Atyati Technologies Process Associate Interview Questions and Answers

Accruals are expenses incurred but not yet paid or recorded.

• Accruals are expenses that have been incurred but not yet paid for.

• They are recorded in the financial statements to reflect the true financial position of a company.

• Accruals help match expenses with revenues in the same accounting period.

• Examples include accrued salaries, interest, and taxes.

• Accruals are necessary for accurate financial reporting.

Prepaid recalls are prepaid expenses that are reversed in the subsequent accounting period.

• Prepaid recalls are expenses that have been paid in advance but are recognized as expenses in the following accounting period.

• They are typically recorded as assets on the balance sheet until they are recognized as expenses.

• Common examples of prepaid recalls include prepaid rent, insurance premiums, and subscription fees.