Accenture General Accounting OPS Associate Interview Questions and Answers

Q1. Financial Accounting Questions
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Q1. What is bank reconciliation
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Bank reconciliation is the process of comparing a company's records of its bank account with the bank's records to ensure they match.
• Bank reconciliation involves comparing the balance in the company's accounting records with the balance shown on the bank statement.

• It helps identify any discrepancies such as outstanding checks, deposits in transit, or bank errors.

• The goal of bank reconciliation is to ensure the accuracy...read more
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The aptitude test was average not that hard but not that easy to.

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Q2. What is the procure to pay cycle ?
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The procure to pay cycle is the process of purchasing goods or services, receiving them, and making payment to the vendor.
• The cycle starts with identifying the need for a product or service.

• A purchase requisition is created and approved.

• The procurement department selects a vendor and issues a purchase order.

• The vendor delivers the goods or performs the service.

• The receiving department inspects and verifies the goods or...read more
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Q3. Tell me the journel entry of p2p
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The journal entry of P2P (Procure to Pay) involves recording the purchase of goods or services and the subsequent payment.
• Debit the relevant expense or asset account for the purchase

• Credit accounts payable for the amount owed

• Example: Debit Office Supplies Expense, Credit Accounts Payable
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Q4. What is three way matching
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Three-way matching is a process in accounting that involves comparing three documents - purchase order, receiving report, and invoice - to ensure accuracy and prevent fraud.
• Three-way matching involves comparing a purchase order, receiving report, and invoice.

• The purchase order is a document that specifies the details of the goods or services ordered.

• The receiving report is created when the goods or services are receive...read more
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Q5. What are two way matching
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Two-way matching is a process in accounting where the purchase order, receiving report, and invoice are compared to ensure accuracy.
• Two-way matching involves comparing the purchase order with the invoice to ensure the quantity and price match.

• It also involves comparing the receiving report with the invoice to ensure the goods or services were received as stated.

• If all three documents match, it indicates that the transa...read more
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Q6. What is accrued interest
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Accrued interest refers to the interest that has been earned but not yet received or paid.
• Accrued interest is recorded as a liability on the balance sheet until it is paid or received.

• It is typically calculated based on the time period between the last interest payment and the current date.

• Accrued interest is common in financial instruments such as bonds, loans, and savings accounts.

• For example, if a bond pays interest...read more
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