Vikas Kochhar & Associates Chartered Accountant Articleship Trainee Interview Questions and Answers

Process and control refer to the steps taken to ensure that a business operates efficiently and effectively.

• Process involves the steps taken to complete a task or achieve a goal.

• Control involves the measures taken to ensure that the process is carried out correctly and efficiently.

• Examples of process and control include creating standard operating procedures, implementing quality control measures, and conducting regula...read more

Journal entries for provision on debtors and bad debts

• Provision for doubtful debts is created to account for potential bad debts

• Provision on debtors is a contra account to accounts receivable

• Journal entry for provision on debtors: Debit Provision for Doubtful Debts, Credit Accounts Receivable

• Journal entry for bad debts: Debit Bad Debts Expense, Credit Provision for Doubtful Debts