Indian Trading Interview Questions and Answers

Financial accounts are records of a company's financial transactions, including assets, liabilities, income, and expenses.

• Financial accounts provide a snapshot of a company's financial health at a specific point in time.

• Types of financial accounts include balance sheet, income statement, cash flow statement, and statement of changes in equity.

• Balance sheet shows a company's assets, liabilities, and equity at a specific...read more

Credit balance is the amount of money in an account that represents a liability, while balance sheet is a financial statement that shows a company's assets, liabilities, and equity at a specific point in time.

• Credit balance is the amount owed to a person or company, while debit balance is the amount owed by a person or company.

• Balance sheet is a snapshot of a company's financial position at a specific point in time, sh...read more

There are five main types of accounts: 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 - 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 incurred to gen