AXA Business Services Process Leader Interview Questions and Answers

Accrual refers to the recognition of revenues and expenses when they are incurred, regardless of when cash is exchanged.

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

• It provides a more accurate representation of a company's financial position

• Examples include recognizing revenue when a service is performed, even if payment has not been received yet

Reporting in accounting is crucial for tracking financial performance, making informed decisions, and ensuring compliance.

• Reporting helps track financial performance and identify areas of improvement.

• It provides insights for making informed business decisions.

• Reporting ensures compliance with regulations and standards.

• Examples: Balance sheets, income statements, cash flow statements.

• Reporting helps stakeholders underst

IFRS 9 is an international financial reporting standard that sets out guidelines for accounting for financial instruments.

• IFRS 9 replaces IAS 39 and introduces new classification and measurement requirements for financial assets

• It also includes guidelines for impairment of financial assets and hedge accounting

• IFRS 9 aims to improve the financial reporting of financial instruments and provide more relevant information t