Datamatics Global Services Senior Accountant Interview Questions and Answers

Bank reconciliation is the process of comparing and matching the balances in a company's accounting records with the balances on its bank statement.

• Bank reconciliation helps ensure the accuracy of a company's financial records.

• It involves comparing the transactions recorded in the company's books with those in the bank statement.

• Any discrepancies between the two balances are identified and resolved.

• Common reasons for d...read more

Steps in revenue recognition, revenue entries, and month-end closures for Financial Accountant role.

• Revenue recognition involves identifying the transaction, determining the amount of revenue to be recognized, and allocating the revenue to the appropriate period.

• Revenue entries are recorded in the general ledger and include debiting accounts receivable and crediting revenue accounts.

• Month-end closures involve reconcili...read more

Deferred revenue is recognized when the performance obligation is satisfied.

• Deferred revenue is recognized when the performance obligation is satisfied.

• It is recognized as revenue in the income statement.

• It is initially recorded as a liability on the balance sheet.

• Deferred revenue arises when a company receives payment for goods or services that have not yet been provided.

• Examples include subscription services, prepaid