10+ Jumbo Consultants Interview Questions and Answers

Debit note and credit note are accounting documents used to record adjustments in financial transactions.

• Debit note is issued by a buyer to a seller to request a credit for overcharged or returned goods/services.

• Credit note is issued by a seller to a buyer to provide a credit for undercharged or faulty goods/services.

• Debit note increases the buyer's accounts payable and decreases the seller's accounts receivable.

• Credit note decreases the buyer's accounts payable and increases...read more

Bank reconciliation statement is a document that compares the bank statement with the company's records to identify any discrepancies.

• It is used to ensure that the company's records match the bank's records

• It helps in identifying errors, omissions, or fraudulent activities

• It includes comparing deposits, withdrawals, and bank charges

• Reconciling items may include outstanding checks, deposits in transit, and bank errors

• The statement is prepared regularly to maintain accurate fin...read more

There are several modes of payment including cash, check, credit/debit card, wire transfer, and online payment.

• Cash

• Check

• Credit/debit card

• Wire transfer

• Online payment

P2P cycle or AP refers to the end-to-end process of purchasing goods or services, receiving and verifying invoices, and making payments to vendors.

• P2P stands for Procure-to-Pay, which encompasses all activities from requisitioning to payment.

• Accounts Payable (AP) is the department responsible for managing and processing vendor invoices.

• The P2P cycle starts with the identification of a need for goods or services and ends with the payment to the vendor.

• Key steps in the P2P cycl...read more

Validating and verifying invoices by explaining all transaction codes step by step.

• First, review the invoice for accuracy and completeness.

• Next, match the invoice to the purchase order and receiving report.

• Then, enter the invoice details into the accounting system using the appropriate transaction code.

• Finally, reconcile the invoice with the vendor statement to ensure all payments are accounted for.

• Example: Transaction code 101 may represent a standard invoice entry, while co...read more

Trial balance is a list of all the general ledger accounts and their balances at a specific point in time.

• Prepared at the end of an accounting period

• Used to ensure that debits and credits are equal

• Helps in identifying errors and omissions in the accounting records

• If the debits and credits do not match, it indicates an error in the accounting records

• Example: If the total debit balance is $50,000, the total credit balance should also be $50,000

Reconciliation is the process of comparing two sets of records to ensure they are in agreement.

• It involves identifying and resolving discrepancies between the two sets of records.

• Examples include bank statement reconciliation, accounts receivable reconciliation, and inventory reconciliation.

• Reconciliation helps ensure accuracy and completeness of financial records.

• It is an important internal control measure to prevent fraud and errors.

• Reconciliation should be performed regula...read more

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

• The first golden rule is the Debit the Receiver, Credit the Giver rule. This means that when an asset is received, it is debited, and when an asset is given, it is credited.

• The second golden rule is the Debit what comes in, Credit what goes out rule. This means that when there is an increase in assets, it is debited, and when there is a decrease in assets, it is credit...read more

A credit note is a document issued by a seller to a buyer, indicating that a certain amount has been credited to the buyer's account.

• It is issued when goods are returned by the buyer or when there is an overpayment by the buyer

• It serves as a proof of the reduction in the amount payable by the buyer

• It is also known as a credit memo or credit memorandum

• It includes details such as the date, buyer and seller information, reason for issuing the credit note, and the amount credited...read more

There are several types of payment methods including cash, checks, credit/debit cards, electronic transfers, and mobile payments.

• Cash

• Checks

• Credit/debit cards

• Electronic transfers

• Mobile payments