40+ Priya Softweb Solutions Interview Questions and Answers

Prepaid accounts are advance payments made by a customer for goods or services that will be delivered or performed in the future.

• Prepaid accounts are recorded as a current asset on the balance sheet.

• Journal entry for prepaid accounts involves debiting the prepaid account and crediting the cash account.

• Example: A customer pays $1,200 in advance for a 12-month subscription. The journal entry would be: Debit Prepaid Subscription $1,200 and Credit Cash $1,200.

Deferred refers to an expense or revenue that has been recognized but not yet paid or received, while prepaid refers to an expense that has been paid in advance but not yet incurred.

• Deferred expenses or revenues are recognized on the balance sheet as liabilities or assets, respectively.

• Prepaid expenses are recognized on the balance sheet as assets.

• Examples of deferred expenses include rent, salaries, and interest payments.

• Examples of prepaid expenses include insurance premium...read more

Amortization is for intangible assets while Depreciation is for tangible assets.

• Amortization is the process of spreading the cost of an intangible asset over its useful life.

• Depreciation is the process of spreading the cost of a tangible asset over its useful life.

• Amortization is used for assets like patents, copyrights, and trademarks.

• Depreciation is used for assets like buildings, machinery, and vehicles.

• Both methods help to allocate the cost of an asset over its useful lif...read more

Accrual account is a type of account that records revenue or expenses that have been earned or incurred but not yet received or paid.

• Accrual accounting recognizes revenue and expenses when they are earned or incurred, regardless of when the cash is received or paid.

• Accrual accounts are used to record these transactions until they are paid or received.

• Journal entry is the process of recording a transaction in the accounting system using debits and credits.

• For example, if a com...read more

Process Builder is a more advanced automation tool compared to Workflow Rule.

• Process Builder allows for more complex logic and can perform multiple actions.

• Workflow Rule is limited to simple if/then logic and can only perform field updates or send email alerts.

• Process Builder can create or update records, launch flows, and call Apex classes.

• Workflow Rule can only trigger on record creation or when specific field values are changed.

• Process Builder has a visual interface for ea...read more

Depreciation is the decrease in value of an asset over time. Amortization is the process of spreading out the cost of an intangible asset over its useful life. Prepaid expenses are expenses paid in advance. Accrued revenue and expenses are revenues and expenses that have been earned or incurred but not yet received or paid.

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

• Amortization is the process of spreading out the cost of an in...read more

Payment terms in export and import

• Payment terms are the agreed conditions between buyer and seller for payment of goods/services

• Common payment terms include Letter of Credit, Cash in Advance, Open Account, and Documentary Collection

• In export, payment terms are important to ensure payment security and minimize risk

• In import, payment terms can affect cash flow and profitability

• Example: FOB (Free on Board) means the seller is responsible for goods until they are loaded on the sh...read more

Reserve and surplus are accounting terms used to describe profits that are not distributed as dividends. Accounting equation is Assets = Liabilities + Equity.

• Reserve is a portion of profits that a company sets aside for future use, such as expansion or investment.

• Surplus is the amount of profits that remain after all expenses and dividends have been paid.

• Accounting equation is a fundamental principle of accounting that states that a company's assets must equal its liabilities...read more

Depression is a mental health disorder, while amortization is a financial term used to describe the process of spreading out the cost of an asset over time.

• Depression is a medical condition that affects a person's mood, thoughts, and behavior. It can be caused by a variety of factors, including genetics, life events, and chemical imbalances in the brain.

• Amortization is a financial term used to describe the process of spreading out the cost of an asset over time. It is commonl...read more

Identify root cause of backlog and create action plan to address it.

• Conduct a thorough analysis to identify the reasons for the backlog such as resource constraints, inefficient processes, or lack of training.

• Prioritize the identified root causes based on their impact on the backlog.

• Develop an action plan with specific steps to address each root cause, involving relevant stakeholders and setting clear timelines for implementation.

• Monitor the progress of the action plan regula...read more

A trigger is a database object that automatically executes a response to certain events or changes in the database.

• Triggers are used to enforce business rules, perform complex calculations, and maintain data integrity.

• They can be defined to execute before or after an INSERT, UPDATE, or DELETE operation.

• Triggers can be used to audit changes to data, send notifications, or update related tables.

• For example, a trigger can be created to update a sales report whenever a new order ...read more

Three-way matching invoice processing involves comparing the purchase order, invoice, and receiving report to ensure accuracy.

• Matching the purchase order to the invoice to ensure the correct items and quantities were billed

• Matching the invoice to the receiving report to confirm that the goods were received

• Ensuring all three documents (purchase order, invoice, receiving report) match before processing payment

Chat concurrency refers to the number of chat conversations happening simultaneously. It is calculated by dividing the total number of chats by the average handling time.

