Consero Global Solutions Interview Questions, Process, and Tips

Q1. Whether aging schedule is used in the vendor creation
Ans. 
Yes, aging schedules are commonly used in vendor creation to track outstanding payments.
• Aging schedules help track how long invoices have been outstanding for each vendor

• They provide a snapshot of the current status of accounts payable

• They are useful for identifying overdue payments and managing cash flow effectively
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Q1. 5 assessment tests and 2 technical rounds will be there. Be strong with Accounting basics, standards, normal accounting.
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Q2. Journal entries
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Q1. 1st round with manager and 2nd round with Deliverables Manager
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Basic Aptitude Questions.

Q1. Questions about R2R
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Q2. Entry for Sale of Asset.
Ans. 
The entry for the sale of an asset involves recording the sale price, removing the asset's cost and accumulated depreciation from the books, and recognizing any gain or loss.
• Debit the Cash or Accounts Receivable account for the sale price of the asset

• Credit the Asset account to remove the cost of the asset

• Credit the Accumulated Depreciation account to remove the accumulated depreciation

• Recognize any gain or loss by deb...read more
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Q3. Same entry with Profit and Loss.
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Q4. What is W9 form and limit to issue.
Ans. 
W9 form is a tax form used by businesses to collect information from independent contractors or freelancers. There is no limit to the number of W9 forms that can be issued.
• W9 form is used to collect information such as the contractor's name, address, and taxpayer identification number (TIN).

• Businesses use W9 forms to report payments made to independent contractors to the IRS.

• There is no limit to the number of W9 forms ...read more
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Q5. Entry for Deferred Revenue?
Ans. 
Deferred revenue is revenue received in advance for goods or services that have not yet been provided.
• Deferred revenue is recorded as a liability on the balance sheet until the goods or services are delivered.

• The entry for deferred revenue involves debiting cash or accounts receivable and crediting deferred revenue.

• Once the goods or services are provided, the deferred revenue is recognized as revenue on the income stat...read more
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Q1. Email writing test and Excel test
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Q1. What is prepaid income
Ans. 
Prepaid income is income received in advance before it is earned.
• Prepaid income is recorded as a liability on the balance sheet until it is earned.

• Once the income is earned, it is recognized as revenue on the income statement.

• Common examples of prepaid income include rent payments, subscription fees, and insurance premiums.

• Prepaid income is also known as unearned income or deferred income.
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Q2. What is accrual and give exmaple
Ans. 
Accrual is an accounting method that recognizes revenues and expenses when they are incurred, regardless of when cash is exchanged.
• Accrual accounting matches revenues with expenses in the same accounting period

• It provides a more accurate picture of a company's financial position

• Example: A company records revenue when it earns it, even if the customer has not yet paid
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Q1. What is Unbilled revenue
Ans. 
Unbilled revenue refers to revenue that has been earned but not yet invoiced to the customer.
• Unbilled revenue is typically found in service-based industries where work is completed before invoicing.

• It represents revenue that has been recognized in the financial statements but not yet billed to the customer.

• Unbilled revenue is recorded as an asset on the balance sheet until it is invoiced.

• Examples include consulting ser...read more
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Q2. What is Accruals, Prepaid
Ans. 
Accruals and Prepaid are accounting concepts used to record expenses and revenues in the period they occur, rather than when cash is exchanged.
• Accruals refer to expenses that have been incurred but not yet paid for

• Prepaid expenses are costs that have been paid for in advance but have not yet been used up

• Accruals and Prepaid help in matching expenses and revenues to the period they relate to

• Accruals and Prepaid are impo...read more
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Q1. Journal Entry at Controller Level of Interview.
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Q2. Did you named the employees who were escalated?
Ans. 
No, I did not disclose the names of the employees who were escalated.
• Maintaining confidentiality is important in handling employee escalations.

• It is not ethical to disclose the names of employees involved in escalations.

• Focus should be on resolving the issue rather than naming individuals.

• Respecting employee privacy is key in handling sensitive matters.
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