CTech InfoSolutions Interview Questions and Answers

The 3 fundamentals of accounting are: recording, classifying, and summarizing financial transactions.

• Recording financial transactions involves keeping a record of all financial activities of a business.

• Classifying financial transactions involves categorizing them into different accounts such as assets, liabilities, and equity.

• Summarizing financial transactions involves preparing financial statements such as balance sheet, income statement, and cash flow statement.

• Example: Rec...read more

The 3 types of accounts are assets, liabilities, and equity.

• Assets are resources owned by a company, such as cash, inventory, and property.

• Liabilities are obligations or debts owed by a company, such as loans and accounts payable.

• Equity represents the owner's interest in the company and is calculated as assets minus liabilities.

The 5 basics of accounts are assets, liabilities, equity, revenue, and expenses.

• Assets are resources owned by a company, such as cash, inventory, or property.

• Liabilities are obligations or debts owed by a company, such as loans or accounts payable.

• Equity represents the owner's interest in the company and is calculated as assets minus liabilities.

• Revenue is the income generated by a company through its primary operations, such as sales or services.

• Expenses are the costs incurr...read more

Basic accounting involves recording, classifying, and summarizing financial transactions to provide information for decision-making.

• Recording financial transactions

• Classifying transactions into categories such as assets, liabilities, and equity

• Summarizing transactions into financial statements such as balance sheets and income statements

• Providing information for decision-making

• Examples include bookkeeping, journal entries, and financial analysis

The 3 main things in accounting are financial statements, bookkeeping, and auditing.

• Financial statements provide a summary of a company's financial transactions and performance.

• Bookkeeping involves recording and organizing financial transactions.

• Auditing ensures that financial statements are accurate and comply with accounting standards.

The 7 Principles of accounting are a set of guidelines that ensure financial statements are accurate and reliable.

• Principle of Regularity

• Principle of Consistency

• Principle of Sincerity

• Principle of Permanence of Methods

• Principle of Non-Compensation

• Principle of Prudence

• Principle of Continuity