• Chat concurrency is important for managing workload and ensuring timely responses to customers.

• It is calculated by dividing the total number of chats by the average handling time.

• For example, if there are 50 chats in queue and the average handling time is 2 minutes, the chat concurrency would be 25.

• Higher cha...read more

FTE refers to full-time equivalent, which takes into account the total hours worked by part-time employees to calculate the total number of full-time employees. Head count simply refers to the total number of employees regardless of their full-time or part-time status.

• FTE considers part-time employees' hours to calculate full-time equivalents

• Head count simply counts the total number of employees

• For example, if a company has 10 full-time employees and 20 part-time employees wo...read more

Derivatives are financial instruments whose value is derived from an underlying asset or group of assets.

• Derivatives include bonds, options, and futures, which are used for hedging, speculation, and arbitrage.

• Accounting entries for derivatives involve recognizing the fair value on the balance sheet and adjusting for changes in value over time.

• IFRS 9 Financial Instruments provides guidelines for the classification, measurement, and impairment of financial assets and liabilitie...read more

Our organization follows a detailed GL accounting process to ensure accurate financial reporting.

• We use accounting software to record all financial transactions

• Each transaction is categorized into specific GL accounts based on the nature of the transaction

• Regular reconciliations are performed to ensure accuracy and identify any discrepancies

• Financial statements are prepared based on the GL data for reporting purposes

Sklearn's Decision Tree Classifier is a popular model for classification tasks.

• Decision Tree Classifier is a supervised learning algorithm used for classification and regression tasks.

• It works by recursively splitting the data into subsets based on the most significant feature.

• The model can handle both categorical and numerical data.

• It can also handle missing values and outliers.

• The model can be prone to overfitting, so hyperparameter tuning is important.

• Example: predicting w...read more

GR/IN and Payment journal entries are accounting entries related to goods receipt and invoice payment.

• GR/IN stands for Goods Receipt/Invoice Receipt and is used to record the receipt of goods or services from a vendor.

• Payment journal entries are used to record the payment made to vendors for goods or services received.

• GR/IN journal entry typically involves debiting inventory or expense account and crediting accounts payable.

• Payment journal entry involves debiting accounts pay...read more

Fields for invoice discrimination include date, invoice number, vendor name, amount, and payment terms.

• Date of the invoice

• Invoice number

• Vendor name

• Amount of the invoice

• Payment terms

Vendor reconciliation involves comparing the vendor's records with your own to ensure accuracy and resolve any discrepancies.

• Gather all invoices and statements from the vendor

• Match the invoices and statements with your own records

• Identify any discrepancies and investigate the reasons behind them

• Communicate with the vendor to resolve any discrepancies

• Update your records accordingly

PO stands for Purchase Order. There are two types of PO - Standard PO and Blanket PO.

• PO is a document that a buyer sends to a seller to request goods or services.

• It includes details such as item description, quantity, price, delivery date, and payment terms.

• A Standard PO is used for one-time purchases while a Blanket PO is used for recurring purchases.

• Examples of industries that use POs include manufacturing, healthcare, and retail.

aura:method is a method in the Aura framework used for client-side controller actions.

• aura:method is used to define a client-side controller action that can be called from the server-side controller.

• It allows for asynchronous communication between the client and server.

• The method can be called using the $A.enqueueAction() method in JavaScript.

• It can also be used to pass parameters from the client to the server.

• Example:

A check list of invoices is a document used to ensure accuracy and completeness of invoices.

• Includes verifying invoice number, date, amount, and payment terms

• Checks for any discrepancies or errors

• Ensures all necessary information is included, such as purchase order number or shipping details

• May also include a review of supporting documentation, such as receipts or contracts

• Helps prevent fraud and ensures timely payment to vendors

Finance modeling is the process of creating mathematical models to analyze financial data and make informed business decisions.

• It involves using statistical analysis and mathematical formulas to forecast future financial performance.

• Common types of finance models include budgeting models, valuation models, and risk management models.

• Examples of finance modeling tools include Excel, MATLAB, and R.

• Finance modeling is used in a variety of industries, including banking, investmen...read more

As an Assistant Manager, it is important to behave professionally and respectfully with employees.

• Treat employees with respect and dignity

• Communicate clearly and effectively

• Be approachable and open to feedback

• Lead by example and set a positive tone

• Recognize and appreciate good work

• Address any issues or conflicts promptly and fairly

Reconciliations involve comparing financial records to identify discrepancies and resolve them.

• Reconciliations are important for ensuring accuracy in financial reporting.

• The process involves comparing two sets of records, such as bank statements and accounting records.

• Any discrepancies are identified and investigated to determine the cause.

