General Accounting Associate Interview Questions and Answers

The journal entry for prepaid expense involves debiting the prepaid expense account and crediting the cash or accounts payable account.

• Prepaid expenses are expenses that have been paid in advance but have not yet been used or consumed.

• To record a prepaid expense, the prepaid expense account is debited to increase its balance.

• The corresponding credit is made to either the cash account if the expense was paid in cash, or the accounts payable account if the expense was paid on c...read more

Fixed Asset Accounting is the process of recording, tracking, and managing a company's tangible assets.

• Fixed Asset Accounting involves identifying, classifying, and recording fixed assets.

• The steps in FAA include asset acquisition, asset recording, asset depreciation, and asset disposal.

• Asset acquisition involves purchasing or acquiring fixed assets.

• Asset recording includes creating asset records with details like asset description, cost, and useful life.

• Asset depreciation in...read more

MIS report is a management information system report that provides data and analysis to support decision-making.

• MIS report is a summary of data from various sources

• It includes information on key performance indicators (KPIs)

• MIS report can be prepared using software like Excel or specialized MIS software

• It should be presented in a clear and concise format

• MIS report can be used by managers to make informed decisions

Description for goods job

• A detailed explanation of the job responsibilities and duties related to handling goods

• May include tasks such as receiving, storing, and distributing goods

• Could also involve inventory management and tracking

• Requires attention to detail and organizational skills

• May involve the use of technology such as barcode scanners or inventory software