Dassault Systemes Financial Planning and Analysis Analyst Interview Questions, Process, and Tips

The golden rules of accounting are basic principles that guide the process of recording financial transactions.

• The golden rules include the principles of debit and credit, which are used to record transactions accurately.

• Debit what comes in and credit what goes out is one of the golden rules of accounting.

• Another golden rule is debit the receiver and credit the giver.

• The final golden rule is debit all expenses and loss

Prepaid taxes are recorded as an asset on the balance sheet until they are actually paid.

• Prepaid taxes are initially recorded as a debit to the Prepaid Taxes account and a credit to the Cash account.

• When the taxes are actually paid, the entry is a debit to the Taxes Expense account and a credit to the Prepaid Taxes account.

• The balance in the Prepaid Taxes account represents taxes that have been paid in advance but not

Budgeting is the process of creating a plan for how to spend money, taking into account income and expenses.

• Budgeting involves setting financial goals and creating a roadmap to achieve them

• It helps in tracking expenses, identifying areas for cost savings, and ensuring financial stability

• Examples of budgeting tools include spreadsheets, budgeting apps, and financial planning software

Budgeting involves setting a financial plan for a specific period, while forecasting predicts future financial outcomes based on current data and trends.

• Budgeting is a detailed financial plan for a specific period, usually a year, outlining expected revenues and expenses.

• Forecasting involves predicting future financial outcomes based on current data and trends, helping in decision-making and planning.

• Budgeting is more ...read more

Order to cash process is the set of business processes involved in receiving and fulfilling customer orders.

• Customer places an order

• Order is processed and approved

• Product is picked, packed, and shipped

• Invoice is generated and sent to customer

• Payment is received and recorded

Bank reconciliation is the process of comparing a company's records with those of the bank to ensure they match.

• Gather bank statements and company records

• Compare deposits, withdrawals, and fees between the two sets of records

• Identify and investigate any discrepancies

• Adjust the company's records to match the bank's records

• Prepare a bank reconciliation statement to document the process

A real account refers to assets, liabilities, and equity accounts on a company's balance sheet.

• Real accounts are permanent accounts that are not closed at the end of an accounting period.

• They include assets like cash, accounts receivable, inventory, property, plant, and equipment, as well as liabilities and equity.

• Changes in real accounts are recorded on the balance sheet and do not affect the income statement.

• Examples...read more