iMerit Executive Interview Questions and Answers

Accounting errors refer to mistakes made in financial records that can impact the accuracy of financial statements.

• Accounting errors can include mathematical errors, such as incorrect addition or subtraction.

• Errors in recording transactions, such as omitting or duplicating entries, can also be accounting errors.

• Misclassification of expenses or revenues can lead to accounting errors.

• Errors in applying accounting princip...read more

A trial balance is used to ensure that the debits and credits in a company's accounting system are equal.

• A trial balance is a list of all the general ledger accounts and their balances.

• It is prepared at the end of an accounting period to check the accuracy of the recorded transactions.

• The purpose of a trial balance is to identify any errors or discrepancies in the accounting records.

• If the debits and credits in the tri...read more

BRS stands for Bank Reconciliation Statement, which is a document that compares a company's bank records with its own accounting records.

• BRS helps to identify any discrepancies between the two sets of records

• It ensures that all transactions are accurately recorded and that no fraudulent activity has occurred

• BRS is typically prepared on a monthly basis

• Example: If a company's bank statement shows a deposit of $1000, but ...read more

Capital refers to financial assets or resources that are used to generate income or wealth.

• Capital can include money, property, equipment, and investments.

• It is typically used to start or expand a business, make investments, or fund projects.

• Examples of capital include cash, stocks, real estate, machinery, and patents.

• Capital can be owned by individuals, companies, or governments.

• It is an essential component of economi

Accounting golden rules are fundamental principles that guide the recording of financial transactions.

• Accounting golden rules are the basic principles that govern the process of recording financial transactions.

• These rules ensure accuracy, consistency, and reliability in financial reporting.

• The three main golden rules are: 1) Debit the receiver, credit the giver; 2) Debit what comes in, credit what goes out; 3) Debit e...read more

Prepaid expenses are expenses paid in advance for goods or services that will be received in the future.

• Prepaid expenses are recorded as assets on the balance sheet until the goods or services are received.

• Examples of prepaid expenses include prepaid rent, insurance premiums, and subscriptions.

• Prepaid expenses are gradually expensed over time as the goods or services are received.

• Prepaid expenses are important for accu