Tenshinkan Karate do Federation Interview Questions, Process, and Tips

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

• Accounting involves keeping track of financial transactions such as sales, purchases, and expenses.

• It includes preparing financial statements like balance sheets, income statements, and cash flow statements.

• Accountants use various methods like double-entry bookkeeping to ensure accuracy and reliability of financial rec...read more

Dr. and Cr. are abbreviations used in accounting to represent debit and credit.

• Dr. stands for debit, which represents an increase in assets or a decrease in liabilities or equity.

• Cr. stands for credit, which represents a decrease in assets or an increase in liabilities or equity.

• Dr. and Cr. are used to record financial transactions in double-entry bookkeeping.

• For example, when cash is received, it is debited (Dr.) as a...read more

Depreciation is the decrease in value of an asset over time due to wear and tear, obsolescence, or other factors.

• Depreciation is a method used in accounting to allocate the cost of an asset over its useful life.

• It represents the reduction in the value of an asset on the balance sheet.

• Depreciation can be calculated using various methods such as straight-line, declining balance, or units of production.

• For example, a comp...read more

Reconciliation is the process of comparing two sets of records to ensure they are in agreement.

• Reconciliation involves comparing financial or transactional records to identify discrepancies.

• It is commonly used in accounting to ensure the accuracy of financial statements.

• Reconciliation can be done for bank statements, invoices, inventory records, etc.

• The process involves matching and verifying data, investigating and re...read more