Accenture Mortgage Underwriter Interview Questions and Answers for Experienced

Process knowledge refers to understanding the steps involved in a particular process.

• It involves knowing the sequence of steps in a process

• It includes knowledge of the inputs, outputs, and resources required for the process

• It helps in identifying areas for improvement and optimizing the process

• Example: A software developer should have process knowledge of software development lifecycle

FP&A process cycle involves budgeting, forecasting, analyzing financial performance, and reporting.

• Budgeting: Creating a financial plan for the upcoming period.

• Forecasting: Predicting future financial outcomes based on historical data and market trends.

• Analyzing financial performance: Evaluating actual results against budgeted and forecasted numbers.

• Reporting: Communicating financial insights to stakeholders through re

Accrual is recognizing revenue and expenses when they are incurred, not when cash is exchanged. Deferral is postponing recognition of revenue or expenses to a later period.

• Accrual accounting matches revenues with expenses in the same accounting period

• Accruals are recorded as adjusting journal entries at the end of an accounting period

• Deferrals involve recognizing revenue or expenses at a later date

• Examples of accruals ...read more

Revenue recognition principles are guidelines for when and how revenue should be recorded in financial statements.

• Revenue should be recognized when it is earned, not necessarily when cash is received.

• Revenue should be recognized when it is realized or realizable and earned.

• The amount of revenue recognized should be the fair value of the consideration received or expected to be received.

• Revenue recognition principles ar...read more

DSO stands for Days Sales Outstanding and DPO stands for Days Payable Outstanding. DSO measures how long it takes for a company to collect revenue after a sale, while DPO measures how long it takes for a company to pay its suppliers.

• DSO measures the average number of days it takes for a company to collect revenue after a sale.

• DPO measures the average number of days it takes for a company to pay its suppliers.

• DSO is cal...read more

Accruals are revenues earned but not yet received, while deferrals are revenues received but not yet earned.

• Accruals recognize revenue when it is earned, regardless of when cash is received.

• Deferrals recognize revenue when cash is received, regardless of when it is earned.

• Accruals are used to match revenues with expenses in the same accounting period.

• Examples of accruals include accounts receivable and revenue earned b...read more