K N International Senior Accounts Executive Interview Questions and Answers

The type of account refers to the classification of accounts based on their nature and purpose.

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

• Assets are resources owned by the company, such as cash, inventory, and equipment.

• Liabilities are obligations owed by the company, such as loans and accounts payable.

• Equity represents the owner's stake in the business.

• Revenue is the inco...read more

Bank reconciliation is the process of comparing and matching the balances in a company's accounting records with the balances on its bank statement.

• Bank reconciliation helps ensure that all transactions are recorded accurately in the company's books.

• It involves comparing the company's records of its bank account with the bank statement to identify any discrepancies.

• Common reasons for discrepancies include outstanding c...read more

Tangible assets are physical assets that can be seen and touched.

• Real estate

• Machinery

• Vehicles

• Inventory

• Furniture and fixtures

Current assets are assets that are expected to be converted into cash or used up within one year.

• Includes cash, accounts receivable, inventory, and prepaid expenses

• Listed on the balance sheet under assets

• Helps determine a company's liquidity and ability to pay off short-term obligations

The gold rule of accounting states that debits must equal credits in every financial transaction.

• Debits must always equal credits in accounting entries

• It is the foundation of double-entry accounting

• Helps ensure accuracy and balance in financial records

Angular is a popular front-end framework for building dynamic web applications.

• Angular is developed and maintained by Google.

• It uses TypeScript for building applications.

• Angular provides features like data binding, dependency injection, and routing.

• It follows the component-based architecture.

• Angular has a large community and ecosystem of libraries and tools.

• Examples of popular Angular applications include Gmail and Pay

Class is a blueprint for creating objects in object-oriented programming, while polymorphism allows objects of different classes to be treated as objects of a common superclass.

• Class is a template for creating objects with attributes and methods.

• Polymorphism allows objects of different classes to be treated as objects of a common superclass.

• Example: Animal is a superclass, Dog and Cat are subclasses. Both Dog and Cat c

Journal entry for prepaid expenses involves debiting Prepaid Expense account and crediting Cash or Bank account.

• Prepaid expenses are expenses paid in advance but not yet incurred.

• To record prepaid expenses, debit the Prepaid Expense account and credit Cash or Bank account.

• Example: Journal entry for prepaid rent of $1,200 would be: Debit Prepaid Rent $1,200 and Credit Cash/Bank $1,200.

Journal entry for dividend involves debiting retained earnings and crediting dividends payable or cash account.

• Debit retained earnings to decrease equity

• Credit dividends payable or cash account to show payment to shareholders

• Dividends are not an expense, but a distribution of profits

• Journal entry: Debit Retained Earnings, Credit Dividends Payable or Cash