Account Solutions Interview Questions and Answers

A journal entry for accounts payable records the increase in a company's liability for unpaid expenses.

• Accounts payable is a liability account that represents the amount owed by a company to its creditors.

• To record an increase in accounts payable, the journal entry would credit the accounts payable account and debit the corresponding expense or asset account.

• For example, if a company receives an invoice for $1,000 for ...read more

Accrual concept recognizes revenue and expenses when they are earned or incurred, regardless of when payment is received or made.

• Revenue is recognized when it is earned, not when payment is received

• Expenses are recognized when they are incurred, not when payment is made

• Accruals are made for revenue and expenses that have been earned/incurred but not yet received/paid

• Example: A company provides services in December but ...read more

Marketing roles regulation involves setting guidelines and standards for marketing practices.

• Regulation methods include industry guidelines, government regulations, and self-regulatory organizations.

• Industry guidelines are set by trade associations to ensure ethical marketing practices.

• Government regulations are laws that govern marketing activities to protect consumers and ensure fair competition.

• Self-regulatory organ...read more