100+ Sai Nath Hospital Interview Questions and Answers

VLOOKUP and HLOOKUP are Excel functions used to search for a value in a table and return a corresponding value.

• VLOOKUP searches for a value in the first column of a table and returns a value in the same row from a specified column.

• HLOOKUP searches for a value in the first row of a table and returns a value in the same column from a specified row.

• Both functions are commonly used in Excel for data analysis and lookup purposes.

Transaction monitoring is the process of reviewing financial transactions to detect suspicious activities and ensure compliance.

• Involves analyzing transactions for unusual patterns or behaviors.

• Used by financial institutions to prevent fraud and money laundering.

• Examples include flagging large cash deposits or rapid transfers between accounts.

• Regulatory compliance requires institutions to report suspicious activities.

• Utilizes automated systems and algorithms to enhance effici...read more

A capitalised entry is a journal entry where the first letter of each word is in uppercase.

• Each word in the entry starts with a capital letter.

• Used in accounting to record transactions.

• Example: Cash Account Dr. To Sales Account Cr.

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

• Revenue is recognized when it is earned, not necessarily when cash is received.

• Expenses are recorded when they are incurred, not necessarily when they are paid.

• Accrual accounting provides a more accurate representation of a company's financial position.

• It follows the matching principle, where revenues and expenses are mat...read more

A debit note is a document used to inform a buyer that a debit has been made to their account.

• It is issued by a seller to a buyer when there is a discrepancy in the invoice amount

• It is used to notify the buyer of additional charges or adjustments to the original invoice

• It is also used to correct errors made in the original invoice

• Debit notes are commonly used in business-to-business transactions

Three way match is a process used in accounting to ensure that the purchase order, invoice, and receiving report all match before payment is made.

• Three way match involves comparing the purchase order, invoice, and receiving report to ensure accuracy.

• It helps prevent errors, fraud, and discrepancies in the payment process.

• If all three documents match, the payment can be processed.

• Example: A company orders 100 units of a product, receives 100 units, and is invoiced for 100 unit...read more

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 payment is received or made.

• Accruals are recorded as adjusting entries in the financial statements.

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

• Accruals are important for matching revenue and expenses in the corr...read more

OTC AR stands for Over-the-Counter Accounts Receivable.

• OTC AR refers to the money owed to a company for products or services that are sold directly to customers without involving insurance or third-party payers.

• It includes payments made by customers for over-the-counter medications, health supplements, beauty products, etc.

• Unlike insurance claims, OTC AR is typically paid by customers directly at the time of purchase.

• Managing OTC AR involves tracking payments, reconciling acc...read more

Reconciliation in accounting is the process of comparing two sets of records to ensure they are in agreement and accurate.

• Reconciliation involves matching transactions in bank statements with the company's accounting records.

• It helps identify discrepancies, errors, or fraud in financial records.

• Common types of reconciliations include bank reconciliation, accounts receivable reconciliation, and accounts payable reconciliation.

• Reconciliation is crucial for ensuring the accuracy...read more

Accruals are recognized revenues or expenses that have not yet been received or 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, such as warranties or legal claims.

• Accruals are more predictable and based on past transactions, while provisio...read more

My salary expectations are negotiable and dependent on the overall compensation package offered.

• Express willingness to negotiate based on the overall compensation package

• Avoid giving a specific number unless pressed for one

• Research industry standards and company norms to have a general idea

Reserves are created for expected losses while provisions are created for known losses.

• Reserves are created for uncertain future events while provisions are created for known liabilities.

• Reserves are created to strengthen the financial position of the company while provisions are created to reduce profits.

• Examples of reserves include bad debt reserve, warranty reserve, and contingency reserve while examples of provisions include employee benefits provision and income tax prov...read more

OTC cycle refers to the process of over-the-counter trading of securities outside of a formal exchange.

• OTC trading involves direct transactions between buyers and sellers, without the supervision of an exchange.

• OTC securities are not listed on a formal exchange and are typically less regulated.

• OTC markets provide liquidity for securities that may not meet the requirements for listing on a formal exchange.

• Examples of OTC securities include penny stocks, corporate bonds, and fo...read more

The accrual concept recognizes revenues and expenses when they occur, regardless of cash transactions.

