Genpact Management Trainee Interview Questions, Process, and Tips

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 shipme...read more

Deprecation is the decrease in value of an asset over time. Accumulated depreciation is the total amount of depreciation recorded for an asset.

• Deprecation is a non-cash expense that reflects the wear and tear of an asset over time

• It is recorded in the income statement and reduces the value of the asset on the balance sheet

• Accumulated depreciation is the total amount of depreciation recorded for an asset since it was ac...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. ...read more

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...read more

Bill to address is where the invoice is sent, while ship to address is where the physical goods are delivered.

• Bill to address is the address where the invoice is sent for payment

• Ship to address is the address where the physical goods are delivered

• They can be the same or different depending on the situation

• For example, a company may bill to their headquarters but ship to a customer's location

Journal entry for credit notes is a record of reducing accounts receivable and increasing sales returns.

• Credit notes are used to reduce the amount owed by a customer due to returns or discounts.

• The journal entry for credit notes involves debiting the sales returns or sales allowances account and crediting accounts receivable or cash.

• For example, if a customer returns $100 worth of goods, the journal entry would be to d...read more

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 t...read more