Apple Accountant Interview Questions and Answers

Accrual accounting is a method of accounting where revenues and expenses are recorded when they are earned or incurred, regardless of when cash is exchanged.

• Revenue is recognized when it is earned, not necessarily when cash is received

• Expenses are recorded when they are incurred, not necessarily when they are paid

• Accrual accounting provides a more accurate picture of a company's financial position and performance over ...read more

Prepayment is an advance payment made for goods or services before they are received or delivered.

• Prepayment is recorded as an asset on the balance sheet until the goods or services are received or delivered.

• Once the goods or services are received or delivered, the prepayment is then recognized as an expense on the income statement.

• Examples of prepayments include rent paid in advance, insurance premiums, and subscripti