Buttar & Magoo Consultants Accounting Coordinator Interview Questions and Answers

Q1. What is the cognizant company role
Ans. 
The cognizant company role refers to the responsibilities and duties assigned to a specific company or organization.
• Cognizant company role includes managing financial transactions, preparing financial statements, and analyzing financial data.

• It also involves ensuring compliance with accounting principles and regulations.

• Examples of cognizant company roles include General Accountant, Financial Analyst, and Auditor.
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Q2. Cognizant employees salary
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Q1. Tell me about yourself.
Ans. 
I am a detail-oriented accounting professional with 5 years of experience in financial analysis and reporting.
• 5 years of experience in accounting

• Strong attention to detail

• Skilled in financial analysis and reporting
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Q2. What is bank reconciliation?
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Bank reconciliation is the process of comparing the balances in a company's accounting records to the balances shown on the bank statement.
• Bank reconciliation helps ensure that all transactions are recorded accurately in the company's books.

• It involves comparing the company's records of cash transactions with the bank's records.

• Differences between the two balances are identified and adjusted accordingly.

• Common reasons ...read more
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Q3. Tell about social media you take 15second and after that tell me
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I use social media primarily for staying connected with friends and family, sharing updates, and following news and trends.
• I use social media platforms like Facebook, Instagram, and Twitter.

• I post photos, status updates, and share interesting articles or videos.

• I follow pages related to my interests such as cooking, travel, and technology.

• I use social media to stay updated on current events and trends in my industry.

• I ...read more
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Q4. What makes you a suitable candidate for this position?
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I have a strong background in accounting with experience in financial analysis and reporting.
• Bachelor's degree in Accounting

• 2+ years of experience in financial analysis

• Proficient in financial reporting software such as QuickBooks

• Strong attention to detail and analytical skills

• Ability to work well under pressure and meet deadlines
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Q5. What is an invoice in accounting?
Ans. 
An invoice in accounting is a document sent by a seller to a buyer, detailing the products or services provided and the amount due.
• An invoice serves as a request for payment from the buyer to the seller.

• It includes information such as the date of the transaction, itemized list of products or services, quantities, prices, and total amount due.

• Invoices are used for record-keeping, tracking sales, and managing accounts re...read more
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Q1. What is Accrual?
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Accrual is an accounting method that recognizes 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 picture of a company's financial position

• Examples include recognizing revenue when a service is performed, even if payment is not received until a later date
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Q2. What is defeerd revenue?
Ans. 
Deferred revenue is revenue that has been received by a company, but has not yet been earned.
• Deferred revenue is a liability on the company's balance sheet.

• It represents revenue that has been collected in advance of being earned.

• As the revenue is earned, it is recognized on the income statement.

• Common examples include subscription services, gift cards, and advance payments for services.

• Deferred revenue is also known as
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Q3. What is financial statement
Ans. 
Financial statements are formal records of the financial activities and position of a business, organization, or individual.
• Financial statements include the balance sheet, income statement, and cash flow statement.

• They provide information on the financial performance, financial position, and cash flows of an entity.

• They are used by investors, creditors, and management to make informed decisions.

• Examples of financial st...read more
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Q1. What is Golden rules of Accounting
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Golden rules of accounting are basic principles that guide the process of recording financial transactions.
• There are three golden rules of accounting: Debit the receiver, Credit the giver; Debit what comes in, Credit what goes out; Debit all expenses and losses, Credit all incomes and gains.

• These rules ensure that every transaction is recorded accurately and consistently.

• For example, when a company receives cash from a...read more
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Q2. What is accrual
Ans. 
Accrual is an accounting method that recognizes revenues and expenses when they are incurred, regardless of when cash is exchanged.
• Accrual accounting matches revenues to the time period in which they are earned and expenses to the time period in which they are incurred.

• It provides a more accurate picture of a company's financial position compared to cash accounting.

• Accruals are recorded as adjusting journal entries at ...read more
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Q3. What is fixed assets
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Fixed assets are long-term tangible assets that are used in the production of income and are not expected to be consumed or converted into cash within a year.
• Fixed assets include property, plant, and equipment (PP&E) such as buildings, machinery, vehicles, and furniture.

• They are recorded on the balance sheet at their original cost minus accumulated depreciation.

• Fixed assets are not intended for sale in the normal cours...read more
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Q4. What is inventory
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Inventory refers to the goods and materials a business holds for the purpose of resale or production.
• Inventory includes raw materials, work-in-progress, and finished goods.

• It is an important asset on a company's balance sheet.

• Inventory management involves tracking, ordering, and storing inventory efficiently.

• Examples of inventory include merchandise in a retail store, components in a manufacturing plant, and supplies i
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Q5. What is Asset life cycle
Ans. 
Asset life cycle refers to the stages an asset goes through from acquisition to disposal.
• Includes acquisition, maintenance, depreciation, and disposal of assets

• Helps in tracking the value and condition of assets over time

• Optimizing asset life cycle can lead to cost savings and improved efficiency
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Aptitude test has simple test

Group discussion as discussed with important topics and developed company

Coding test as coding with all employees

Q1. What are the checkpoints of invoice Processing
Ans. 
Checkpoints of invoice processing ensure accuracy and compliance.
• Verify invoice details match purchase order

• Check for correct pricing and quantities

• Ensure proper approval and authorization

• Confirm invoice is coded correctly in accounting system

• Review for any discrepancies or errors
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Q1. Tell about yourself
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