Infosys BPM Accounting Staff Interview Questions and Answers

The journal entry to increase stock is a debit to the stock account and a credit to the cash or accounts payable account.

• Debit the stock account

• Credit the cash or accounts payable account

• Increase in stock is recorded as an increase in assets

• The journal entry will depend on the method of stock issuance (e.g. par value, no par value, etc.)

Depreciation journal entry is a debit to Depreciation Expense and a credit to Accumulated Depreciation.

• Debit Depreciation Expense account for the amount of depreciation expense

• Credit Accumulated Depreciation account for the same amount

• Depreciation Expense is an income statement account while Accumulated Depreciation is a balance sheet account

• Depreciation is recorded to allocate the cost of a long-term asset over its us

Accrued expenses are expenses that have been incurred but not yet paid for.

• Accrued expenses are recorded as liabilities on the balance sheet.

• They are typically expenses that have been incurred but not yet billed, such as salaries, interest, or taxes.

• Accrued expenses are recognized through adjusting entries at the end of an accounting period.

• They are important for accurate financial reporting and forecasting.

• Examples of...read more