Scorpion Express Finance Executive Interview Questions and Answers

Depreciation is the allocation of the cost of a tangible asset over its useful life.

• Depreciation is a non-cash expense that reduces the value of an asset on the balance sheet.

• It reflects the wear and tear, age, and obsolescence of the asset.

• Common methods of depreciation include straight-line, double-declining balance, and units of production.

• Example: A company buys a machine for $10,000 with a useful life of 5 years. ...read more

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

• The golden rules include the principles of debit and credit, which are used to record transactions accurately.

• Debit the receiver, credit the giver - this means that when an asset is received, it is debited, and when it is given, it is credited.

• Debit what comes in, credit what goes out - this rule applies to ex...read more