Miracle Software Systems Junior Accountant Interview Questions and Answers

I thought it was very tough but it is easy.

Q1. What is meant by accounting
Ans. 
Accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions.
• Accounting involves recording financial transactions such as sales, purchases, and payments.

• It also involves classifying these transactions into categories such as assets, liabilities, and equity.

• Finally, accounting involves summarizing this information in financ...read more
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It was very difficult for me to clear

Q1. What accounting standards mean
Ans. 
Accounting standards are guidelines and rules that govern the preparation and presentation of financial statements.
• Accounting standards ensure consistency and comparability in financial reporting

• They provide guidance on how to recognize, measure, and disclose financial transactions

• Examples of accounting standards include GAAP, IFRS, and FASB

• Adherence to accounting standards is important for transparency and accountabil
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