Gibraltar Technologies Accountant Interview Questions and Answers

Q1. Journal entry for prepaid expenses
Ans. 
Journal entry for prepaid expenses involves debiting Prepaid Expense account and crediting Cash or Bank account.
• Debit Prepaid Expense account to record the expense paid in advance

• Credit Cash or Bank account to show the decrease in cash due to prepayment

• Prepaid expenses are considered assets until they are used up or expire

• Example: Journal entry for prepaid rent - Debit Prepaid Rent, Credit Cash/Bank
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Q2. What is bank reconciliation
Ans. 
Bank reconciliation is the process of comparing a company's records with those of its bank to ensure they match.
• Bank reconciliation involves comparing the company's records of its financial transactions with the bank's records.

• It helps identify any discrepancies such as missing transactions, errors, or fraudulent activity.

• The process involves adjusting the company's records to match the bank's records by reconciling an...read more
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Q1. What is accrual accounting ?
Ans. 
Accrual accounting is a method of accounting where revenues and expenses are recorded when they are earned or incurred, regardless of when cash is exchanged.
• Revenue is recognized when it is earned, not necessarily when cash is received

• Expenses are recorded when they are incurred, not necessarily when they are paid

• Accrual accounting provides a more accurate picture of a company's financial position and performance over ...read more
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Q2. What you treat prepayment ?
Ans. 
Prepayment is an advance payment made for goods or services before they are received or delivered.
• Prepayment is recorded as an asset on the balance sheet until the goods or services are received or delivered.

• Once the goods or services are received or delivered, the prepayment is then recognized as an expense on the income statement.

• Examples of prepayments include rent paid in advance, insurance premiums, and subscripti
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Q1. Tell me about yourself
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Q2. This question is usually the first question in an interview, and it is a way to break the ice. You should answer this question by giving a brief overview of your education, work experience, and skills. You...read more
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Q1. Basic questions about resume
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Q1. Good for technical
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Q2. How to make a account
Ans. 
To make an account, you need to gather necessary information, choose a platform, create login credentials, and verify your account.
• Gather personal information such as name, email, and contact details

• Choose a platform or website to create your account on

• Create login credentials including a username and password

• Verify your account through email or phone verification
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Interaction between two person, share their knowledge, skills and relevant qualifications for the position.

Aptitude test is to test the candidates IQ level and their grasping power towards organizations... Using tricky mathematics to test candidates knowledge.