Classic Floorings & Interiors Interview Questions and Answers

Fundamental rules of accounting ensure accurate financial reporting and consistency in financial statements.

• 1. Double Entry System: Every transaction affects at least two accounts. For example, purchasing inventory increases assets and decreases cash.

• 2. Accrual Principle: Revenues and expenses are recorded when they are earned or incurred, not when cash is exchanged. For instance, recognizing revenue when a service is ...read more

Managing an invoice involves creation, approval, tracking, and payment processes to ensure accurate financial records.

• Creation: Generate an invoice with details like date, items/services, quantities, and prices. Example: Invoice #123 for consulting services.

• Approval: Send the invoice for approval to relevant stakeholders before processing. Example: Manager reviews and approves Invoice #123.

• Tracking: Monitor the status ...read more