Bunzl Junior Engineer Interview Questions and Answers

The basic account equation is Assets = Liabilities + Equity.

• Assets are what a company owns or has control over, such as cash, inventory, and property.

• Liabilities are what a company owes to others, such as loans and accounts payable.

• Equity is the residual interest in the assets of the company after deducting liabilities.

• The equation must always balance, meaning that the total assets must equal the total liabilities and

Two ways to estimate bad debt are aging method and percentage of sales method.

• Aging method involves categorizing accounts receivable by age and estimating the percentage of each category that will become bad debt.

• Percentage of sales method involves estimating the percentage of sales that will become bad debt based on historical data or industry averages.

• Other methods include customer creditworthiness analysis and indus...read more

To minimize and check for errors, I double-check my work and use tools like spell-check and formulas.

• I review my work multiple times before submitting it

• I use tools like spell-check and grammar-check to catch any errors

• I use formulas and templates to ensure accuracy

• I ask a colleague to review my work for a fresh perspective

• I take breaks to avoid fatigue and maintain focus

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

• The first golden rule is the Personal Account rule, which states that debit the receiver and credit the giver.

• The second golden rule is the Real Account rule, which states that debit what comes in and credit what goes out.

• The third golden rule is the Nominal Account rule, which states that debit all expenses and losse

Debtor and creditor are accounting terms used to describe the relationship between two parties in a financial transaction.

• A debtor is a person or entity that owes money to another party.

• A creditor is a person or entity to whom money is owed by another party.

• Debtors are recorded as liabilities on the balance sheet, while creditors are recorded as assets.

• Examples of debtors include customers who have not yet paid for goo...read more