10+ Fasttrack HR Services Interview Questions and Answers

PO stands for Purchase Order and Non-PO refers to transactions that do not involve a purchase order.

• PO is a document that a buyer sends to a seller to request goods or services.

• Non-PO transactions include expenses such as travel, office supplies, and utilities.

• PO transactions are typically more formal and involve a contract or agreement, while non-PO transactions are more informal.

• PO transactions are easier to track and reconcile than non-PO transactions.

• Examples of non-PO tr...read more

I usually travel to office by taking the bus or driving my car.

• Take the bus

• Drive your car

• Use a ride-sharing service like Uber or Lyft

• Carpool with colleagues or friends

• Walk or bike if the office is nearby

I have used various marketing tools such as social media platforms, email marketing software, and Google Analytics.

• Social media platforms like Facebook, Twitter, and LinkedIn for creating and sharing content

• Email marketing software like Mailchimp for sending newsletters and promotional emails

• Google Analytics for tracking website traffic and user behavior

• SEO tools like SEMrush for keyword research and optimization

• Paid advertising platforms like Google Ads and Facebook Ads for ...read more

Depreciation is the allocation of the cost of an asset over its useful life. Accounts payable is the amount owed by a company to its suppliers for goods or services received.

• Depreciation is a non-cash expense that reduces the value of an asset over time.

• Accounts payable represents the amount a company owes to its suppliers for goods or services purchased on credit.

• Depreciation is recorded on the income statement as an expense, while accounts payable is a liability on the bala...read more

PO invoices are based on purchase orders, while non-PO invoices are not tied to a specific purchase order.

• PO invoices are generated based on a purchase order issued by the buyer to the seller.

• Non-PO invoices do not have a purchase order associated with them.

• PO invoices typically have a reference number that matches the purchase order number.

• Non-PO invoices may be for services rendered without a formal purchase order.

• PO invoices are easier to track and reconcile compared to no...read more

P2P cycle refers to the Procure-to-Pay cycle, which is the process of purchasing goods or services and paying for them.

• The cycle starts with identifying the need for a product or service

• Then, a purchase order is created and sent to the supplier

• The supplier delivers the product or service and sends an invoice

• The invoice is verified and approved for payment

• Finally, payment is made to the supplier

• Examples include ordering office supplies or hiring a contractor for a project

Goods Receipt Note is a document used to record the receipt of goods from a supplier.

• It contains details such as the quantity and quality of the goods received, the date of receipt, and the supplier's name.

• It is an important document for inventory management and accounting purposes.

• It is usually prepared by the receiving department and sent to the purchasing department for verification.

• Example: A company receives a shipment of 100 units of a product from a supplier. The recei...read more

The process involves handling tasks or operations within a specific area of expertise or industry.

• Process involves a series of steps or actions to achieve a specific goal or outcome

• It may include tasks such as data entry, document processing, customer service, etc.

• Understanding the process flow and following guidelines is crucial for successful completion

• Examples: Order processing, invoice verification, claims handling

A note is added to a linked list by creating a new node and updating the next pointer of the previous node to point to the new node.

• Create a new node with the data to be added

• Traverse the linked list to find the last node

• Update the next pointer of the last node to point to the new node

Yes

• I am flexible about shift timings and can adapt to different schedules.

• I understand the importance of being available during different shifts to meet the needs of the job.

• I have previous experience working in shifts and have successfully adjusted my schedule accordingly.

• I am open to discussing and negotiating shift preferences if required.

Expenses allocation refers to the process of assigning costs to different departments or activities based on their usage.

• Expenses are allocated based on the nature of the expense and the department or activity that incurred it.

• Common methods of allocation include direct allocation, step-down allocation, and reciprocal allocation.

• Direct allocation assigns expenses directly to the department or activity that incurred them.

• Step-down allocation assigns expenses to departments in ...read more

Balance sheet is a financial statement that shows a company's assets, liabilities, and shareholders' equity at a specific point in time.

• It provides a snapshot of a company's financial position

• Assets are listed on one side, liabilities and equity on the other

• The balance sheet equation is Assets = Liabilities + Shareholders' Equity

• It helps investors and analysts assess the financial health of a company

Accruals are expenses that have been incurred but not yet paid for or revenues that have been earned but not yet received.

• Accruals are used to match expenses and revenues to the period in which they are incurred or earned, regardless of when the cash is actually exchanged.

• Accruals are recorded as adjusting entries in the financial statements to ensure that the financial statements accurately reflect the company's financial position.

• Examples of accruals include salaries payabl...read more

Bad debt refers to money owed by a debtor that is unlikely to be paid back, resulting in a loss for the creditor.

• Bad debt occurs when a debtor fails to make payments on a loan or credit account.

• It can also refer to debts that are written off as uncollectible by a company.

• Bad debt can negatively impact a company's financial health and profitability.

• Examples include unpaid credit card bills, defaulted loans, and overdue invoices.

• Companies often try to minimize bad debt through ...read more

GRN stands for Goods Receipt Note, which is a document used in the process of receiving goods into a warehouse or stockroom.

• GRN is a document used to confirm the receipt of goods from a supplier.

• It includes details such as the quantity of goods received, date of receipt, supplier information, and any discrepancies found during inspection.

• GRN is an important record for inventory management and accounting purposes.

• It helps in verifying the accuracy of deliveries and resolving a...read more

I have always made my payments on time and have a good credit history.

• I have never missed a payment deadline in my previous roles.

• I have a strong understanding of financial processes and always ensure timely payments.

• I have received positive feedback from previous employers regarding my payment accuracy and timeliness.

PTP Process involves the end-to-end process of procuring goods or services, from requisition to payment.

• Requisition: Request for goods or services is made by the user.

• Purchase Order: Formal document issued to the supplier detailing the items, quantities, and prices.

• Goods Receipt: Verification of goods received against the purchase order.

• Invoice Processing: Supplier sends an invoice for payment.

• Payment: Payment is made to the supplier for the goods or services.

• Reconciliation: ...read more