Bookkeeper Question:
Download Questions PDF

Tell me what is the accounting equation (or the balance sheet equation) or explain the balance sheet?

Answer:

A good bookkeeper will explain the balance sheet has assets, liabilities and equity. This is mandatory for anyone you expect to provide accurate financial reports. Ideally they will tell you the equation is: Assets = Liabilities + Equity. If they can't explain the balance sheet, then ask them to describe an asset and liability account. You won't want someone who doesn't know the balance sheet responsible for month end close, but if someone else is ensuring accuracy, just knowing how assets and liabilities are used will be fine.

Download Bookkeeper Interview Questions And Answers PDF

Previous QuestionNext Question
Can you handle customer invoicing?Suppose if the bank account is off $0.92. How long will you spend looking for the problem and what steps will you take to find it?