Cognizant General Accounting Associate Interview Questions and Answers

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
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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
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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
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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 your self
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Q2. What is your Hobbies
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Q3. What is your age
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Q4. My age is 22
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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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