Mittal Sales Corporation Junior Accountant Interview Questions and Answers

Trial balance is used to ensure that the total debits equal the total credits in the accounting records.

• Helps in detecting errors in the accounting records

• Ensures accuracy of financial statements

• Assists in preparing financial statements

• Used to identify adjusting entries

• Provides a summary of all ledger accounts

• Example: If the trial balance shows a difference, it indicates that there is an error in the accounting records

I am a junior accountant with a strong background in finance and accounting. I am detail-oriented, analytical, and have excellent problem-solving skills.

• Bachelor's degree in Accounting

• Experience with financial analysis and reporting

• Proficient in using accounting software such as QuickBooks

• Strong knowledge of GAAP

• Excellent communication and interpersonal skills

• Ability to work independently and as part of a team

Golden rules of accounting are basic principles to maintain financial records accurately.

• Debit the receiver, credit the giver

• Debit what comes in, credit what goes out

• Debit all expenses and losses, credit all incomes and gains

Assets are resources owned by a company while liabilities are obligations or debts owed by a company.

• Assets include cash, accounts receivable, inventory, property, and equipment.

• Liabilities include accounts payable, loans, and accrued expenses.

• Assets are listed on the left side of the balance sheet while liabilities are listed on the right side.

• The difference between assets and liabilities is known as equity or net wor

Depreciation is the decrease in value of an asset over time due to wear and tear, obsolescence or other factors.

• Depreciation is a non-cash expense that reduces the value of an asset on the balance sheet.

• It is calculated based on the useful life of the asset and the method of depreciation chosen.

• Examples of assets that can be depreciated include buildings, vehicles, machinery, and equipment.

• Depreciation can be straight-...read more