Achyutam International Accounts & Finance Manager Interview Questions and Answers

To make financial statements with transactions, gather all relevant financial data and organize it into the appropriate financial statement format.

• Collect all financial transactions, including income, expenses, assets, and liabilities.

• Categorize the transactions into appropriate accounts, such as revenue, cost of goods sold, operating expenses, etc.

• Prepare the income statement by summarizing revenue and expenses to cal...read more

Transactions impact the balance sheet (BS) and profit and loss statement (PL) by affecting assets, liabilities, income, and expenses.

• Transactions increase or decrease assets, such as cash, accounts receivable, and inventory.

• Transactions increase or decrease liabilities, such as accounts payable and loans.

• Transactions generate income, such as sales revenue or interest income.

• Transactions incur expenses, such as salaries...read more

Errors in accounts can be checked through various methods and techniques.

• Reconciling bank statements with accounting records

• Reviewing financial statements for inconsistencies

• Performing regular audits and internal controls

• Verifying accuracy of transactions and calculations

• Analyzing variances and investigating discrepancies

• Using accounting software and tools to identify errors

• Seeking professional advice and consultation