Cognizant R2R Associate Interview Questions and Answers

Q1. What is Bank Reconciliation Statement?
Ans. 
Bank Reconciliation Statement is a document that compares the bank's records with the company's records of its bank account.
• It helps in identifying any discrepancies between the two sets of records.

• It includes items such as deposits in transit, outstanding checks, bank errors, and service charges.

• The goal is to ensure that the ending balance on the bank statement matches the ending balance in the company's accounting r
Answered by AI
Add your answer
Q2. What is contingent liabilities?
Ans. 
Contingent liabilities are potential liabilities that may arise in the future depending on the outcome of certain events.
• Contingent liabilities are not actual liabilities yet, but they have the potential to become actual liabilities based on future events.

• Examples include pending lawsuits, warranties, and guarantees.

• Companies disclose contingent liabilities in their financial statements to inform stakeholders about pot...read more
Answered by AI
Add your answer
Q3. What are the Golden rules of accounting?
Ans. 
The Golden rules of accounting are basic principles that guide the process of recording financial transactions.
• The Golden rules include: Debit what comes in, Credit what goes out; Debit the receiver, Credit the giver; Debit expenses and losses, Credit income and gains.

• These rules help ensure that financial transactions are accurately recorded and classified in the accounting system.

• For example, when a company receives ...read more
Answered by AI
Add your answer
Q4. What is sundry debtor?
Ans. 
Sundry debtor refers to a person or entity who owes money to a company for goods or services provided on credit.
• Sundry debtor is a type of accounts receivable on a company's balance sheet.

• It represents amounts owed by customers or clients for goods or services provided on credit.

• Sundry debtors are typically short-term in nature and are expected to be collected within a year.

• Examples include outstanding invoices from cu
Answered by AI
Add your answer
Q5. What is account receivable.
Ans. 
Accounts receivable is the money owed to a company by its customers for goods or services provided on credit.
• Accounts receivable represents the amount of money owed to a company by its customers for goods or services provided on credit.

• It is considered an asset on the company's balance sheet.

• Companies often have specific departments or roles dedicated to managing accounts receivable and ensuring timely payment.

• Examples...read more
Answered by AI
Add your answer

Q1. Prpeaid expenses accounting
Add your answer
Q2. Purchase of asset from foreign accounting
Ans. 
When purchasing assets from foreign accounting, it is important to consider currency exchange rates and any potential tax implications.
• Consider the impact of currency exchange rates on the cost of the asset

• Be aware of any tax implications or duties that may apply to the purchase

• Ensure compliance with any international accounting standards or regulations

• Consult with a financial advisor or accountant familiar with intern...read more
Answered by AI
Add your answer
Q3. Purchase of asset process
Add your answer

General knowledge Quantitative aptitude English language

Q1. Most of the questions will be based on your resume that what you have mentioned in it .
Add your answer
Q2. I mentioned SAP in my resume and the questions were like Tell me some T-Codes What are the other modules in SAP
Ans. 
SAP is an enterprise resource planning software used for managing business operations.
• Some T-Codes in SAP include SE16 (Data Browser), VA01 (Create Sales Order), and MM01 (Create Material Master).

• Other modules in SAP include Finance and Controlling (FICO), Sales and Distribution (SD), Material Management (MM), and Human Capital Management (HCM).

• SAP is used by companies in various industries such as manufacturing, retai...read more
Answered by AI
Add your answer

Q1. It will be about job and salary stuff not much anything else rather than this.
Add your answer
Q2. Are you ready to relocate Are you willing to come to the office Are you ready to work overtime
Add your answer

4 sections
Email writing excel accounting

Q1. Not completed yet pending
Add your answer
Q2. Golden rules of accounts
Ans. 
Golden rules of accounts are basic principles that guide the recording of financial transactions.
• Debit what comes in, credit what goes out

• Debit the receiver, credit the giver

• Debit expenses and losses, credit income and gains
Answered by AI
Add your answer
Q3. Accounts payable
Add your answer
Q4. Accounts receivable
Add your answer
Q5. Bank reconciliation statement
Add your answer

Q1. Are you comfortable with night shift
Add your answer

Q1. Prepaid expenses accounting
Add your answer
Q2. Purchase of asset from foreifn accounting
Ans. 
When purchasing an asset from a foreign accounting, it is important to consider currency exchange rates and potential tax implications.
• Consider the impact of currency exchange rates on the cost of the asset

• Understand any tax implications or duties associated with importing the asset

• Ensure compliance with any international accounting standards

• Consult with experts or advisors familiar with cross-border transactions

• Keep d...read more
Answered by AI
Add your answer

Q1. Reasons for charging depreciation
Ans. 
Depreciation is charged to allocate the cost of an asset over its useful life, matching expenses with revenues.
• Depreciation reflects the wear and tear on assets over time

• It helps in spreading the cost of an asset over its useful life

• Allows for matching expenses with revenues generated by the asset

• Helps in determining the true profitability of a business

• Required by accounting standards to accurately reflect the value of
Answered by AI
Add your answer
Q2. Concept of Conservatism
Ans. 
Conservatism is a political and social philosophy that prioritizes tradition, stability, and gradual change over radical reform.
• Conservatism emphasizes the importance of preserving established institutions and values.

• It is skeptical of rapid societal change and advocates for incremental adjustments.

• Conservatives often prioritize individual responsibility, limited government intervention, and traditional family structur...read more
Answered by AI
Add your answer
Q3. Golden Principles of Accounting both modern and traditional
Ans. 
Golden principles of accounting refer to the basic rules and guidelines that govern the field of accounting.
• The principle of consistency: Accounting methods and procedures should be consistent from one period to another.

• The principle of materiality: Only significant information that would influence the decision-making of users should be included in financial statements.

• The principle of conservatism: When in doubt, acco...read more
Answered by AI
Add your answer
Q4. Journal entry for fixed asset sold with adjustment of gain or loss on sale of fixed asset
Ans. 
Journal entry for fixed asset sold with adjustment of gain or loss on sale
• Debit the accumulated depreciation account to remove the asset's accumulated depreciation

• Debit the cash or accounts receivable account for the amount received from the sale

• Credit the fixed asset account for the original cost of the asset

• Credit the gain or loss on sale of fixed asset account for the difference between the sale price and the book v
Answered by AI
Add your answer
Q5. Accrual basis of accounting
Ans. 
Accrual basis of accounting recognizes revenue when earned and expenses when incurred, regardless of when cash is exchanged.
• Revenue is recorded when it is earned, not necessarily when cash is received

• Expenses are recorded when they are incurred, not necessarily when they are paid

• Matches revenues with expenses in the period they occur, providing a more accurate financial picture

• Required by GAAP for most businesses
Answered by AI
Add your answer
Q6. Journal entry for accrual basis of tranasaction
Ans. 
Journal entry for accrual basis of transaction
• Accrual basis recognizes revenues and expenses when they are earned or incurred, regardless of when cash is exchanged

• To record an expense on accrual basis, debit the expense account and credit the accounts payable or accrued expenses account

• To record revenue on accrual basis, debit accounts receivable and credit the revenue account

• Accrual basis ensures that financial statem...read more
Answered by AI
Add your answer
Q7. Hobbbies was asked few questions based on our resume
Add your answer

It was easy communication skills, basic accounting questions, excel questions