Cognizant General Accounting Associate Interview Questions and Answers

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
Ans. 
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 Golden rules of Accounting
Ans. 
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
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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 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
Ans. 
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
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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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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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It was good and tough

Q1. Tell me about your self
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Q1. Introduce yourself Basic from account related questions
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Q1. Accounting questions
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Maths and accounting questions

Q1. Tall me about your experience
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Q2. Why You skip your privious company
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Q3. Tall me general entry
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Q4. Tall me depricition
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Q5. Give me a example veracity
Ans. 
Veracity refers to the accuracy and truthfulness of data or information.
• Veracity is essential in accounting to ensure financial statements are reliable and trustworthy.

• Example: Ensuring that all transactions are accurately recorded in the books.

• Verifying the accuracy of financial reports before presenting them to stakeholders.
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