FIS Interview Questions, Process, and Tips

Basic accounting questions

Q1. What is Accrual?
Ans. 
Accrual is a method of accounting where revenues and expenses are recorded when they are earned or incurred, regardless of when cash is exchanged.
• Accrual accounting recognizes revenue when it is earned, not when it is received.

• Expenses are recognized when they are incurred, not when they are paid.

• Accrual accounting provides a more accurate representation of a company's financial position and performance.

• Examples includ...read more
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Q2. What is general ledger?
Ans. 
General ledger is a complete record of financial transactions of a company, organized by accounts.
• It contains all debit and credit entries for each account in the company's chart of accounts.

• It is used to prepare financial statements like the balance sheet and income statement.

• Entries in the general ledger are usually recorded using double-entry accounting.

• Examples of general ledger accounts include cash, accounts rece
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Q3. What is GAP and principles of revenue recognition
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GAP refers to Generally Accepted Accounting Principles and revenue recognition principles dictate when and how revenue should be recorded.
• GAP is a set of accounting standards used to ensure consistency in financial reporting.

• Revenue recognition principles determine the timing and amount of revenue that should be recorded.

• Revenue is typically recognized when it is earned and realized or realizable.

• Examples of revenue re...read more
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Q1. What are your long term goals?
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Q2. Why do you want to start with Accounting?
Ans. 
I have a passion for numbers and problem-solving, and I believe accounting is the foundation of finance.
• I enjoy working with numbers and analyzing financial data.

• I have strong attention to detail and organizational skills, which are essential in accounting.

• I believe accounting is the language of business and provides a solid foundation for a career in finance.

• I am interested in helping businesses make informed financia...read more
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Q1. English competency test
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Q1. Basic questions to check vocabulary
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Q1. Previous work related FAQs
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Q1. Core Java basic functions
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Q2. Collection related questions with code snippet examples
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Q3. Multithreading and Exceptional Handling
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Q1. Merely based on projects and experience mentioned in resume
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Q2. Scenario / solution based
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Q1. Just salary negotiation and regarding joining date
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