Book Keeper
Book Keeper Interview Questions and Answers
Q1. Do you know about Ap process
Yes, AP process refers to accounts payable process which involves managing and recording financial transactions.
AP process involves receiving, verifying, and recording invoices from suppliers.
It also includes making payments to suppliers and reconciling accounts.
Efficient AP process helps in maintaining good relationships with suppliers and managing cash flow effectively.
Q2. Prepare balance sheet
A balance sheet is a financial statement that shows a company's assets, liabilities, and equity at a specific point in time.
List all assets (cash, accounts receivable, inventory, etc.) and their values
List all liabilities (accounts payable, loans, etc.) and their values
Calculate equity by subtracting liabilities from assets
Ensure assets = liabilities + equity
Q3. Prepare profit and loss
Preparing profit and loss involves calculating the difference between revenue and expenses to determine the financial performance of a business.
Calculate total revenue by adding up all income sources
Calculate total expenses by adding up all costs incurred
Subtract total expenses from total revenue to get the profit or loss
Review the profit and loss statement for insights into the financial health of the business
Q4. Pre-paid expense journal entry
Pre-paid expense journal entry involves recording an expense that has been paid for in advance.
Pre-paid expenses are initially recorded as assets on the balance sheet
As the expense is incurred, it is gradually expensed through the income statement
Journal entry involves debiting Prepaid Expense account and crediting Cash or Bank account
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