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The journal entry to increase stock is a debit to the stock account and a credit to the cash or accounts payable account.
Debit the stock account
Credit the cash or accounts payable account
Increase in stock is recorded as an increase in assets
The journal entry will depend on the method of stock issuance (e.g. par value, no par value, etc.)
Depreciation journal entry is a debit to Depreciation Expense and a credit to Accumulated Depreciation.
Debit Depreciation Expense account for the amount of depreciation expense
Credit Accumulated Depreciation account for the same amount
Depreciation Expense is an income statement account while Accumulated Depreciation is a balance sheet account
Depreciation is recorded to allocate the cost of a long-term asset over its us
Accrued expenses are expenses that have been incurred but not yet paid for.
Accrued expenses are recorded as liabilities on the balance sheet.
They are typically expenses that have been incurred but not yet billed, such as salaries, interest, or taxes.
Accrued expenses are recognized through adjusting entries at the end of an accounting period.
They are important for accurate financial reporting and forecasting.
Examples of...
I applied via Naukri.com and was interviewed before Sep 2021. There were 3 interview rounds.
This round is a bit tricky with confusing question, so do not 2nd guess your answer.
I applied via Naukri.com and was interviewed in Oct 2024. There was 1 interview round.
Partial exemption, VAT schemes, share premium reserve, and issue of loss on debentures entry are all related to accounting practices.
Partial exemption refers to the situation where a business is not able to reclaim all of the VAT it incurs on its purchases.
VAT schemes are special schemes designed to simplify VAT accounting for businesses, such as the flat rate scheme or cash accounting scheme.
Share premium reserve is a...
I applied via Job Fair and was interviewed in Feb 2024. There were 3 interview rounds.
Basic English and reasoning questions with VNA
I have extensive experience in managing accounts and a proven track record of improving financial processes.
I have over 5 years of experience in accounting and finance roles
I have successfully implemented cost-saving measures in my previous positions
I have a strong attention to detail and excellent analytical skills
I am proficient in using accounting software such as QuickBooks and SAP
I applied via Naukri.com and was interviewed in Nov 2023. There were 2 interview rounds.
posted on 17 Apr 2024
posted on 30 Jun 2022
I applied via Indeed and was interviewed in Dec 2021. There were 2 interview rounds.
I applied via Naukri.com and was interviewed in Oct 2020. There were 5 interview rounds.
My day-to-day working as an Assistant Accountant involves managing financial transactions, preparing reports, and assisting with budgeting.
Processing invoices and payments
Reconciling bank statements
Assisting with budget preparation
Preparing financial reports
Communicating with vendors and clients
Assisting with audits
I am currently located in New York City.
Living in a vibrant urban environment
Close proximity to public transportation
Access to diverse cultural experiences
I have 3 years of experience in accounts payable and receivable, bank reconciliations, and financial reporting.
Managed accounts payable process, including vendor payments and reconciliations
Handled accounts receivable, invoicing, and collections
Prepared monthly financial reports and assisted with budgeting
Experience with QuickBooks and Excel for financial analysis
Assisted in year-end audit preparations
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