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I applied via Referral and was interviewed before Jul 2022. There was 1 interview round.
The golden rule of accounting is to debit the receiver and credit the giver.
Debit the receiver, credit the giver
Assets = Liabilities + Equity
Revenue increases equity, expenses decrease equity
Helps maintain the balance in financial statements
The journal entry for a credit purchase involves crediting accounts payable and debiting the corresponding expense account.
Credit the accounts payable account to reflect the increase in liability
Debit the corresponding expense account to show the decrease in assets
Example: Journal entry for a credit purchase of $500 of office supplies - Debit Office Supplies Expense $500, Credit Accounts Payable $500
Prepaid expenses are expenses paid in advance but not yet incurred. They are recorded as assets on the balance sheet until they are used up.
Prepaid expenses are initially recorded as assets on the balance sheet
As the expenses are incurred, they are gradually expensed on the income statement
Adjust prepaid expenses account at the end of each accounting period to reflect the portion that has been used up
Examples of prepai...
Cashflow statement shows the inflow and outflow of cash in a business over a specific period of time.
Cashflow statement is divided into three main activities: operating, investing, and financing.
Operating activities include cash received from sales, payments to suppliers, and salaries paid to employees.
Investing activities include cash spent on purchasing assets like equipment or investments like stocks.
Financing activ...
The entry for the sale of a fixed asset involves recording the proceeds received and removing the asset from the balance sheet.
Debit the Cash or Bank account for the amount received from the sale
Credit the Fixed Asset account for the original cost of the asset
Credit the Accumulated Depreciation account for the total depreciation accumulated on the asset
Any difference between the sale proceeds and the net book value of ...
Sales provision entry is a journal entry made to account for potential future losses on sales.
Sales provision is a liability account on the balance sheet.
It is created when there is a likelihood of returns, discounts, or warranty claims on sales already made.
The entry involves debiting the provision for sales account and crediting the relevant expense account (e.g. provision for sales returns).
I applied via Naukri.com and was interviewed in Jul 2024. There was 1 interview round.
I applied via LinkedIn and was interviewed in May 2024. There was 1 interview round.
Pierian Services interview questions for popular designations
I applied via Walk-in and was interviewed in Sep 2023. There were 3 interview rounds.
The golden rules of accounting are basic principles that guide the process of recording financial transactions.
The three golden rules are: Debit what comes in, Credit what goes out; Debit the receiver, Credit the giver; Debit expenses and losses, Credit income and gains.
These rules ensure that the accounting equation (Assets = Liabilities + Equity) remains balanced.
For example, when a company receives cash from a custo...
posted on 5 Mar 2024
I applied via LinkedIn
Aptitude test
There will be 4 sections
English grammer, maths, reasoning and logical thinking
I applied via Referral and was interviewed in Jan 2023. There were 3 interview rounds.
Provisions in a contract, how to treat them
Provision 1: Termination clause - clearly outline conditions for termination and consequences
Provision 2: Indemnification clause - specify who is responsible for legal costs in case of a lawsuit
Provision 3: Confidentiality clause - detail how sensitive information should be handled and protected
I applied via Naukri.com and was interviewed in Feb 2023. There were 3 interview rounds.
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