KPMG India Internal Audit Executive Interview Questions and Answers

The golden rules of accounting are basic principles that guide the recording of financial transactions.

• The first golden rule is the rule of debit and credit.

• The second golden rule is the rule of personal accounts.

• The third golden rule is the rule of real accounts.

• The rule of debit and credit states that for every debit entry, there must be a corresponding credit entry.

• The rule of personal accounts states that debit the...read more

Revenue recognition concept refers to the accounting principle that determines when and how revenue is recognized in financial statements.

• Revenue is recognized when it is earned and realized or realizable

• The amount of revenue recognized should be based on the fair value of the goods or services provided

• Revenue recognition can be complex and may require judgment and estimation

• Different industries may have different reve...read more

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