Nubis IT Services Junior Accounts Assistant Interview Questions and Answers

Accounts involve recording, classifying, and summarizing financial transactions to provide insights into an organization's financial health.

• Basic accounting principles include the double-entry system, where every transaction affects at least two accounts.

• Financial statements such as the balance sheet, income statement, and cash flow statement provide a snapshot of financial performance.

• Accounts payable and receivable a...read more

BRS stands for Bank Reconciliation Statement, a financial document that matches bank statements with accounting records.

• BRS helps identify discrepancies between bank statements and company records.

• It includes items like outstanding checks and deposits in transit.

• For example, if a check is issued but not yet cleared, it will appear in BRS.

• Regular BRS preparation ensures accurate financial reporting and cash flow managem...read more

Bills payable are short-term liabilities representing amounts a company owes to suppliers for goods or services received.

• Bills payable are recorded as current liabilities on the balance sheet.

• They arise from credit purchases of goods or services.

• For example, if a company buys office supplies on credit, the amount owed is a bill payable.

• Bills payable must be settled within a specified period, usually within a year.

• They ...read more

Bills receivable are financial instruments representing amounts owed to a business by its customers for goods or services provided.

• Bills receivable are typically formalized through promissory notes or invoices.

• They represent a company's right to receive payment in the future.

• Example: A company sells goods on credit and issues a bill receivable for the amount owed.

• Bills receivable can be discounted for immediate cash fl...read more