Practitioner Interview Questions and Answers

The 3 golden rules of accounting are: 1. Debit the receiver, credit the giver. 2. Debit what comes in, credit what goes out. 3. Debit expenses and losses, credit income and gains.

• Rule 1: Debit the receiver, credit the giver. This means that when an asset is received, it is debited, and when a liability is given, it is credited.

• Rule 2: Debit what comes in, credit what goes out. This means that when there is an inflow of assets, it is debited, and when there is an outflow of as...read more

Depreciation is the decrease in value of an asset over time due to wear and tear, obsolescence or other factors.

• Depreciation is a non-cash expense that reduces the value of an asset on the balance sheet

• There are three types of depreciation: straight-line, accelerated, and units of production

• Straight-line depreciation is when the asset loses an equal amount of value each year

• Accelerated depreciation is when the asset loses more value in the early years and less in the later ye...read more

BRS stands for Business Requirement Specification. It is a document that outlines the requirements for a project or product.

• BRS is used to clearly define the scope and objectives of a project or product

• It helps to ensure that all stakeholders have a common understanding of the requirements

• BRS can be used as a reference throughout the project to ensure that it stays on track

• Examples of information included in a BRS are functional requirements, non-functional requirements, and ...read more

Goods requisition is the process of requesting and obtaining necessary items or materials for a particular purpose.

• It involves identifying the required goods or materials

• It involves submitting a request for the goods or materials

• It involves obtaining the goods or materials once the request is approved

• Examples include requisition of office supplies, equipment, or raw materials for production