new Associate

new Associate Interview Questions and Answers

Updated 2 Jan 2022

Q1. If insurance premium is paid for an entire year 1st January to 31st December and books get close on 31st March, what will be the accounting treatment?

Ans.

The insurance premium paid for the entire year will be apportioned for the period of 1st January to 31st March.

  • The portion of premium for the period of 1st January to 31st March will be treated as prepaid expense and will be shown in the balance sheet as an asset.

  • The remaining portion of premium will be treated as an expense and will be shown in the income statement.

  • The prepaid expense will be gradually expensed out over the period of January to December.

  • The accounting entry ...read more

Q2. What are three golden rules of accounting?

Ans.

The three golden rules of accounting are the basis of all accounting practices.

  • The first rule is the accounting equation: Assets = Liabilities + Equity

  • The second rule is the double-entry principle: Every transaction has two equal and opposite effects on the accounting equation

  • The third rule is the revenue recognition principle: Revenue should be recognized when it is earned, not when it is received

Q3. What are the basic concepts of accounting?

Ans.

Basic concepts of accounting include assets, liabilities, equity, revenue, and expenses.

  • Assets are resources owned by a company, such as cash, inventory, and property.

  • Liabilities are debts owed by a company, such as loans and accounts payable.

  • Equity represents the residual interest in the assets of a company after liabilities are deducted.

  • Revenue is the income earned by a company from its operations, such as sales.

  • Expenses are the costs incurred by a company in order to gener...read more

Q4. What is accrual concept of accounting?

Ans.

Accrual concept of accounting recognizes revenues and expenses when they are earned or incurred, regardless of when cash is received or paid.

  • Accrual concept is based on the matching principle, which ensures that revenues and expenses are recorded in the same accounting period.

  • Under accrual accounting, revenues are recognized when they are earned, even if the cash is not received yet.

  • Expenses are recognized when they are incurred, even if the cash is not paid yet.

  • Accrual accou...read more

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