What is meant by accounts receivable?

Explanation: Accounts receivable is defined as money owed to a company by its debtors. When
a company sells goods on credit, it creates a current asset by the name of accounts receivable
and books the corresponding revenue. When the cash is received, the asset is reversed.

"What is the difference between accounts receivable (AR) and accounts payable
(AP)?

17. “How do you differentiate between auditing and accounting?”

What is an accrued expense? It is an expense that is entered into the
bookkeeping system at the date of purchase, and not the date of payment.The
supplier might give you a bill for something you bought on account, which
account you will only pay a few weeks later. All unpaid bills accrue in the
bookkeeping system until they are paid.
Q1. How many types of business transactions are there in accounting?
Ans.There are two types of business transactions in accounting – revenue and capital.

Q2. Explain real and nominal accounts with examples.Ans. A real account is an
account of assets and liabilities. E.g. land account,building account, etc.A
nominal account is an account of income and expenses. E.g. salary account,
wages account, etc

Q3. Which accounting platforms have you worked on? Which one do you
prefer the most?
Ans. Describe the accounting platforms (QuickBooks, Microsoft Dynamic GP, etc.) that you have
worked with and which one you liked the most.

Q4. What is double entry bookkeeping? What are the rules associated
with it?
Ans. Double entry bookkeeping is an accounting principle where every debit has a corresponding
credit. Thus, the total debit is always equal to the total credit. In this system, when one account is
debited then another account gets credited at the same time.

Q5. What is working capital?

 Ans. Working capital is calculated as current assets minus current liabilities,
which is used in day-to-day trading

Q6. How do you maintain accounting accuracy?

Ans. Maintaining the accuracy of an organisation’s accounting is an important activity as it can result
in a huge loss. There are various tools and resources which can be used to limit the potential for errors
to creep in and address quickly if any errors do arise

Q59. What is the difference between accounts receivable and deferred

revenue?
Accounts receivable is yet-to be received cash from products or services that are already sold/delivered to customers,
whereas, deferred revenue is the cash received from customers for services or goods not yet delivered.

Q57. What is GAAP?

GAAP is the abbreviation for Generally Accepted Accounting Principles (GAAP) issued by the Institute of Chartered
Accountants of India (ICAI) and the provisions of the Companies Act, 1956. It is a cluster of accounting standards and
common industry usage, and it is used by organizations to:

 Record their financial information properly

 Summarize accounting records into financial statements
 Disclose information whenever required

Q55. What are the disadvantages of a Double Entry System?

 Difficult to find the errors, especially when transactions are recorded in the books
 In case of any error, extensive clerical labor is required
 You can’t disclose all the information of a transaction, which is not properly recorded in the journal

Q54. What are the different stages of Double Entry System?

There are three different stages of double entry system, which are –

 Recording transactions in the accounting systems

 Preparing a trial balance in respective ledger accounts
 Preparing final documents and closing the books of accounts

Q27. Can you explain the basic accounting equation?

Ans. Yes, since we know that accounting is all about assets, liabilities and capital. Hence, its equation
can be summarized as:
Assets = Liabilities + Owners Equity.

Q14. Why do you think Accounting Standards are mandatory?

Ans. Accounting Standards play an important role in preparing a good and accurate financial report.
It ensures reliability and relevance in financial reports.
Q9. What is the difference between a trial balance and a balance sheet?
Ans. A trial balance is the list of all balances in a ledger account and is used to check the arithmetical
accuracy in recording and posting. A balance sheet, on the other hand, is a statement which shows
the assets, liabilities and equity of a company and is used to ascertain its financial position on a
particular date.

Q8. What is the difference between ‘accounts payable (AP)’ and

‘accounts receivable (AR)’?
Ans.
Accounts Payable Accounts Receivable
The amount a company owes because it The amount a company has right to collect
purchased goods or services on credit from a because it sold goods or services on credit to a
vendor or supplier. customer.
Accounts payable are liabilities. Accounts receivable are assets.

Q4. What is double entry bookkeeping? What are the rules associated
with it?
Ans. Double entry bookkeeping is an accounting principle where every debit has a corresponding
credit. Thus, the total debit is always equal to the total credit. In this system, when one account is
debited then another account gets credited at the same time.

Is the school as hazard-free as possible, both inside the buildings and on the
grounds?
So as teachers prepare their rooms for the start of school—and maintain them throughout the year—
they should be aware of dangers lurking in the classroom. And they should be equipped with simple
safety precautions that can prevent injuries to themselves and their students. Consider sharing these 9
classroom safety tips with your teachers to help build a safe and secure environment:

1. Keep Exits Clear. Make sure all classroom exits—both doors and windows—remain clear
from obstructions and clutter.

2. Safe Ladder Use. When putting up decorations or accessing materials on high shelves,
always use a ladder. Do NOT stand on chairs, stools, or desks. Choose the appropriate ladder
and follow ladder safety guidelines.

3. Hang Decorations Properly. Avoid hanging things from light fixtures and sprinkler heads.
Do not block exit signs or obstruct any exits with your decorations.

4. Keep Hazardous Materials Out Of Reach. Hazardous materials, such as cleaning supplies
and chemicals used for instruction, should be properly labeled and securely stored. You
should also know where to find safety data sheets addressing how to properly treat exposure
to hazardous materials you might have in your classroom.
 5. Eliminate Tripping Hazards. Do not leave unattended drawers or cabinet doors open. Make
sure chairs are pushed in when students are moving around. Keep items put away when not in
use to prevent tripping.

6. Be Aware Of Electrical Cords. Make sure electrical cords are not running through high-
traffic areas, walkways, and doorways. Do not fasten cords with staples, hang from nails, or
suspend them with a wire. Don’t cover them with rugs or mats.

7. Do Not Overload Electrical Circuits. Do not plug two extension cords or two surge
protectors together. If your surge protector keeps resetting, you are overloading it! Be
careful how many devices you are plugging into one outlet.

8. Use Care When Lifting Heavy Objects. When setting up a classroom, rearranging things,
or moving heavy items like textbooks, use safe lifting techniques to avoid injury.

9. Post An Evacuation Plan Near The Door. Ensure all students are familiar with the exit
routes in case of emergency. Post a resource for evacuations in the room, such as a map
detailing the specific classroom location and highlighting the various exit routes available.
After all, the closest exit may be behind you!

Classroom safety is an essential part of school risk management. It’s where students and teachers
spend most of their time. So ensure your teachers are aware of classroom safety hazards and you’re
equipping them with resources to create a safe learning environment for students and staff