CHARTERED PROFESSIONAL ACCOUNTANT CANADA

Aneth Sanchez Professional Corporation
Chartered Professional Accountant

Faq

Here is a list of common questions that our clients ask us. If you need more information don’t hesitate to get in touch with us.

Why did you select accounting as your profession?

Well, I was quite good in accounting throughout but in my masters, when I got distinction I decided to adopt this field as a profession.

Can you explain the basic accounting equation

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

What is the abbreviation for the accounting terms debit and credit?

Debit abbreviation is "dr" and credit abbreviation is "cr".

How many types of business transactions are there in accounting?

There are two types of transactions in accounting i.e. revenue and capital.

Have you ever heard about TDS, what it is?

Yes, TDS abbreviates Tax Deduction at Source.

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