Gallagher Accountant Trainee Interview Questions, Process, and Tips

Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions of a business.

• Involves recording financial transactions

• Summarizing financial data in financial statements

• Analyzing financial information to make business decisions

• Reporting financial results to stakeholders

• Examples: preparing balance sheets, income statements, cash flow statements

Cost accounting is a branch of accounting that focuses on calculating and controlling the costs of producing goods or services.

• It involves analyzing, recording, and reporting on the costs associated with producing goods or services.

• Cost accountants help management make decisions by providing information on the costs of different products, services, or activities.

• Examples of cost accounting techniques include job costin

Balance sheet is a financial statement that shows a company's assets, liabilities, and shareholders' equity at a specific point in time.

• It provides a snapshot of a company's financial position.

• Assets are listed on the left side, liabilities and shareholders' equity on the right side.

• The balance sheet follows the accounting equation: Assets = Liabilities + Shareholders' Equity.

• It helps investors and analysts assess the ...read more

Insurance is a financial arrangement that provides protection against potential losses or risks.

• Insurance involves a contract between an individual or entity and an insurance company.

• The individual or entity pays a premium in exchange for coverage against specified risks.

• Types of insurance include health, life, auto, home, and business insurance.

• Insurance helps mitigate financial losses in case of accidents, illnesses,