Consero Global Solutions Senior Accounting Specialist Interview Questions and Answers for Experienced

Q1. About work experience and salary expectations
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Q1. 1.unearned revenue 2.unbilled revenue n Journal entry 3.month end closing procedure 4.accruals 5 Depreciation 6.why debit balanc in Sundry creditors 7.Journal entry for salary payable 8.
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Reasoning,English vocabulary,excel test

Q1. What is accrual,what is deffered revenue
Ans. 
Accrual is recognizing revenue and expenses when they are incurred, not when cash is exchanged. Deferred revenue is when payment is received before revenue is earned.
• Accrual accounting matches revenue and expenses to the time period they are incurred, not when cash is exchanged

• Deferred revenue is when a company receives payment for goods or services before they are actually delivered or earned

• Accrual accounting provide...read more
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Q1. How to find cogs,what is unbilled revenue
Ans. 
COGS can be found by subtracting ending inventory from beginning inventory and adding purchases. Unbilled revenue is revenue that has been earned but not yet billed to the customer.
• COGS = Beginning Inventory + Purchases - Ending Inventory

• Unbilled revenue is revenue recognized in the income statement but not yet invoiced to the customer

• Unbilled revenue is a liability on the balance sheet until it is invoiced
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Q2. What is un earned revenue
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Unearned revenue is money received by a company for goods or services that have not yet been provided.
• Unearned revenue is a liability on the company's balance sheet until the goods or services are delivered.

• It represents an obligation to provide goods or services in the future.

• Common examples include prepaid rent, magazine subscriptions, and advance payments for services.

• As the goods or services are provided, the unear...read more
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Q1. Accrual concept
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Q2. Inter company entries
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Q3. Depreciation accounting
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Q4. Deferred revenue
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Q5. Deferred expenditure
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Q1. Few accounting entries
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Q2. Month end close process
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Q1. Few case study based questions
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English test, Accounting Test, Excel test- overall around 1 hour test

Q1. What is accrual, what is provision for depreciation, what is Bad debts, Journal entries,
Ans. 
Accrual is recognizing revenue and expenses when they are incurred, provision for depreciation is setting aside funds for asset depreciation, bad debts are uncollectible debts, journal entries record financial transactions.
• Accrual is the accounting method of recognizing revenue and expenses when they are incurred, regardless of when cash is exchanged.

• Provision for depreciation is the allocation of funds to account for ...read more
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Q2. Billed revenue, unbilled revenue
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Q3. Salary entry, what is revenue, revenue recog principles
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Q1. Deferred revenue expenditure, p2p process, o2c process, depreciation and amortization
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Aptitude test, Excel test, Accounting test, email writing test

Q1. Prepaid, intercompany, depreciation, accruals , unbilled, defered and other accounting entries
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Q2. Prepaid entry how to account
Ans. 
Prepaid entries are recorded as assets and expensed over time as the benefit is realized.
• Prepaid expenses are recorded as assets on the balance sheet.

• Example: If you pay $1,200 for a one-year insurance policy, record it as a prepaid expense.

• Each month, recognize $100 as an expense, reducing the prepaid asset.

• Adjusting entries are made at the end of each accounting period to reflect the expense.

• This ensures accurate mat...read more
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Q3. Accrual of any expense with example
Ans. 
Accrual of expenses refers to recognizing expenses in the period they are incurred, regardless of when they are paid.
• Accrual of expenses helps in matching expenses with revenues in the same accounting period.

• Examples include recognizing salaries expense for work done by employees even if the payment is made in the next month.

• Another example is recognizing interest expense on a loan even if the payment is due in the nex...read more
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Q4. Unbilled revenue when to account with example
Ans. 
Unbilled revenue should be accounted for when it is earned but not yet invoiced to the customer.
• Recognize unbilled revenue when the performance obligation is satisfied and revenue is earned.

• Record unbilled revenue as an asset on the balance sheet.

• Adjust unbilled revenue periodically to reflect the actual amount that should be billed to the customer.

• Example: A construction company completes a project in December but doe...read more
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Q1. Salary discussion, expected CTC and othe details
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