Carisma Solutions Senior Accountant Interview Questions and Answers for Freshers

Accounts basics questions

Q1. Accounts basics questions
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Q2. What is Golden rule and what are those
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The Golden rule is a principle of ethical conduct that states one should treat others as one would like others to treat oneself.
• The Golden rule is also known as the ethic of reciprocity.

• It is found in many religions and cultures around the world.

• The rule encourages empathy, compassion, and fairness in interpersonal relationships.

• Examples of the Golden rule include 'Do unto others as you would have them do unto you' and
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Q3. What is Prepaid expense and it's journal entry
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Prepaid expense is an advance payment made for goods or services that will be received in the future.
• Prepaid expenses are considered assets on the balance sheet.

• The journal entry for recording a prepaid expense involves debiting the Prepaid Expense account and crediting the Cash or Accounts Payable account.

• As the prepaid expense is consumed or utilized, it is gradually recognized as an expense through adjusting entries...read more
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Q4. What is Accrual entry and Journal
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Accrual entry is a type of accounting entry that records revenue or expenses before they are actually received or paid.
• Accrual entry is used to match revenue and expenses to the period in which they are earned or incurred, regardless of when the cash is received or paid.

• It involves recording an accrual (an amount that is owed or earned) and a corresponding offsetting entry.

• Accrual entries are typically made at the end ...read more
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Q1. Salary expectation, 5 year plan, 2 year contract should sign.
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