Lumina Datamatics Executive Interview Questions and Answers

Accounting errors refer to mistakes made in financial records that can impact the accuracy of financial statements.

• Accounting errors can include mathematical errors, such as incorrect addition or subtraction.

• Errors in recording transactions, such as omitting or duplicating entries, can also be accounting errors.

• Misclassification of expenses or revenues can lead to accounting errors.

• Errors in applying accounting princip...read more

A trial balance is used to ensure that the debits and credits in a company's accounting system are equal.

• A trial balance is a list of all the general ledger accounts and their balances.

• It is prepared at the end of an accounting period to check the accuracy of the recorded transactions.

• The purpose of a trial balance is to identify any errors or discrepancies in the accounting records.

• If the debits and credits in the tri...read more

BRS stands for Bank Reconciliation Statement, which is a document that compares a company's bank records with its own accounting records.

• BRS helps to identify any discrepancies between the two sets of records

• It ensures that all transactions are accurately recorded and that no fraudulent activity has occurred

• BRS is typically prepared on a monthly basis

• Example: If a company's bank statement shows a deposit of $1000, but ...read more