Maral Overseas Accountant Interview Questions and Answers

Assets can be classified into tangible and intangible assets.

• Tangible assets include physical assets like property, plant, and equipment.

• Intangible assets include non-physical assets like patents, trademarks, and goodwill.

• Current assets are those that can be converted into cash within a year, such as inventory and accounts receivable.

• Non-current assets are those that cannot be easily converted into cash, such as long-t...read more

Profit and loss account is a financial statement that shows a company's revenues, expenses, and net income or loss for a specific period.

• It is also known as income statement or statement of operations.

• It shows the company's financial performance over a specific period of time.

• Revenues are the income generated by the company, while expenses are the costs incurred to generate that income.

• Net income or loss is the differe...read more

There are three types of accounts: personal, real, and nominal.

• Personal accounts are related to individuals or organizations, such as customers or suppliers.

• Real accounts are related to assets and liabilities, such as buildings or loans.

• Nominal accounts are related to income and expenses, such as salaries or rent.

• Each type of account has a different role in the accounting process.

• The classification of accounts helps in

Accounts refer to financial records that track the transactions of a business or individual.

• Accounts are used to keep track of income, expenses, assets, and liabilities.

• They are typically organized into categories such as revenue, cost of goods sold, and operating expenses.

• Examples of accounts include cash, accounts receivable, accounts payable, and inventory.

• The purpose of accounts is to provide a clear picture of the...read more

There are various types of taxes such as income tax, sales tax, property tax, excise tax, and more.

• Income tax is a tax on the income earned by an individual or business.

• Sales tax is a tax on the sale of goods and services.

• Property tax is a tax on the value of property owned by an individual or business.

• Excise tax is a tax on specific goods such as alcohol, tobacco, and gasoline.

• Other types of taxes include estate tax, ...read more

Financial accounting types include managerial accounting, tax accounting, and auditing.

• Managerial accounting focuses on internal financial information for decision-making

• Tax accounting deals with tax laws and regulations

• Auditing involves examining financial records for accuracy and compliance

• Other types include cost accounting, forensic accounting, and government accounting