FinAdvantage Executive Accountant Interview Questions and Answers

It was taken to test my theoretical domain knowledge

Q1. Three Basic Accounting Principals
Add your answer
Q2. What is Depreciation and Methods to Calculate Depreciation
Ans. 
Depreciation is the allocation of the cost of an asset over its useful life. Methods include straight-line, double declining balance, and units of production.
• Depreciation is a non-cash expense that reduces the value of an asset over time

• Straight-line method evenly spreads the cost of the asset over its useful life

• Double declining balance method accelerates depreciation in the early years of an asset's life

• Units of prod...read more
Answered by AI
Add your answer
Q3. What are Accounting Standards and Conventions
Ans. 
Accounting Standards and Conventions are guidelines and principles that govern the preparation and presentation of financial statements.
• Accounting Standards are rules and regulations set by accounting bodies to ensure consistency and transparency in financial reporting.

• Accounting Conventions are traditions and practices followed by accountants over time.

• Examples of Accounting Standards include IFRS (International Finan...read more
Answered by AI
Add your answer