Cognizant R2R Process Associate Interview Questions and Answers

Revenue reconciliation is the process of comparing financial records to ensure they match and identifying any discrepancies.

• Revenue reconciliation involves comparing revenue records from different sources such as sales, invoices, and payments.

• It helps in identifying any discrepancies or errors in the revenue records.

• The process ensures that all revenue transactions are accurately recorded and accounted for.

• Revenue reco...read more

I am a dedicated and detail-oriented professional with experience in R2R processes and a strong focus on accuracy and efficiency.

• Experienced in handling end-to-end R2R processes

• Strong attention to detail and accuracy

• Proficient in using accounting software such as SAP and Oracle

• Excellent communication and problem-solving skills

Seeking new challenges and opportunities for growth.

• Desire for career advancement

• Looking for new challenges

• Seeking better work-life balance

• Relocation to a new city

• Company downsizing or restructuring

Inter company transactions are recorded using journal entries.

• Inter company transactions involve two or more entities within the same organization.

• The journal entry for inter company transactions includes a debit and credit entry.

• The debit entry is made in the receiving company's account and the credit entry is made in the giving company's account.

• For example, if Company A sells goods to Company B, the journal entry wo...read more

Accounting principles are applied in the preparation of financial statements to ensure accuracy and compliance with regulations.

• The principles of accounting include the matching principle, revenue recognition principle, and the cost principle.

• Financial statements must be prepared in accordance with Generally Accepted Accounting Principles (GAAP).

• The balance sheet, income statement, and cash flow statement are the three...read more

Accrual concept refers to the recognition of revenue and expenses in the financial statements before the actual cash transaction takes place.

• Accrual concept is based on the matching principle, which states that expenses should be recognized in the same period as the revenue they helped generate.

• This means that revenue and expenses are recorded in the financial statements when they are earned or incurred, regardless of ...read more

The golden rule of accounts is to debit the receiver and credit the giver.

• Debit the receiver, credit the giver

• Assets = Liabilities + Equity

• Every transaction has equal debits and credits

Accruals are adjustments made to financial statements to ensure that revenues and expenses are recognized in the period they are earned or incurred, regardless of when cash is exchanged.

• Accruals help match revenues and expenses to the period in which they are incurred, providing a more accurate representation of a company's financial position.

• Accruals are necessary for the accrual basis of accounting, which is required...read more

Amortization is the process of spreading out the cost of an intangible asset over its useful life.

• Amortization is similar to depreciation, but it is used for intangible assets such as patents, copyrights, and trademarks.

• It helps in reflecting the gradual consumption or expiration of the asset's value over time.

• The amortization expense is recorded on the income statement and reduces the asset's carrying value on the bal...read more