Transfast Accountant Interview Questions and Answers

Accountancy is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions.

• It involves keeping track of financial transactions

• It includes classifying transactions into categories such as assets, liabilities, and equity

• It also involves summarizing financial information into financial statements such as balance sheets and income statemen...read more

There are several types of accounting errors, including errors of omission, commission, principle, and original entry.

• Errors of omission occur when a transaction is completely left out of the accounting records.

• Errors of commission occur when a transaction is recorded incorrectly.

• Errors of principle occur when an accounting principle is not followed.

• Errors of original entry occur when a transaction is recorded incorrec...read more