Account Assistant Trainee Interview Questions and Answers

Purchase journal entry with GST

• Debit the Purchases account for the total amount of the purchase

• Credit the GST Input account for the GST paid

• Credit the Accounts Payable account for the total amount of the purchase including GST

• Example: Purchases of goods worth $1,000 + GST of $100 = Total of $1,100

• Journal entry: Debit Purchases $1,100, Credit GST Input $100, Credit Accounts Payable $1,000

The Golden Rules of Accounting are fundamental principles that guide the recording of financial transactions.

• The first Golden Rule is the Personal Account Rule, which states that all personal accounts are debited for the receiver and credited for the giver.

• The second Golden Rule is the Real Account Rule, which states that all real accounts are debited for what comes in and credited for what goes out.

• The third Golden Rule is the Nominal Account Rule, which states that all nomi...read more