Sephora Interview Questions and Answers

Audit is a systematic examination of financial records, statements, or operations to ensure accuracy and compliance with laws and regulations.

• Audit involves reviewing financial records, statements, or operations of an organization.

• The purpose of an audit is to ensure accuracy, reliability, and compliance with laws and regulations.

• Auditors use various techniques such as sampling, testing, and analysis to gather evidence and draw conclusions.

• There are different types of audits ...read more

The golden rules of accounting are basic principles that guide the process of recording financial transactions.

• Debit what comes in, credit what goes out

• Debit the receiver, credit the giver

• Debit expenses and losses, credit income and gains

Golden rules of accounting are basic principles that guide the process of recording financial transactions.

• The three golden rules of accounting are: Debit what comes in, Credit what goes out; Debit the receiver, Credit the giver; Debit expenses and losses, Credit income and gains.

• These rules help ensure that financial transactions are accurately recorded and classified in the accounting system.

• For example, when a company receives cash from a customer, the transaction would be...read more

Depreciation is the allocation of the cost of a tangible asset over its useful life.

• Depreciation is a non-cash expense that reduces the value of an asset over time.

• It reflects the wear and tear, obsolescence, or decrease in value of the asset.

• Common methods of calculating depreciation include straight-line, double declining balance, and units of production.

• Example: A company purchases a delivery truck for $50,000 with a useful life of 5 years. Using straight-line depreciation...read more

Land does not depreciate in value over time.

• Land is considered to have an indefinite useful life and therefore does not depreciate.

• Unlike buildings or machinery, land does not wear out or become obsolete.

• The value of land can fluctuate based on factors such as location, demand, and zoning regulations.

Financial statements are formal records of the financial activities and position of a business, organization, or individual.

• Financial statements include the balance sheet, income statement, and cash flow statement.

• They provide information on the financial performance, financial position, and cash flows of an entity.

• Balance sheet shows assets, liabilities, and equity at a specific point in time.

• Income statement shows revenues, expenses, and profits over a period of time.

• Cash f...read more

The golden rule of accounting states that debit what comes in and credit what goes out.

• Debit what comes in and credit what goes out

• Assets = Liabilities + Equity

• Revenue increases equity, expenses decrease equity