Accounting Interview Questions and Answers
| 26) |
Define Public accounting? Public accounting offers audits and CPAs to review company financial records to ensure accountability. It is for general public. |
| 27) |
Define Executive accounting? It is a type of accounting that is specifically designed for the business that offers services to users. |
| 28) |
How can you explain the basic accounting equation? We know that accounting is all about assets, liabilities and capital. Therefore, the accounting equation is: Assets = Liabilities + Owners Equity. |
| 29) |
In accounting, VAT abbreviates what? VAT means Value Added Tax. |
| 30) |
In accounting, how do you define premises? Premises refer to fixed assets that are shown in the balance sheet. |