Muskara & Associates Article Assistant Interview Questions and Answers

Golden rules of accounts are basic principles that govern the recording of financial transactions.

• Every transaction should have a debit and a credit entry

• Assets = Liabilities + Equity

• Revenue - Expenses = Net Income

• Matching principle - expenses should be recorded in the same period as the revenue they helped generate

• Consistency principle - accounting methods should be consistent over time

• Materiality principle - only sig...read more