Juris Interview Questions and Answers

The 3 golden rules of Accounting are: Debit the receiver, Credit the giver, and Account for all transactions.

• Debit the receiver: Increase in assets and decrease in liabilities are debited.

• Credit the giver: Increase in liabilities and decrease in assets are credited.

• Account for all transactions: Every transaction should be recorded in the books of accounts.

Debtor is a person or entity who owes money to another person or entity. Creditor is a person or entity to whom money is owed.

• Debtor is the one who has taken a loan or credit from a creditor.

• Creditor is the one who has given the loan or credit to the debtor.

• Debtor owes money to the creditor and is liable to pay it back.

• Creditor has the right to collect the money owed by the debtor.

• Examples of debtors include individuals who have taken a personal loan, businesses that have tak...read more

Bank Reconciliation is the process of matching and comparing the balance in the bank statement with the company's own records.

• It helps to identify any discrepancies between the two records.

• It ensures that all transactions are recorded accurately.

• It helps to detect any errors or fraud in the bank statement.

• It helps to maintain the accuracy of financial statements.

• Examples: checks that have not cleared the bank, bank fees, interest earned, etc.

Accounting is the process of recording, summarizing, and analyzing financial transactions of a business.

• Accounting involves recording financial transactions such as sales, purchases, and expenses.

• It includes summarizing these transactions into financial statements like balance sheets and income statements.

• Accounting also involves analyzing financial data to provide insights and make informed business decisions.

• Examples of accounting tasks include bookkeeping, preparing tax re...read more

Debit and Credit are the two fundamental concepts in accounting used to record financial transactions.

• Debit refers to the left side of an account and represents an increase in assets or a decrease in liabilities or equity.

• Credit refers to the right side of an account and represents a decrease in assets or an increase in liabilities or equity.

• Every transaction must have an equal debit and credit amount to maintain the balance sheet equation.

• For example, when a company purchase...read more