CohnReznick Tax Analyst Interview Questions and Answers

Golden rules of accounting are basic principles that guide the process of recording financial transactions.

• The three golden rules of accounting are: Debit what comes in, Credit what goes out; Debit the receiver, Credit the giver; Debit expenses and losses, Credit income and gains.

• These rules help ensure that financial transactions are accurately recorded and classified in the accounting system.

• For example, when a compa...read more

A journal entry is a record of a financial transaction in a company's accounting system.

• Journal entries consist of a debit and credit entry to different accounts

• Debits are recorded on the left side and credits on the right side

• The total debits must equal the total credits in a journal entry

The 5 heads of income are salary, house property, business or profession, capital gains, and other sources.

• Salary income includes income from employment, bonuses, commissions, etc.

• House property income includes rental income from properties owned by the taxpayer.

• Business or profession income includes income from running a business or providing professional services.

• Capital gains income includes profits from the sale of...read more