Hgs Services Process Associate Interview Questions and Answers

The golden rule of accounting states that for every debit there must be an equal credit.

• The golden rule of accounting is based on the principle of double-entry accounting.

• It ensures that the accounting equation (Assets = Liabilities + Equity) remains balanced.

• For every transaction recorded, there must be at least one debit and one credit entry.

• Debits increase assets and expenses, while credits increase liabilities, equ...read more

Types of accounts include savings accounts, checking accounts, and investment accounts.

• Savings accounts are used for storing money and earning interest

• Checking accounts are used for everyday transactions like paying bills and making purchases

• Investment accounts are used for buying stocks, bonds, and other securities

Financial statements include income statement, balance sheet, and cash flow statement.

• Income statement shows company's revenues and expenses over a period of time.

• Balance sheet shows company's assets, liabilities, and shareholders' equity at a specific point in time.

• Cash flow statement shows how cash and cash equivalents have moved in and out of the company.

• Other types of financial statements include statement of retai...read more