Gallagher & Mohan Lease Analyst Interview Questions and Answers

Deferred tax liability is a balance sheet item representing taxes that will be paid in the future due to temporary differences in accounting and tax rules.

• Deferred tax liability arises when a company's taxable income is greater than its accounting income, resulting in taxes being paid in the future.

• It is calculated by multiplying the temporary difference between taxable income and accounting income by the tax rate.

• Exam...read more

A swap is a financial agreement between two parties to exchange cash flows or other financial instruments.

• A swap involves two parties exchanging cash flows or other financial instruments based on a predetermined set of terms.

• Common types of swaps include interest rate swaps, currency swaps, and commodity swaps.

• The dividend growth model is a method used to value a company's stock based on the expected future dividends i...read more

Budgeting is the process of creating a plan to manage income and expenses over a specific period of time.

• Involves estimating income and expenses

• Setting financial goals

• Monitoring actual performance against the budget

• Adjusting the budget as needed

• Common types include operating budgets, capital budgets, and cash budgets

Forecasting is the process of making predictions about future trends based on past and present data.

• Forecasting involves analyzing historical data to identify patterns and trends

• Different methods such as qualitative and quantitative analysis can be used for forecasting

• Common techniques include time series analysis, regression analysis, and econometric modeling

• Forecasting helps businesses make informed decisions and pla...read more

Revenue recognition is the process of recording revenue in a company's financial statements when it is earned.

• Revenue is recognized when it is realized or realizable and earned, regardless of when cash is received.

• It is important to match revenues with expenses in the period they are incurred to accurately reflect the financial performance of a company.

• Different industries may have specific guidelines for revenue recog...read more

Assets are recognized in the balance sheet to reflect the company's resources and their value, while depreciation is recorded to allocate the cost of assets over their useful life.

• Assets are recognized in the balance sheet to show the company's resources and their value.

• Depreciation is recorded to allocate the cost of assets over their useful life.

• Recognizing assets and depreciating them helps in accurately reflecting ...read more

Accounts payable is the amount of money a company owes to its suppliers or vendors for goods or services purchased on credit.

• Accounts payable is a liability on the balance sheet

• It represents the amount of money owed by a company to its suppliers or vendors

• It is typically recorded when goods or services are received but payment has not yet been made

• Accounts payable is an important part of a company's working capital man

Bank reconciliation statement is a document that compares the bank's records with the company's records to ensure they match.

• It is used to identify any discrepancies between the two sets of records.

• It includes items such as deposits in transit, outstanding checks, bank errors, and service charges.

• The goal is to ensure the accuracy of the company's financial records and the bank's records.

• Once discrepancies are identifi...read more

Bad debt refers to money owed to a company that is unlikely to be paid by the debtor.

• Bad debt is a financial loss for the company.

• It is usually the result of customers who are unable or unwilling to pay their debts.

• Companies often have to write off bad debts as uncollectible.

• Bad debt can negatively impact a company's financial statements and cash flow.

• Examples include unpaid invoices, defaulted loans, and overdue payme

Accounts refer to financial records that track the financial activities of a business or individual.

• Accounts are used to record transactions such as income, expenses, assets, and liabilities.

• They help in analyzing the financial health of an entity and making informed decisions.

• Examples of accounts include cash account, accounts receivable, accounts payable, and equity accounts.

I am a dedicated and experienced Executive Accountant with a strong background in financial management and strategic planning.

• I have over 10 years of experience in accounting and finance

• I have a proven track record of successfully managing budgets and financial reporting

• I am skilled in financial analysis and forecasting

• I have a strong understanding of GAAP and financial regulations

• I have excellent communication and lea

Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions of a business.

• Accounting involves recording financial transactions of a business.

• Types of accounts include assets, liabilities, equity, revenue, and expenses.

• Assets are resources owned by the business, like cash and inventory.

• Liabilities are obligations of the business, such as loans and accounts payable.

• Equity represen...read more