Verga Attachments Management Trainee Interview Questions, Process, and Tips

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

• There are three golden rules of accounting: Debit what comes in, Credit what goes out, Debit the receiver, Credit the giver, Debit expenses and losses, Credit income and gains.

• These rules help ensure that financial transactions are accurately recorded and classified.

• For example, when a company receives cash from a...read more

Working capital is the difference between current assets and current liabilities, representing the funds available for day-to-day operations.

• Working capital is essential for covering short-term expenses and ensuring smooth operations.

• It is calculated by subtracting current liabilities from current assets.

• Examples of current assets include cash, accounts receivable, and inventory.

• Examples of current liabilities include ...read more

Cost control is the process of managing and reducing expenses within an organization to ensure profitability.

• Cost control involves setting budgets and monitoring expenses to ensure they stay within the budgeted amount.

• It also includes identifying areas where costs can be reduced or eliminated without sacrificing quality or efficiency.

• Regularly reviewing financial reports and analyzing variances can help in identifying ...read more

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

• Accounting involves recording financial transactions such as sales, purchases, and expenses.

• It also includes summarizing and analyzing these transactions to create financial statements like balance sheets and income statements.

• Accounting helps in monitoring the financial health of a business and making inf...read more