20+ Genpact Accountant Interview Questions and Answers

Yes, employees can get transfers to other countries like foreign and gulf.

• Employees can be transferred to other countries if there is a need for their expertise or if there are job opportunities available.

• Transfers to foreign countries may require additional documentation and visa processes.

• Gulf countries often have a high demand for skilled professionals, making transfers more likely.

• The decision to transfer an employee depends on the company's policies, the employee's quali...read more

Record to report process involves invoice processing, journal voucher creation, and petty cash management.

• Invoice processing involves receiving and verifying invoices, coding them, and entering them into the system.

• Journal voucher creation involves recording financial transactions in the general ledger.

• Petty cash management involves maintaining a small amount of cash for minor expenses.

• All these processes are part of the record to report cycle, which is the process of recordi...read more

TDS stands for Tax Deducted at Source. The Golden rule of accounts is Debit the receiver, Credit the giver.

• TDS is a tax deducted by the payer at the time of making payment.

• The Golden rule of accounts states that for every debit entry, there must be a corresponding credit entry.

• Expected salary can vary based on experience, qualifications, and the company's budget.

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 credit made to the buyer's account.

• It includes details such as the buyer's name, date of issue, reason for credit, and the amount credited.

• It is used to adjust the buyer's account balance and can be used as a reference for f...read more

3way and 2way match are methods used in accounting to match purchase orders, invoices, and receipts.

• 3way match involves matching the purchase order, invoice, and receipt to ensure accuracy and prevent fraud.

• 2way match involves matching the purchase order and invoice to ensure accuracy.

• In 3way match, all three documents must match before payment is made.

• In 2way match, only the purchase order and invoice need to match before payment is made.

• These methods help ensure that a comp...read more

Accounts Payable is the amount a company owes to its vendors or suppliers for goods or services received but not yet paid for.

• Accounts Payable is a liability account in the balance sheet.

• It represents the amount owed to vendors or suppliers for goods or services received.

• It is recorded when the invoice is received and is paid at a later date.

• Examples of accounts payable include rent, utilities, and inventory purchases.

• Managing accounts payable is important for cash flow manag...read more

RBI (Reserve Bank of India) regulates all banks in India.

• RBI is the central bank of India and is responsible for regulating the banking sector.

• It formulates and implements monetary policy, issues currency, and supervises the financial system.

• RBI also acts as a lender of last resort to banks in times of financial crisis.

• Examples of banks regulated by RBI include State Bank of India, HDFC Bank, ICICI Bank, etc.

Shaktikanta Das is the current governor of RBI.

• Shaktikanta Das was appointed as the 25th Governor of the Reserve Bank of India in December 2018.

• He has previously served as the Economic Affairs Secretary of India and as a member of the 15th Finance Commission.

• Das has played a key role in implementing various monetary and fiscal policies to stabilize the Indian economy.

Finance and accounts refer to the management of financial resources and recording of financial transactions of an organization.

• Finance involves managing the financial resources of an organization, including budgeting, investing, and forecasting.

• Accounts involve recording and analyzing financial transactions, including bookkeeping, financial reporting, and auditing.

• Both finance and accounts are essential for the financial health and success of an organization.

• Examples of finan...read more

Revenue is the income generated by a company from its business activities.

• Revenue is the total amount of money earned by a company from the sale of goods or services.

• It is calculated by multiplying the price of the product or service by the number of units sold.

• For example, if a company sells 100 units of a product for $10 each, the revenue generated would be $1000.

• Revenue is an important metric for measuring a company's financial performance.

Depreciation is the allocation of the cost of an asset over its useful life.

• Depreciation is a non-cash expense that reduces the value of an asset over time.

• It reflects the wear and tear, obsolescence, or decrease in value of the asset.

• Common methods of calculating depreciation include straight-line, double declining balance, and units of production.

• Example: A company purchases a delivery truck for $50,000 with a useful life of 5 years. Using straight-line depreciation, the an...read more

GST slabs in India range from 5% to 28%, with different rates for different goods and services.

