Book Keeper

Book Keeper Interview Questions and Answers

Updated 8 Jul 2024
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Q1. Do you know about Ap process

Ans.

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

Ans.

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

Ans.

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

Ans.

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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