Interview Questions

Q:

A debit may signify an

A) Increase in asset account B) Decrease in asset account
C) Increase in liability account D) Increase in capital account
 
Answer & Explanation Answer: A) Increase in asset account

Explanation:

A debit can signify an increase in asset, an expense, and the owner's drawings. A debit can also signify a decrease in a liability, revenues and owner's equity.

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Q:

Accounting principles are generally based on

A) Convenience in recording B) Practicability
C) Subjectivity D) All of the above
 
Answer & Explanation Answer: B) Practicability

Explanation:
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Filed Under: Accounting and Finance
Exam Prep: Bank Exams

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