Selectsys Business Accountant Interview Questions and Answers

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

• Accounting involves the systematic recording of financial transactions.

• It includes summarizing and organizing financial data into financial statements.

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

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

Real Account of Golden Rule is a principle in accounting that states all assets have a debit balance and all liabilities have a credit balance.

• Real Account of Golden Rule is based on the principle of double-entry bookkeeping.

• Under this rule, all assets are recorded on the debit side of the balance sheet.

• Liabilities, on the other hand, are recorded on the credit side of the balance sheet.

• This rule helps maintain the fun...read more

A contra entry is a bookkeeping entry that offsets the effect of a previous entry in order to correct errors or adjust balances.

• Contra entries are used to reverse or cancel out a previous entry in the accounting records.

• They are typically used to correct errors, adjust balances, or record transactions that involve internal transfers.

• Contra entries are recorded in the opposite account to the original entry, effectively ...read more