Assistant Finance Controller Interview Questions and Answers

Accruals in month and year end close are adjustments made to recognize revenues and expenses that have been incurred but not yet recorded.

• Accruals are necessary to ensure financial statements reflect the true financial position of a company.

• In month close, accruals are made to match revenues and expenses to the period in which they were incurred.

• For example, if a company receives a utility bill in December but the service was provided in November, an accrual would be made to ...read more