KPMG Global Services Audit Associate Interview Questions, Process, and Tips

Golden rules in accounting are basic principles that guide the recording of financial transactions.

• The first golden rule is the accounting equation, which states that assets must always equal liabilities plus equity.

• The second golden rule is the revenue recognition principle, which states that revenue should be recognized when it is earned, not when it is received.

• The third golden rule is the matching principle, which ...read more

A reconciliation statement is a document that compares two sets of records to ensure they are in agreement.

• It is used to identify discrepancies between two sets of records.

• It is commonly used in accounting to compare bank statements with a company's accounting records.

• The statement lists all the differences between the two sets of records and explains the reasons for the discrepancies.

• It helps to ensure the accuracy an...read more