Chaayos Financial Analyst Interview Questions and Answers

The Golden Rules of Accounting are basic principles that guide the recording of financial transactions.

• Debit the receiver, credit the giver

• Debit what comes in, credit what goes out

• Debit expenses and losses, credit income and gains

Accruals are adjustments made to financial statements to ensure that revenues and expenses are recognized in the period they are earned or incurred, regardless of when cash is exchanged.

• Accruals help match revenues and expenses to the period in which they are incurred, providing a more accurate representation of a company's financial performance.

• Examples of accruals include accrued interest, accrued wages, and accrued ...read more

Deferrals are revenues or expenses that are recognized at a later date instead of immediately when they are incurred.

• Deferrals involve postponing the recognition of revenue or expenses to a future period.

• Common examples of deferrals include prepaid expenses, unearned revenue, and deferred tax assets/liabilities.

• Prepaid expenses are costs that are paid in advance but recognized as expenses over time as they are used.

• Une...read more

Basic of accounting is to record financial transactions and prepare financial statements.

• Accounting is the process of recording, classifying, and summarizing financial transactions.

• The basic accounting equation is Assets = Liabilities + Equity.

• Journal entries of GST and TDS are recorded to account for taxes paid and collected.

• For example, a journal entry for GST paid would be Debit GST Paid and Credit Bank Account.

• Simi...read more

The Golden Rules of Accounting are basic principles that guide the recording of financial transactions.

• Debit the receiver, credit the giver

• Debit what comes in, credit what goes out

• Debit expenses and losses, credit income and gains