G K V Associates Interview Questions and Answers

Accounts payable is the amount of money a company owes to its suppliers or vendors for goods or services purchased on credit.

• Accounts payable is a liability on the company's balance sheet.

• It represents the amount of money the company owes for goods or services received but not yet paid for.

• Accounts payable is typically recorded as a current liability on the balance sheet.

• Examples of accounts payable include invoices fr

A trial balance is a list of all the general ledger accounts contained in the ledger of a business.

• It is used to ensure that the total debits equal the total credits in the accounting records.

• It is prepared at the end of an accounting period before the financial statements are prepared.

• Errors in recording transactions can be identified by preparing a trial balance.

• Example: If the total debits in the trial balance do no...read more