Melvic Constructions Senior Accounts Executive Interview Questions and Answers

The three golden rules of accounting are: Debit the receiver, Credit the giver, and Debit what comes in, Credit what goes out.

• Debit the receiver: When an asset is received, it is debited. For example, when cash is received, it is debited.

• Credit the giver: When a liability is incurred, it is credited. For example, when a loan is taken, it is credited.

• Debit what comes in, Credit what goes out: When there is an increase i...read more

Accounts Payable is the amount a company owes to its vendors or suppliers for goods or services received.

• Accounts Payable is a liability account in the balance sheet

• It represents the amount a company owes to its vendors or suppliers

• It includes invoices, bills, and other expenses that are yet to be paid

• It is important to manage accounts payable to maintain good relationships with vendors and avoid late payment fees

• Examp...read more

Bank reconsideration is the process of reviewing a loan application that has been rejected by the bank.

• It involves a second review of the loan application by the bank

• The bank may reconsider the loan if the applicant provides additional information or meets certain criteria

• Bank reconsideration can result in the approval of a previously rejected loan application