Record to Report Manager Interview Questions and Answers

Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions of a business.

• Accounting involves recording financial transactions

• Summarizing and analyzing financial data to create financial statements

• Reporting financial information to stakeholders

• Helps in decision-making and financial planning

• Follows Generally Accepted Accounting Principles (GAAP)

Golden rules of accounting are basic principles that guide the process of recording financial transactions.

• Debit what comes in, credit what goes out (Real accounts)

• Debit the receiver, credit the giver (Personal accounts)

• Debit all expenses and losses, credit all incomes and gains (Nominal accounts)

The golden rule is a moral principle that states one should treat others as one would like others to treat oneself.

• Treat others the way you want to be treated

• Encourages empathy and kindness

• Found in various religions and philosophies

• Helps promote harmony and understanding in relationships