Senco Gold Senior Accounts Executive Interview Questions and Answers

Questions related to accounts

Q1. Accounts related questions
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Case study was asked related ti income tax effect on sale of fixed assets

Q1. Accounting entries
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Q1. Explain Accounts
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Accounts refer to financial records that track the financial activities of a business or individual.
• Accounts are used to record transactions such as income, expenses, assets, and liabilities.

• They help in monitoring the financial health of an entity and making informed decisions.

• Examples of accounts include cash account, accounts receivable, accounts payable, and equity accounts.
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Q2. Explain accounting standards
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Accounting standards are guidelines and rules set by regulatory bodies to ensure consistency and transparency in financial reporting.
• Accounting standards provide a framework for companies to follow when preparing their financial statements

• They help ensure that financial information is reliable, comparable, and relevant

• Examples of accounting standards include GAAP (Generally Accepted Accounting Principles) and IFRS (Int
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Q1. What is golden rules
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Golden rules are basic principles of accounting that guide the recording of financial transactions.
• Golden rules are also known as fundamental accounting principles.

• There are three golden rules: the personal account rule, the real account rule, and the nominal account rule.

• The personal account rule states that debit the receiver and credit the giver.

• For example, when cash is received from a customer, we debit the cash a...read more
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