XYZ Consulting Accountant Interview Questions and Answers

The fixed asset cycle refers to the process of acquiring, using, maintaining, and disposing of fixed assets.

• Acquiring fixed assets through purchase or construction

• Using fixed assets in business operations

• Maintaining fixed assets through repairs and upgrades

• Disposing of fixed assets through sale or retirement

• Tracking fixed assets through an asset register

• Examples include buildings, machinery, and vehicles

To ensure a journal is correct, one must verify accuracy, completeness, and proper documentation.

• Verify that all transactions are accurately recorded in the journal

• Ensure that the journal is complete and includes all necessary entries

• Check that each entry is properly documented with supporting evidence

• Reconcile the journal with other financial records to identify any discrepancies

• Perform regular reviews and audits to m