Fab Interior Architecture Accounts Manager Interview Questions and Answers

To record a sale with half proceeds in cash and half in credit, create two entries. To record purchase returns, debit the purchase returns account and credit the accounts payable account.

• Create two entries for the sale, one for the cash received and one for the credit sale

• Debit the cash account and credit the sales account for the cash received

• Debit the accounts receivable account and credit the sales account for the c...read more

Closing stock is the value of unsold goods at the end of an accounting period.

• Closing stock is the value of inventory that remains unsold at the end of an accounting period.

• It is an important component of the balance sheet and is used to calculate the cost of goods sold.

• The value of closing stock is determined by the cost of the goods or the market value, whichever is lower.

• There are different methods of valuing closin...read more

Trial balance displays all ledger balances in debit and credit columns to ensure they are equal.

• Trial balance is a statement of all ledger balances.

• It is prepared to ensure that the total of debit and credit balances are equal.

• It is usually prepared at the end of an accounting period.

• The debit and credit balances are displayed in separate columns.

• If the total of both columns matches, it indicates that the accounts are ...read more