Consero Global Solutions Interview Questions and Answers

P2P cycle refers to the procure-to-pay cycle, which is the process of purchasing goods or services and making payments for them.

• The cycle starts with the identification of a need for goods or services.

• A purchase requisition is created and approved by the appropriate authority.

• A purchase order is generated and sent to the supplier.

• The supplier delivers the goods or services.

• The goods or services received are matched wit...read more

Deferred revenue is a concept where revenue is received in advance but recognized as income over time as the goods or services are delivered.

• Deferred revenue is a liability on the balance sheet until it is earned.

• When revenue is received in advance, it is recorded as a debit to cash and a credit to deferred revenue.

• As the goods or services are delivered, the deferred revenue is recognized as income by debiting deferred...read more

Provision for bad debts is an accounting entry made to account for potential losses due to non-payment of debts.

• Provision for bad debts is a contra asset account that reduces accounts receivable on the balance sheet.

• It is based on an estimate of the percentage of accounts receivable that will not be collected.

• The entry is made by debiting the provision for bad debts account and crediting the accounts receivable account...read more

Unbilled revenue refers to revenue that has been earned but not yet invoiced to the customer.

• Unbilled revenue is recorded as a current asset on the balance sheet.

• The journal entry for unbilled revenue involves debiting unbilled receivables and crediting revenue.

• Once the invoice is generated, the unbilled revenue account is credited and accounts receivable is debited.

• Unbilled revenue is common in service-based industrie...read more

Outstanding expenses are unpaid bills while accrued expenses are expenses incurred but not yet paid.

• Outstanding expenses are recorded as accounts payable on the balance sheet.

• Accrued expenses are recorded as liabilities on the balance sheet.

• Examples of outstanding expenses include unpaid rent, utilities, and vendor invoices.

• Examples of accrued expenses include salaries, interest, and taxes.

• Both outstanding and accrued ...read more

O2C process is the process of receiving and processing customer orders, invoicing, and receiving payment.

• The process starts with receiving customer orders

• The orders are then processed and invoiced

• The invoices are sent to the customers

• Payment is received and recorded

• Accounts receivable is updated

• Examples include online shopping, ordering from a catalog, or placing an order over the phone

I have extensive experience in US GAAP accounting standards.

• I have worked with US GAAP accounting standards for over 5 years.

• I am familiar with the principles and guidelines of US GAAP.

• I have prepared financial statements in accordance with US GAAP.

• I have experience in implementing new US GAAP accounting standards.

• I have worked with auditors to ensure compliance with US GAAP.

• I have trained and mentored junior staff on