Wipro Accountant Interview Questions, Process, and Tips

Yes, I am familiar with the processes of accounting.

• The processes of accounting include recording, classifying, summarizing, and interpreting financial transactions.

• Recording involves entering financial transactions into the accounting system.

• Classifying involves categorizing transactions into different accounts such as assets, liabilities, and equity.

• Summarizing involves creating financial statements such as the balan...read more

The basic concept in accounting is the double-entry system, which involves recording every transaction in two accounts: debit and credit.

• Double-entry system is the foundation of accounting

• Every transaction is recorded in two accounts: debit and credit

• Debit refers to the left side of an account and credit refers to the right side

• Debit and credit must always balance

• Examples: recording a sale, paying rent, receiving payme

Accrual concept is a method of accounting where revenues and expenses are recognized when earned or incurred, regardless of when payment is received or made.

• Revenue is recognized when it is earned, not when payment is received

• Expenses are recognized when they are incurred, not when payment is made

• Accrual accounting provides a more accurate picture of a company's financial health

• Example: A company provides services to a...read more

The three golden rules of accounting are the basis of recording financial transactions accurately.

• The first rule is the Personal Account, which deals with transactions related to individuals or organizations.

• The second rule is the Real Account, which deals with transactions related to assets, liabilities, and capital.

• The third rule is the Nominal Account, which deals with transactions related to expenses, incomes, gain...read more