• GST slabs in India are 5%, 12%, 18%, and 28%

• Essential items like food grains are taxed at 0%, while luxury items like cars and tobacco products are taxed at 28%

• Services like healthcare and education are exempt from GST

Journal entry for sales and purchases

• Sales journal entry involves debiting accounts receivable or cash and crediting sales revenue

• Purchase journal entry involves debiting purchases or inventory and crediting accounts payable

• Both entries impact the income statement and balance sheet

Tangible assets are physical assets that can be touched and seen, while intangible assets are non-physical assets like intellectual property or brand recognition.

• Tangible assets have a physical form, such as buildings, machinery, or inventory.

• Intangible assets lack physical substance, such as patents, trademarks, or goodwill.

• Tangible assets are typically easier to value and sell compared to intangible assets.

• Intangible assets are often more valuable in the long term and can p...read more

Working capital is the difference between a company's current assets and current liabilities.

• Working capital is essential for a company's day-to-day operations.

• It indicates the company's ability to pay off its short-term debts.

• Formula: Working Capital = Current Assets - Current Liabilities.

• Examples: Cash, accounts receivable, inventory are current assets. Accounts payable, short-term loans are current liabilities.

Debit and credit are accounting terms used to record financial transactions, while posting refers to transferring these entries to the general ledger.

• Debit is an entry on the left side of an account, representing an increase in assets or a decrease in liabilities or equity.

• Credit is an entry on the right side of an account, representing a decrease in assets or an increase in liabilities or equity.

• Posting involves transferring debit and credit entries from the journal to the g...read more

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

• Recording financial transactions accurately

• Summarizing financial data into financial statements

• Analyzing financial information to make informed business decisions

• Reporting financial results to stakeholders

• Ensuring compliance with accounting standards and regulations

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

• The golden rules include: Debit what comes in, Credit what goes out; Debit the receiver, Credit the giver; Debit expenses and losses, Credit income and gains.

• These rules help ensure that financial transactions are accurately recorded and classified in the accounting system.

• For example, when a company receives cash from a customer, the cash account is debited (increas...read more

Accounting involves recording, analyzing, and reporting financial transactions of a business.

• Accounting is essential for tracking financial performance and making informed business decisions.

• It includes tasks such as bookkeeping, financial statement preparation, and tax compliance.

• There are different types of accounting such as managerial accounting, financial accounting, and tax accounting.

• Accountants use principles such as GAAP (Generally Accepted Accounting Principles) to ...read more

Reserve is set aside for specific purposes, while provision is set aside for potential future expenses.

• Reserve is a part of profits retained by a company for specific purposes, such as expansion or dividends.

• Provision is an amount set aside to cover a probable future expense, such as bad debts or legal claims.

• Reserve is not a liability, while provision is a liability on the balance sheet.

• Reserve is voluntary, while provision is mandatory as per accounting standards.

• Example: A...read more

Posting is the process of transferring information from the general journal to the general ledger.

• Posting involves recording journal entries in the appropriate accounts in the general ledger.

• It helps in summarizing financial transactions and organizing them by account.

• Posting ensures that the accounting records are accurate and up-to-date.

• For example, when a company receives cash from a customer, the accountant will post a journal entry to debit the cash account and credit th...read more

The golden rule of accounting states that debit what comes in and credit what goes out.

• Debit what comes in and credit what goes out

• Helps maintain the balance in the accounting equation

• Used to ensure accurate recording of financial transactions

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 payments.

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.

Depression is a mental health disorder characterized by persistent feelings of sadness, hopelessness, and loss of interest in activities.

• Depression is a common mental health condition that can affect a person's thoughts, feelings, and behaviors.

• Symptoms of depression may include feelings of sadness, hopelessness, irritability, loss of interest in activities, changes in appetite or weight, and difficulty concentrating.

• Depression can impact a person's ability to function in dai...read more