SBA Business Solutions Accounts Associate Interview Questions and Answers

The golden rules of accounting are basic principles that guide the recording of financial transactions.

• The first golden rule is the Personal Account rule, which states that debit the receiver and credit the giver.

• The second golden rule is the Real Account rule, which states that debit what comes in and credit what goes out.

• The third golden rule is the Nominal Account rule, which states that debit all expenses and losse

Provision for bad debts is an estimated amount set aside by a company to cover potential losses from customers who may not pay their debts.

• Provision for bad debts is a common practice in accounting to ensure that a company's financial statements accurately reflect the potential losses from unpaid debts.

• The provision is based on an estimate of the percentage of outstanding debts that are likely to go bad.

• The provision i...read more

In my previous organization, the finance process was streamlined and efficient.

• Implemented automated invoicing system which reduced errors and saved time

• Conducted regular audits to ensure compliance with financial regulations

• Collaborated with cross-functional teams to develop and monitor budgets

• Maintained accurate financial records and generated reports for management

• Managed accounts payable and receivable, including t