Lowe's Account Assistant Interview Questions and Answers

Accruals are adjustments made to financial statements to ensure that revenues and expenses are recognized in the period they are earned or incurred, regardless of when cash is exchanged.

• Accruals help in matching revenues and expenses to the period in which they are incurred, providing a more accurate representation of a company's financial position.

• Examples of accruals include accrued salaries, accrued interest, and ac...read more

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

• There are three golden rules of accounting: Debit the receiver, Credit the giver; Debit what comes in, Credit what goes out; Debit expenses and losses, Credit income and gains.

• These rules help maintain the balance in accounting records and ensure accuracy in financial reporting.

• For example, when a company receives...read more

General Accepted Accounting Principle refers to a common set of accounting standards and procedures used in the preparation of financial statements.

• GAAP ensures consistency and comparability in financial reporting

• GAAP includes principles such as the cost principle, revenue recognition principle, and matching principle

• GAAP is important for investors, creditors, and other stakeholders to make informed decisions based on