Ford Business Solutions Interview Questions, Process, and Tips

Basic accounting principles are the foundation of accounting practices and include concepts like accruals, consistency, and materiality.

• Accruals: revenue and expenses are recorded when earned/incurred, not when cash is received/paid

• Consistency: accounting methods should be consistent from one period to the next

• Materiality: only significant items should be reported in financial statements

• Going concern: financial stateme...read more

Accounts payable is the amount owed by a company to its vendors or suppliers. Payroll is the process of paying employees for their work.

• Accounts payable is a liability account that tracks the money a company owes to its vendors or suppliers.

• Payroll involves calculating and distributing employee salaries, wages, and bonuses.

• Accounts payable and payroll are both important aspects of a company's financial management.

• Examp...read more

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

• The first golden rule is the rule of debit and credit.

• The second golden rule is the rule of consistency.

• The third golden rule is the rule of conservatism.

• The fourth golden rule is the rule of materiality.

• The fifth golden rule is the rule of objectivity.