• Examples of reconciliations include bank reconciliations, accounts receivable reconciliations, and inventory reconciliations.

MS Excel can be used to solve various cases. Here are three examples.

• Case 1: Budgeting - Use Excel to create a budget spreadsheet that tracks income and expenses.

• Case 2: Data Analysis - Use Excel to analyze and visualize data, such as sales figures or survey results.

• Case 3: Project Management - Use Excel to create a project timeline or Gantt chart to track tasks and deadlines.

To change a process, identify the problem, gather data, brainstorm solutions, implement and monitor the new process.

• Identify the problem with the current process

• Gather data to understand the problem and identify areas for improvement

• Brainstorm potential solutions with input from stakeholders

• Implement the new process and communicate changes to all relevant parties

• Monitor the new process to ensure it is effective and make adjustments as needed

Batch class is a feature in Salesforce that allows you to process large amounts of data asynchronously.

• Batch class is used to handle large data volumes in Salesforce

• It is used to perform operations like data deletion, data updates, and data insertion

• Batch class is executed asynchronously and can be scheduled to run at a specific time

• It is useful when you need to process large amounts of data without hitting governor limits

• Batch class implements the Database.Batchable interfac...read more

Accrual accounting is a method of accounting that records revenues and expenses when they are earned or incurred, regardless of when cash is exchanged.

• Records revenues and expenses when they are earned or incurred, not when cash is exchanged

• Matches revenues with expenses in the period they occur

• Provides a more accurate representation of a company's financial position and performance

• Follows the matching principle

• Commonly used by larger businesses and corporations

Accrual refers to the recognition of revenue or expenses that have been earned or incurred but not yet received or paid.

• Accrual accounting recognizes revenue and expenses when they are earned or incurred, regardless of when they are received or paid.

• This is in contrast to cash accounting, which recognizes revenue and expenses only when cash is received or paid.

• Examples of accruals include accounts receivable, accounts payable, and accrued expenses.

• Accruals are important for f...read more

P2P stands for peer-to-peer, a decentralized network where computers communicate directly with each other without a central server.

• P2P is used for file sharing, messaging, and other types of communication.

• It allows for faster and more efficient communication as there is no need for a central server.

• Examples of P2P networks include BitTorrent, Napster, and Skype.

• P2P can also be used for cryptocurrency transactions, such as Bitcoin.

• Security can be a concern in P2P networks as t...read more

EV can be calculated by adding the market value of a company's equity, debt, and preferred stock, and subtracting cash and cash equivalents.

• Calculate the market value of equity by multiplying the current stock price by the number of outstanding shares.

• Calculate the market value of debt by adding the value of all outstanding bonds and loans.

• Calculate the market value of preferred stock by multiplying the current price per share by the number of outstanding shares.

• Subtract the ...read more

Accruals are recognized revenues or expenses that have been incurred but not yet paid, while provisions are liabilities that are uncertain in timing or amount.

• Accruals are recognized when revenue is earned or expenses are incurred, regardless of when cash is received or paid.

• Provisions are recognized when there is a probable obligation that can be reliably estimated.

• Accruals are typically related to ongoing business operations, such as salaries, rent, and utilities.

• Provisions...read more

Money laundering is the process of making illegally obtained money appear to be legitimate.

• It involves disguising the source of the money through a series of transactions

• The purpose is to make the money usable without raising suspicion

• Examples include buying and selling assets, transferring funds between accounts, and using shell companies

• Money laundering is often associated with organized crime and terrorism financing

Managing conflicts requires active listening, empathy, and problem-solving skills.

• Listen actively to all parties involved

• Show empathy and understanding towards each person's perspective

• Identify the root cause of the conflict

• Brainstorm possible solutions with the parties involved

• Choose the best solution and implement it

• Follow up to ensure the conflict has been resolved

Best practice for test class

• Test only one functionality per test method

• Use meaningful names for test methods and variables

• Ensure test data is consistent and reliable

• Test both positive and negative scenarios

• Mock external dependencies to isolate the code being tested

Reserves are set aside for specific purposes, while provisions are set aside for potential future expenses or losses.

• Reserves are created to meet specific known obligations or losses, while provisions are created to cover potential future expenses or losses.

• Reserves are not charged to the profit and loss account until they are utilized, while provisions are charged to the profit and loss account as an expense.

• Reserves are voluntary and can be used for any purpose specified by...read more

Activities as per process refer to the tasks and actions that need to be performed in accordance with a specific procedure or workflow.

• Following a set of predefined steps or guidelines

• Ensuring adherence to standard operating procedures

• Completing tasks in a systematic and organized manner

• Maintaining accurate records and documentation

• Monitoring and evaluating process performance

• Identifying areas for improvement and implementing necessary changes