Wheels Accountant Interview Questions and Answers for Freshers

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 maintain the balance in the accounting equation: Assets = Liabilities + Equity.

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

I have a strong interest in accounts due to my analytical skills and passion for numbers.

• I enjoy working with financial statements and analyzing data to identify trends and patterns

• I have a keen eye for detail and accuracy, which is essential in accounting

• I find satisfaction in balancing accounts and ensuring accuracy in financial records

• I am always eager to learn about new accounting principles and regulations to stay

Balance sheet is a financial statement that shows a company's assets, liabilities, and shareholders' equity at a specific point in time.

• Balance sheet provides a snapshot of a company's financial position

• It shows what a company owns (assets), owes (liabilities), and the amount invested by shareholders (equity)

• The formula for a balance sheet is Assets = Liabilities + Shareholders' Equity

• Examples of assets include cash, i...read more