Hero FinCorp Financial Accountant Interview Questions and Answers

An account is a record of financial transactions for a specific asset, liability, equity, revenue, or expense.

• An account is used to track the financial activity related to a specific category.

• Accounts are typically organized in a chart of accounts.

• Each account has a unique number or code for identification.

• Examples of accounts include cash, accounts receivable, and sales revenue.

There are five main types of accounts in accounting: assets, liabilities, equity, revenue, and expenses.

• Assets: resources owned by the company (e.g. cash, inventory)

• Liabilities: obligations owed by the company (e.g. loans, accounts payable)

• Equity: the owner's claim on the company's assets (e.g. common stock, retained earnings)

• Revenue: income generated from the company's operations (e.g. sales revenue)

• Expenses: costs in