Befree Business Resourceing Junior Associate Interview Questions, Process, and Tips

Q1. Whats is accounting methods
Ans. 
Accounting methods refer to the rules and procedures used by companies to prepare financial statements.
• Accounting methods determine how revenue and expenses are recognized in financial statements.

• There are two main accounting methods: cash basis and accrual basis.

• Cash basis accounting records revenue and expenses when cash is actually received or paid.

• Accrual basis accounting records revenue when it is earned and expen...read more
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Q2. What is capital gain
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Capital gain is the profit that results from a sale of a capital asset, such as stocks, bonds, or real estate.
• Capital gain is the difference between the purchase price and the selling price of a capital asset.

• It is considered a taxable event by the IRS in the United States.

• Short-term capital gains are taxed at a higher rate than long-term capital gains.

• Examples of capital assets include stocks, bonds, real estate, and
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Q3. What is accrual income and accrual expense
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Accrual income and accrual expense are recognized when they are incurred, regardless of when cash is exchanged.
• Accrual income is income that has been earned but not yet received, while accrual expense is an expense that has been incurred but not yet paid.

• Accrual income and expense are recorded in the financial statements in the period in which they are earned or incurred, regardless of when the cash is actually receive...read more
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Q4. Difference between rent agreement and lease agreement
Ans. 
Rent agreements are usually short-term, while lease agreements are long-term contracts.
• Rent agreements are typically month-to-month or for a fixed term, while lease agreements are usually for a longer period, such as one year or more.

• Rent agreements are more flexible and can be easily terminated with notice, while lease agreements are more binding and may have penalties for early termination.

• Rent agreements are common ...read more
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Q5. What is depreciation and how it is treated in books of accounts
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Depreciation is the allocation of the cost of an asset over its useful life in the books of accounts.
• Depreciation is a non-cash expense that reflects the decrease in value of an asset over time.

• It is treated as an operating expense on the income statement, reducing the company's net income.

• Depreciation is recorded on the balance sheet to reduce the carrying amount of the asset.

• There are different methods of calculating...read more
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Q6. Basic journal entry
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Q7. What is accounts receivables and accounts playable
Ans. 
Accounts receivables are amounts owed to a company by customers for goods or services provided, while accounts payable are amounts owed by a company to suppliers for goods or services received.
• Accounts receivables represent money owed to a company by customers, typically shown as an asset on the balance sheet.

• Accounts payable represent money owed by a company to suppliers or vendors, typically shown as a liability on t...read more
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Q8. Journal entry for investment in businesses 20,000 cash and 80,000 bank loan
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Journal entry for investment in businesses with $20,000 cash and $80,000 bank loan.
• Debit the investment account for $100,000 ($20,000 cash + $80,000 bank loan)

• Credit the cash account for $20,000

• Credit the bank loan account for $80,000
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Finance terms and some math

Q1. What is mean international accounting
Ans. 
International accounting refers to the accounting standards and practices used in multiple countries to facilitate global business transactions.
• Involves understanding and applying different accounting standards and regulations across countries

• Requires knowledge of currency exchange rates and international tax laws

• Helps companies compare financial performance across borders and comply with international reporting requir...read more
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Questions on quants like , PI ,average,

Q1. What are debentures What is risk analysis Case study on if a person comes to you for financial advice who is xx years old and has xx worth of assets what are the things you will take into consideration w...read more
Ans. 
Debentures are long-term debt instruments issued by companies to raise funds from the public. Risk analysis involves evaluating potential risks associated with an investment. When advising a person on financial matters, factors like age, assets, risk tolerance, and financial goals must be considered.
• Debentures are a form of corporate bonds that pay fixed interest rates to investors.

• Risk analysis involves assessing the ...read more
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Q2. What is needs analysis Difference between mutual funds and ETFS
Ans. 
Needs analysis is the process of determining the needs and requirements of a client or project before making recommendations or decisions.
• Needs analysis involves gathering information about the client's goals, objectives, and constraints.

• It helps in identifying the gap between the current state and the desired state.

• Mutual funds pool money from multiple investors to invest in a diversified portfolio of securities.

• ETFs ...read more
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