Genpact Accounts Receivable Executive Interview Questions and Answers

Accounts Receivable is the money owed to a company by its customers for goods or services provided on credit.

• Accounts Receivable represents the amount of money owed to a company by its customers for goods or services provided on credit.

• It is considered an asset on the company's balance sheet.

• The goal of managing accounts receivable is to collect payment from customers in a timely manner to ensure steady cash flow.

• Examp...read more

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

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

• It is used to spread the cost of an asset over its useful life for accounting purposes.

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

• Example: A company purchases a delivery truck for $50,000 and ...read more

Accounts Receivable (AR) is the balance of money owed to a company by customers for goods or services provided on credit.

• AR represents the amount of money owed to a company by customers

• It is typically recorded as a current asset on the balance sheet

• AR is an important metric for assessing a company's financial health and cash flow

• Examples: Invoices sent to customers for products or services provided, outstanding payment

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

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

• These rules help maintain the balance in the accounting equation: Assets = Liabilities + Equity.

• For example, when a company receives cash fro...read more

Accounts can be classified as assets, liabilities, equity, revenue, or expenses. Golden rules include Debit the receiver, Credit the giver, Debit what comes in, Credit what goes out, Debit expenses and losses, Credit income and gains.

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

• Golden rules for accounts include Debit the receiver, Credit the giver, Debit what comes in, Credit what goes o...read more