Account Assistant and MIS Executive Interview Questions and Answers

Journal entry example

• Journal entry is a record of financial transactions in chronological order

• Debit accounts are listed first, followed by credit accounts

• Total debits must equal total credits

• Example: Cash received from sales - Debit Cash, Credit Sales

Golden rules of Accounting are basic principles to be followed while recording financial transactions.

• Debit the receiver, credit the giver

• Debit what comes in, credit what goes out

• Debit all expenses and losses, credit all incomes and gains