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HRs may use it as an assessment tool to gauge a candidate’s understanding of accounting principles and financial literacy. It involves recording financial transactions, organizing accounts, and generating financial statements. My Accounting Course is a world-class educational resource developed by experts to simplify accounting, finance, & investment analysis topics, so students and Income Statement = A financial statement that reports a company's financial performance over a specific accounting period Balance Sheet = A statement of the assets, liabilities, and capital of a business at a particular point in time Cash Flow Statement = A financial statement that provides aggregate data regarding all cash inflows a company receives from its ongoing operations and external After almost a decade of experience in public accounting, he created MyAccountingCourse. 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Difficulty Rating: Intermediate --> Advanced Time limit: 25 minutes Question: Create journal entries for the following transactions (Rs. Hiring managers will also use behavioral questions to determine whether or not a candidate is a good fit for the culture of the business. Ad hoc comes from the Latin and means “as the occasion requires. My Accounting Course is a world-class educational resource developed by experts to simplify accounting, finance, & investment analysis topics, so students and For the past 52 years, Harold Averkamp (CPA, MBA) has worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. The key to acing an interview is practice, so be sure to check out our interview guides for finance, FP&A, equity research, and more. Answers with explanations are at the end of the test. Understand the Basics Thoroughly. The equation is as follows: Assets = Liabilities + Shareholder’s Equity. 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