YouGov Interview Questions, Process, and Tips

Accounting policies, RTR Profile discussion

Q1. What is Amortization?
Ans. 
Amortization is the process of spreading out the cost of an intangible asset over its useful life.
• Amortization is commonly used in accounting to allocate the cost of intangible assets such as patents, copyrights, and trademarks over their useful life.

• It is similar to depreciation, which is used for tangible assets like buildings and equipment.

• The amortization expense is recorded on the income statement and reduces the ...read more
Answered by AI
Add your answer
Q2. What is the Journal Entries for Depreciation and Disposal of FA?
Ans. 
Journal entries for depreciation and disposal of fixed assets involve recording depreciation expense and gain/loss on disposal.
• Depreciation expense is debited to Depreciation Expense account and credited to Accumulated Depreciation account.

• When a fixed asset is disposed of, the book value of the asset is removed from the books by debiting Accumulated Depreciation and crediting the Fixed Asset account.

• Any gain or loss o...read more
Answered by AI
Add your answer
Q3. What do you mean by reclass entries BS?
Ans. 
Reclass entries BS refer to reclassification entries in the balance sheet.
• Reclass entries BS involve moving amounts from one account to another within the balance sheet.

• These entries are made to correct errors, adjust classifications, or reflect changes in accounting standards.

• For example, moving an amount from a long-term asset account to a current asset account.

• Reclass entries BS can impact financial statements and r...read more
Answered by AI
Add your answer
Q4. Golden Rules of Accounting
Ans. 
Golden Rules of Accounting are basic principles that guide the process of recording financial transactions.
• There are three Golden Rules of Accounting: Debit the receiver, Credit the giver; Debit what comes in, Credit what goes out; Debit expenses and losses, Credit income and gains.

• These rules help maintain the balance in accounting entries and ensure accuracy in financial reporting.

• For example, when a company receives...read more
Answered by AI
Add your answer
Q5. What is the Journal entry for Sales Return?
Ans. 
The journal entry for Sales Return involves debiting Sales Returns and crediting Accounts Receivable or Cash.
• Debit the Sales Returns account to reduce sales revenue

• Credit Accounts Receivable if the customer is returning the goods on credit

• Credit Cash if the customer is returning the goods for a refund

• Example: Debit Sales Returns $500, Credit Accounts Receivable $500
Answered by AI
Add your answer