Anu Furniture International Mall Interview Questions and Answers for Experienced

Accrued income refers to revenue that has been earned but not yet received or recorded in the accounting books.

• Accrued income is recognized when it is earned, regardless of when it is received.

• It is recorded as a current asset on the balance sheet.

• Common examples include interest income, rent receivable, and service fees.

• Accrued income is typically recorded through adjusting journal entries at the end of an accounting

Accrued expenses are recorded through a journal entry to recognize expenses incurred but not yet paid.

• Accrued expenses are liabilities that are recognized when expenses are incurred but not yet paid.

• The journal entry for accrued expenses involves debiting an expense account and crediting an accrued liability account.

• For example, if a company incurs $1,000 of utility expenses but has not yet received the bill, the journ...read more

Balance sheet reconciliation involves comparing the balances of various accounts in the balance sheet to ensure accuracy and identify discrepancies.

• Start by obtaining the trial balance and the general ledger for the period being reconciled.

• Compare the balances of each account in the trial balance to the corresponding account in the general ledger.

• Investigate any discrepancies or differences between the two balances.

• Ens...read more

A debit note is a document used to record the reduction in accounts payable or an increase in accounts receivable.

• A debit note is issued by a buyer to a seller to request a credit for overcharged or returned goods.

• It serves as a proof of the reduction in the amount owed by the buyer to the seller.

• Debit notes are commonly used in business-to-business transactions.

• They help in maintaining accurate financial records and r...read more

Goods in transit refers to inventory or goods that are in the process of being transported from one location to another.

• Goods in transit are not yet received by the buyer but have been shipped by the seller.

• These goods are typically in transit via shipping methods such as trucks, trains, ships, or airplanes.

• The ownership and responsibility for the goods may vary depending on the terms of the sale or contract.

• Goods in t...read more

I have consistently exceeded sales targets in my previous roles, with a track record of increasing revenue year over year.

• Exceeded sales targets by 20% in Q1 of last year

• Implemented new sales strategies resulting in a 15% increase in revenue

• Led a team that achieved a 30% growth in sales compared to the previous year