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Basic Accounting Interview Questions & Answers (with Explanations), Exercises of Business Accounting

This document provides a list of 23 popular and unique accounting interview questions along with their correct answers and explanations. The questions cover various aspects of accounting, including accrual accounting, accounts payable and accounts receivable, the purpose of a balance sheet, and other financial concepts. The answers provide a clear understanding of the topic, making it an excellent resource for anyone preparing for an accounting interview. The document is well structured, making

Typology: Exercises

2021/2022

Available from 02/02/2023

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Download Basic Accounting Interview Questions & Answers (with Explanations) and more Exercises Business Accounting in PDF only on Docsity!

BASIC ACCOUNTING INTERVIEW QUESTIONS HARVARD BUSINESS SCHOOL What is the accounting equation? a. Assets + Liabilities = Owner's Equity b. Assets = Liabilities + Owner's Equity c. Owner's Equity = Assets - Liabilities d. Liabilities + Owner's Equity = Assets Correct answer: b. Assets = Liabilities + Owner's Equity Explanation: The accounting equation is a fundamental principle of accounting that states that a company's assets must equal the sum of its liabilities and owner's equity. This equation is used to maintain balance and ensure that a company's financial statements are accurate and consistent. What is accrual accounting? a. A method of accounting that records transactions when cash is received or paid b. A method of accounting that records transactions when goods are sold or purchased c. A method of accounting that records transactions when services are performed or received d. A method of accounting that records transactions when they occur, regardless of when cash is received or paid