Pristine Ingredients Junior Accountant Interview Questions and Answers for Experienced

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Q1. What is journal, ledger?
Ans. 
Journal is a record of all financial transactions in chronological order. Ledger is a collection of accounts with their balances.
• Journal is the first step in the accounting process where all transactions are recorded in chronological order.

• Ledger is a collection of accounts with their balances, which are updated from the journal entries.

• Journal and ledger are important tools for maintaining accurate financial records a...read more
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Q2. What is Trial balance?
Ans. 
Trial balance is a list of all the general ledger accounts and their balances at a specific point in time.
• Prepared at the end of an accounting period

• Used to ensure that the total debits equal the total credits

• Identifies errors in the accounting records

• Does not guarantee that the financial statements are accurate

• Example: If the company has a $10,000 balance in the accounts receivable account, the trial balance will show...read more
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Q3. What is liabilities?
Ans. 
Liabilities are debts or obligations that a company owes to others.
• Liabilities are recorded on the balance sheet of a company.

• They can be short-term (due within a year) or long-term (due after a year).

• Examples of liabilities include loans, accounts payable, and accrued expenses.

• Liabilities are important to track as they affect a company's financial health and ability to pay off debts.
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