BYLD Group Interview Questions and Answers

Personal, nominal, and real accounts are types of accounts used in accounting to categorize different types of transactions.

• Personal accounts represent individuals, firms, or organizations with whom a business has financial transactions.

• Nominal accounts are used to record expenses, incomes, gains, and losses. They are temporary accounts that are closed at the end of an accounting period.

• Real accounts are used to record assets, liabilities, and owner's equity. They are permane...read more

I am a dedicated individual who completed my PG with 55% and gained 6 months of valuable experience in the field.

• I am a hardworking individual who successfully completed my post-graduation with a 55% score.

• I have gained 6 months of practical experience in the relevant field, allowing me to apply my knowledge in a real-world setting.

• I am dedicated to continuous learning and improvement, and I am eager to contribute to the success of the organization.

Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions of a business.

• Recording financial transactions

• Summarizing financial data into financial statements

• Analyzing financial information to make business decisions

• Reporting financial results to stakeholders

• Ensuring compliance with financial regulations

• Examples: preparing balance sheets, income statements, cash flow statements

The 3 rules of accounting are the accounting equation, the revenue recognition principle, and the matching principle.

• Accounting Equation: Assets = Liabilities + Equity

• Revenue Recognition Principle: Recognize revenue when it is earned, not when cash is received

• Matching Principle: Match expenses to the revenues they helped generate

A balance sheet is a financial statement that shows a company's assets, liabilities, and shareholders' equity at a specific point in time.

• A balance sheet provides a snapshot of a company's financial position.

• It shows what a company owns (assets), what it owes (liabilities), and the difference between the two (shareholders' equity).

• Assets are typically listed in order of liquidity, while liabilities are listed in order of maturity.

• The balance sheet equation is: Assets = Liabil...read more