Metriqe Solutions Accountant Interview Questions, Process, and Tips

Rules of accounting are guidelines and principles that govern the preparation of financial statements.

• Rules of accounting ensure consistency and accuracy in financial reporting

• They help in standardizing financial statements for comparability

• Examples include the matching principle, revenue recognition principle, and historical cost principle

I will explain the previous process I followed in my accounting role.

• I maintained accurate financial records by recording transactions in the general ledger.

• I prepared financial statements such as balance sheets and income statements.

• I reconciled bank statements and ensured all accounts were balanced.

• I communicated with clients and vendors to resolve any discrepancies or issues.

• I followed company policies and procedure

Accrual refers to the recognition of revenue and expenses when they are incurred, regardless of when cash is exchanged.

• Accrual accounting matches revenues with expenses in the same accounting period

• It provides a more accurate representation of a company's financial position

• Examples include recognizing revenue when a service is performed, even if payment is not received yet

Golden rules are basic principles of accounting that serve as the foundation for recording financial transactions.

• Golden rules include the principles of Debit the receiver, Credit the giver; Debit what comes in, Credit what goes out; and Debit expenses and losses, Credit income and gains.

• These rules help ensure accurate and consistent recording of financial transactions in accounting.

• For example, when a business receiv...read more