helps in making informed decisions about investments, budgeting, and forecasting.

• It is important for tax compliance and financial reporting.

• Examples of ...read more

Outstanding income refers to income that has been earned but not yet received.

• Outstanding income is also known as accounts receivable.

• It is recorded as an asset on the balance sheet.

• Examples include unpaid invoices or payments that are still pending.

• It is important for businesses to manage outstanding income to ensure cash flow and financial stability.

Accrued income is revenue earned but not yet received or recorded in the accounting books.

• Accrued income is recognized as a current asset on the balance sheet.

• It is recorded through adjusting entries at the end of an accounting period.

• Examples include interest income earned but not yet received, rent income earned but not yet received, etc.

Accounting rules are principles and guidelines that govern the preparation and presentation of financial statements.

• Accrual accounting: revenue and expenses are recognized when earned/incurred, not when cash is received/paid

• Matching principle: expenses should be matched with the revenue they helped generate

• Consistency principle: accounting methods should be consistent from one period to the next

• Materiality principle: only significant items should be recorded in financial stat...read more

A real account is a permanent account that reflects the assets, liabilities, and equity of a business.

• Real accounts are not closed at the end of an accounting period.

• They include assets like cash, accounts receivable, and equipment, liabilities like accounts payable, and equity accounts.

• Changes in real accounts are recorded on the balance sheet.

• Examples of real accounts include Cash, Accounts Receivable, Accounts Payable, and Owner's Equity.

Depreciation is the allocation of the cost of a tangible asset over its useful life.

• Depreciation is a non-cash expense that reflects the decrease in value of an asset over time.

• It is used to spread out the cost of an asset over its useful life instead of expensing it all at once.

• Common methods of calculating depreciation include straight-line, double-declining balance, and units of production.

• Examples of depreciable assets include buildings, vehicles, machinery, and equipment...read more

The golden rules of accounting are basic principles that guide the process of recording financial transactions.

• There are three golden rules of accounting: Debit the receiver, Credit the giver; Debit what comes in, Credit what goes out; Debit expenses and losses, Credit income and gains.

• These rules help ensure that the accounting equation (Assets = Liabilities + Equity) remains balanced.

• For example, when a company receives cash from a customer, the cash account is debited (inc...read more

Procure to pay is the process of obtaining goods or services from a vendor, receiving and approving the invoice, and making payment.

• Identify need for goods or services

• Obtain quotes or proposals from vendors

• Create purchase order

• Receive goods or services

• Approve invoice for payment

• Make payment to vendor

Reconciliation uses various methods to ensure that financial records match up and discrepancies are identified and resolved.

• Reconciliation involves comparing two sets of records to ensure they are in agreement.

• Common methods of reconciliation include bank reconciliation, accounts receivable reconciliation, and accounts payable reconciliation.

• Reconciliation helps identify errors, fraud, and discrepancies in financial records.

• It is important for maintaining accurate financial r...read more