Domain Trainee Interview Questions and Answers

Accruals and deferrals are accounting adjustments made to ensure expenses and revenues are recognized in the correct accounting period.

• Accruals involve recognizing revenues or expenses before cash is exchanged.

• Deferrals involve recognizing revenues or expenses after cash is exchanged.

• Accruals and deferrals help match expenses and revenues to the period in which they are incurred or earned.

• Examples of accruals include accrued interest or salaries payable.

• Examples of deferrals ...read more

Key Result Areas (KRAs) are specific areas of your job responsibilities that are crucial for achieving success.

• Setting and achieving sales targets

• Developing and implementing marketing strategies

• Managing client relationships

• Training and mentoring new team members

Amortization is the process of spreading out loan payments over time, reducing the principal balance gradually.

• Amortization involves paying off a loan with regular payments that cover both principal and interest.

• Each payment reduces the principal balance, leading to a decrease in the amount of interest paid over time.

• Common examples of amortization include mortgages, car loans, and student loans.

Accounting principle refers to the rules and guidelines that companies must follow when preparing financial statements.

• Accounting principles ensure consistency and accuracy in financial reporting

• Examples include the matching principle, revenue recognition principle, and historical cost principle

• These principles help investors and stakeholders make informed decisions based on financial information