Accounts Receivable Assistant Interview Questions and Answers

Golden rules of accounts refer to basic principles of accounting that should be followed to maintain accurate financial records.

• The first golden rule is to maintain proper documentation of all financial transactions.

• The second golden rule is to record all transactions accurately and in a timely manner.

• The third golden rule is to ensure that all financial statements are prepared accurately and on time.

• The fourth golden rule is to maintain confidentiality of financial informati...read more

Principal of accounts refers to the original amount of debt owed by a customer to a company.

• It is the initial amount of money owed by a customer before any payments or adjustments are made.

• It is also known as the outstanding balance or the total amount due.

• For example, if a customer owes $1000 to a company and makes a payment of $200, the principal of accounts would still be $1000.

• The principal of accounts is important for calculating interest charges and determining the cred...read more