Accounting Technician 2 Interview Questions and Answers

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.

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