Alco Foods Interview Questions and Answers

Account golden rules are basic principles of accounting that help in maintaining accurate financial records.

• 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 are used to record transactions in the journal and ledger.

• For example, if a company receives cash from a customer, the entry w...read more

Accounts payable is money owed by a company to its suppliers while accounts receivable is money owed to a company by its customers.

• Accounts payable is a liability while accounts receivable is an asset.

• Accounts payable is recorded on the balance sheet under current liabilities while accounts receivable is recorded under current assets.

• Accounts payable is paid by the company while accounts receivable is collected by the ...read more