• Revenues are recorded when earned, not when cash is received. Example: A service provided in December is recorded in December, even if paid in January.

• Expenses are recognized when incurred, not when paid. Example: A utility bill for December is recorded in December, even if paid in January.

• This concept ensures that financial statements reflect the true financial position of a...read more

Suspense account is a temporary account used to record transactions for which there is uncertainty about the correct account to use.

• Used when the correct account is unknown or uncertain

• Helps in preventing errors in financial statements

• Transactions are later moved to their appropriate accounts

• Commonly used in cases of discrepancies or missing information

O2c cycle stands for Order to Cash cycle, which is the process of receiving and fulfilling customer orders.

• O2c cycle involves receiving customer orders, processing them, delivering the products or services, and receiving payment.

• It includes steps like order entry, order fulfillment, invoicing, and payment collection.

• Efficient O2c cycle management is crucial for maintaining customer satisfaction and cash flow.

• Example: A customer places an order online, the order is processed, ...read more

Yes, IFRS-16 is the new lease accounting standard issued by the International Accounting Standards Board (IASB).

• IFRS-16 requires lessees to recognize most leases on their balance sheets as assets and liabilities.

• It replaces the previous standard, IAS-17, which only required operating leases to be disclosed in the footnotes of financial statements.

• IFRS-16 has significant implications for companies that lease assets, as it changes the way lease contracts are accounted for and r...read more

The SAP t code for opening GL is FBL3N.

• The t code FBL3N is used to display GL account balances and line items.

• It allows users to view detailed information about a specific GL account.

• Users can filter the data based on various criteria such as company code, fiscal year, and document number.

Dispute is a disagreement or argument between two or more parties over a particular issue.

• Disputes can arise in various situations such as business transactions, legal matters, or personal relationships.

• They can involve disagreements over contracts, property rights, or differing opinions.

• Resolving disputes often requires negotiation, mediation, or legal intervention.

• Examples include a landlord-tenant dispute over rent payments, a divorce settlement disagreement, or a business...read more

I have diverse experiences in customer service, project management, and team leadership.

• Managed a team of 10 customer service representatives at XYZ Company

• Led a project to implement a new CRM system at ABC Corporation

• Handled customer escalations and resolved issues effectively

Entry for prepayment involves debiting Prepaid Expenses and crediting Cash or Bank account.

• Debit Prepaid Expenses account to record the amount paid in advance

• Credit Cash or Bank account to show the decrease in cash due to prepayment

• Adjust the Prepaid Expenses account over time as the expense is incurred

• Example: If a company pays $1,200 for insurance coverage for the next 12 months, the entry would be: Debit Prepaid Insurance $1,200 and Credit Cash $1,200

Internal auditing is a process where an organization's financial and operational processes are reviewed by an independent party to ensure compliance and efficiency.

• Internal auditing evaluates the effectiveness of risk management, control, and governance processes within an organization.

• It helps identify areas for improvement and ensures compliance with laws and regulations.

• Internal auditors provide recommendations for enhancing processes and reducing risks.

• Examples of interna...read more

The P2P cycle refers to the Procure-to-Pay cycle, which is the process of obtaining and paying for goods and services.

• The cycle starts with the need for goods or services, followed by requisitioning, approval, purchase order creation, receipt of goods, invoice processing, and payment.

• It involves multiple departments such as procurement, finance, and accounts payable.

• Efficient P2P cycle management can help streamline operations, reduce costs, and improve vendor relationships.

Yes, I am Lean Six Sigma Green Belt certified.

• Yes, I am Lean Six Sigma Green Belt certified.

• I have completed a Lean Six Sigma Green Belt training program.

• I have applied Lean Six Sigma methodologies in projects to improve processes and reduce waste.

Aging bucket is a method of categorizing accounts receivable based on the length of time they have been outstanding.

• It helps in identifying the overdue accounts and managing them effectively

• Accounts are usually categorized into buckets based on the number of days past due

• The buckets can be customized based on the company's policies and requirements

• For example, a company may have buckets like 0-30 days, 31-60 days, 61-90 days, and over 90 days

• The aging bucket report provides a...read more

Accrued expenses are expenses that have been incurred but not yet paid, while prepaid expenses are expenses that have been paid in advance but not yet incurred.

