Accounting Technician 2

Accounting Technician 2 Interview Questions and Answers

Updated 1 Feb 2024

Q1. 2) If the company pays it's employees salaries at the beginning of the next month then how will the expense be accounted in the current month

Ans.

The expense will be accounted as a liability in the current month.

  • The expense will be recorded as an accrued expense in the current month.

  • It will be recognized as a liability on the balance sheet.

  • The amount of the salaries will be debited to the salaries expense account and credited to the accrued salaries liability account.

  • At the beginning of the next month, the accrued salaries liability will be reversed and the actual cash payment will be recorded.

Q2. 1) What are the 3 Golden rules of Accounting

Ans.

The 3 Golden rules of Accounting are the basic principles that guide the recording of financial transactions.

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

  • The second 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 rule is the Nominal Account rule, which states that all nominal accounts are debi...read more

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