Cummins Financial Analyst Interview Questions, Process, and Tips

Procure to pay is the process of acquiring goods and services from a vendor and paying for them.

• Procurement process starts with identifying the need for goods or services

• Vendor selection and negotiation of terms and conditions

• Purchase order creation and approval

• Goods or services receipt and inspection

• Invoice verification and payment processing

• Examples include ordering office supplies, hiring a contractor for a project,

Balance sheet is a financial statement that shows a company's assets, liabilities, and equity at a specific point in time.

• It is divided into two sections: assets and liabilities + equity

• Assets are what the company owns, while liabilities + equity are what the company owes

• The equation for a balance sheet is Assets = Liabilities + Equity

• Examples of assets include cash, inventory, and property

• Examples of liabilities inclu...read more