FreshersLive Finance Executive Interview Questions and Answers

Types of journal entries include adjusting, reversing, compound, and closing entries.

• Adjusting entries are made at the end of an accounting period to ensure accurate financial statements.

• Reversing entries are optional entries made at the beginning of an accounting period to cancel out adjusting entries.

• Compound entries involve more than two accounts being debited or credited in a single journal entry.

• Closing entries ar...read more

BRS stands for Bank Reconciliation Statement, a process to ensure the accuracy of a company's financial records.

• Compares the company's bank statement with its own accounting records

• Identifies discrepancies such as outstanding checks or deposits

• Helps in detecting errors or fraud

• Ensures the company's cash balance is accurate