AK Enterprises Executive Accountant Interview Questions and Answers

Steps in revenue recognition, revenue entries, and month-end closures for Financial Accountant role.

• Revenue recognition involves identifying the transaction, determining the amount of revenue to be recognized, and allocating the revenue to the appropriate period.

• Revenue entries are recorded in the general ledger and include debiting accounts receivable and crediting revenue accounts.

• Month-end closures involve reconcili...read more

Deferred revenue is recognized when the performance obligation is satisfied.

• Deferred revenue is recognized when the performance obligation is satisfied.

• It is recognized as revenue in the income statement.

• It is initially recorded as a liability on the balance sheet.

• Deferred revenue arises when a company receives payment for goods or services that have not yet been provided.

• Examples include subscription services, prepaid

Fund accounting is a specialized form of accounting used by investment companies to track and report on the financial activities of investment funds.

• Fund accounting is used by investment companies to manage the financial activities of investment funds.

• It involves tracking and reporting on the income, expenses, and investments of the fund.

• Fund accountants ensure compliance with regulatory requirements and provide accura...read more