• Accrued expenses are recorded when the expense is incurred, regardless of when it is paid.

• Prepaid expenses are recorded when the payment is made, but the expense is not yet incurred.

• Accrued expenses are typically associated with services received but not yet paid for, such as utilities or salaries.

• Prepaid expenses are ...read more

Budget is a financial plan for a specific period, while forecast is a prediction of future financial outcomes.

• Budget is a detailed financial plan that outlines expected revenues and expenses for a specific period.

• Forecast is a prediction of future financial outcomes based on past data and trends.

• Budget helps in setting financial goals and allocating resources effectively.

• Forecast helps in making informed decisions and planning for potential challenges.

• Example: A company creat...read more

The P2P cycle, or Procure-to-Pay cycle, encompasses the entire process of acquiring goods and services and making payments.

• Initiation: Identifying the need for goods/services, e.g., a department requesting new office supplies.

• Purchase Order: Creating and sending a purchase order to the supplier, e.g., ordering 100 chairs from a vendor.

• Receiving: Accepting and inspecting the delivered goods/services to ensure they meet specifications.

• Invoice Processing: Receiving and verifying...read more

Essentials of Contract include offer, acceptance, consideration, legality, capacity, and intention.

• Offer: One party must make a clear offer to another party.

• Acceptance: The offer must be accepted by the other party.

• Consideration: Both parties must exchange something of value.

• Legality: The contract must be legal and not against public policy.

• Capacity: Both parties must have the legal capacity to enter into a contract.

• Intention: Both parties must intend to create a legally bind...read more

Order to cash is the process of receiving and fulfilling customer orders, invoicing, and receiving payment.

• Order to cash involves multiple steps such as order entry, order processing, picking and packing, shipping, invoicing, and payment collection.

• It starts with the customer placing an order, which is then entered into the system.

• The order is processed, and the items are picked from the inventory and packed for shipment.

• The shipment is then sent to the customer, and an invoi...read more

Cash application is the process of recording and applying incoming payments to the correct customer accounts.

• Cash application involves matching incoming payments with the corresponding invoices or accounts receivable.

• It ensures that payments are accurately recorded and applied to the correct customer accounts.

• Automated cash application software can streamline the process and reduce manual errors.

• Reconciling bank statements with the cash application records is an important ste...read more

Prepayments are advance payments made for expenses that will be incurred in the future.

• Prepayments are recorded as assets in the balance sheet.

• Journal entry for prepayments involves debiting the prepayment account and crediting the cash/bank account.

• When the expense is incurred, the prepayment account is credited and the relevant expense account is debited.

• Example: A company pays rent for the next 6 months in advance. The journal entry would be: Debit Prepaid Rent, Credit Cas...read more

Yes, I am willing to work US shift as I understand the importance of flexibility in a global work environment.

• I am open to adjusting my schedule to accommodate US shift timings

• I have previous experience working in different time zones

• I am committed to meeting deadlines and delivering high-quality work regardless of the shift

GL process strategy involves planning and executing activities related to general ledger accounting.

• Understand the current GL process and identify areas for improvement

• Set clear objectives and goals for the GL process

• Implement automation tools to streamline the process

• Regularly review and reconcile GL accounts to ensure accuracy

• Train and educate staff on proper GL procedures

• Utilize software like SAP or Oracle for efficient GL management

Managing process flow involves overseeing the sequence of steps in a workflow to ensure efficiency and effectiveness.

• Understand the current process flow and identify areas for improvement

• Implement changes to streamline the process and eliminate bottlenecks

• Monitor the flow of tasks and adjust as needed to meet deadlines

• Use tools like flowcharts or process mapping to visualize the process

• Communicate with team members to ensure everyone is on the same page

Record to report process flow involves recording financial transactions and preparing financial statements.

• Start with recording financial transactions in journals

• Post journal entries to general ledger accounts

• Prepare trial balance to ensure debits equal credits

• Adjust entries for accruals and deferrals

• Generate financial statements like income statement and balance sheet

I have experience working with SAP, Oracle, and Microsoft Dynamics ERPs.

• Worked extensively with SAP for inventory management and financial reporting

• Implemented Oracle ERP for streamlining procurement processes

• Utilized Microsoft Dynamics for customer relationship management