Senior Article Assistant Interview Questions and Answers

Standards on Auditing are guidelines and procedures followed by auditors while conducting audits.

• Standards on Auditing provide a framework for auditors to ensure the quality and consistency of their work.

• They help auditors in planning, performing, and reporting on audits.

• Examples include International Standards on Auditing (ISA) issued by the International Auditing and Assurance Standards Board (IAASB).

Journal entries are recordings of financial transactions in a company's accounting system.

• Journal entry for revenue recognition: Debit Accounts Receivable, Credit Revenue

• Journal entry for expenses: Debit Expense, Credit Accounts Payable

• Journal entry for depreciation: Debit Depreciation Expense, Credit Accumulated Depreciation

• Journal entry for inventory purchase: Debit Inventory, Credit Accounts Payable