Gallagher Process Associate Interview Questions, Process, and Tips

Account Payables are the amounts a company owes to its vendors, while Account Receivables are the amounts owed to the company by its customers. BRS is a process of reconciling bank statements with a company's accounting records. Deferred Revenue is the revenue received in advance for goods or services that are yet to be delivered.

• Account Payables are the liabilities of a company that arise from the purchase of goods or...read more

Accounting is important as it helps in keeping track of financial transactions, making informed decisions, and complying with legal requirements.

• Accounting helps in maintaining accurate financial records and tracking transactions.

• It provides insights into the financial health of a business and helps in making informed decisions.

• It helps in complying with legal requirements and regulations.

• Proper accounting practices ca...read more

Bills receivable refers to the amount of money owed to a company by its customers for goods or services provided on credit.

• Bills receivable is an asset account on a company's balance sheet.

• It represents the amount of money that a company expects to receive from its customers in the future.

• Bills receivable can be in the form of promissory notes, checks, or other types of written agreements.

• For example, if a company sell...read more

Bills payable refers to the amount of money a company owes to its suppliers or vendors for goods or services received but not yet paid for.

• Bills payable is a liability account in the company's balance sheet.

• It represents the amount of money the company owes to its suppliers or vendors.

• The amount is recorded when the company receives the goods or services but has not yet paid for them.

• Examples of bills payable include i...read more

Bank reconciliation is the process of comparing a company's bank statement with its own accounting records.

• Identifying and resolving discrepancies between the two records

• Ensuring accuracy of financial statements

• Examples: checks that have not cleared, bank fees, interest earned

• May involve adjusting entries in accounting records

Bank reconciliation entry is a process of matching the bank statement with the company's accounting records.

• Compare the bank statement with the company's accounting records

• Identify any discrepancies or differences

• Make necessary adjustments to the accounting records

• Record the reconciled balance in the accounting system