Accounting 면접 질문과 답변
Ques 26. Explain the concept of 'consistency' in accounting.
Consistency requires a company to use the same accounting principles and methods from one period to the next, ensuring comparability of financial statements.
Example:
If a company changes its depreciation method, it should disclose the change and its impact on financial statements.
Ques 27. What is the purpose of the statement of retained earnings?
The statement of retained earnings shows changes in retained earnings over a specific period, including net income or loss and dividends paid to shareholders.
Example:
If a company has net income of $100,000 and pays dividends of $20,000, the retained earnings increase by $80,000.
Ques 28. Define 'internal controls' in accounting.
Internal controls are processes and procedures implemented by a company to safeguard its assets, ensure accuracy in financial reporting, and promote operational efficiency.
Example:
Requiring dual approval for significant financial transactions is an internal control measure.
Ques 29. What is the significance of the quick ratio?
The quick ratio measures a company's ability to meet short-term obligations using its most liquid assets (excluding inventory) and is calculated by dividing quick assets by current liabilities.
Example:
If a company has quick assets of $200,000 and current liabilities of $100,000, the quick ratio is 2.
Ques 30. Explain the concept of 'cost of goods sold' (COGS).
COGS represents the direct costs associated with producing goods or services sold by a company and includes costs like raw materials, labor, and manufacturing overhead.
Example:
If a company sells 1,000 units at $50 each with a total production cost of $30 per unit, the COGS is $30,000.
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