100+ Interview Questions and Answers

RTR stands for Record to Report, which is a finance and accounting process that involves recording financial transactions and preparing financial statements.

• Depreciation is the decrease in value of an asset over time due to wear and tear, obsolescence, or other factors.

• Types of depreciation include straight-line, declining balance, and sum-of-the-years'-digits.

• Journal entries for depreciation involve debiting the depreciation expense account and crediting the accumulated depr...read more

Questions related to accounting principles and practices

• The three golden rules of accounting are: debit the receiver, credit the giver; debit what comes in, credit what goes out; debit all expenses and losses, credit all incomes and gains

• Fictitious assets are intangible assets that have no physical existence, such as goodwill, patents, trademarks, and copyrights

• Contingent liabilities are potential liabilities that may or may not occur in the future, such as lawsuits, warranti...read more

To prepare invoices account, gather all relevant information, create a template, input details accurately, calculate totals, and review for accuracy.

• Gather all necessary information such as customer details, products/services provided, quantities, prices, and any applicable taxes or discounts.

• Create a standardized template or use accounting software to input the invoice details.

• Ensure accuracy by double-checking all information entered, including customer names, addresses, an...read more

PO stands for Purchase Order, NPO stands for Non-Profit Organization. 2-way matching is the process of comparing the purchase order and invoice, while 3-way matching involves comparing the purchase order, invoice, and receiving report.

• PO is a document issued by a buyer to a seller, specifying the details of goods or services to be purchased

• NPO is an organization that operates for purposes other than making a profit

• 2-way matching ensures that the quantity and price on the invo...read more

In my previous organization, we followed a three-way matching process for invoice processing.

• We would match the invoice with the purchase order and the goods receipt to ensure accuracy.

• If there were any discrepancies, we would investigate and resolve them before processing the invoice.

• We also had a system in place for routing invoices to the appropriate approvers based on the amount and department.

• Once approved, the invoices were entered into the accounting system for payment...read more

Reconciling vendor statements of accounts is important for accuracy and financial control.

• Ensures accuracy of financial records

• Identifies discrepancies and errors

• Helps in detecting fraud or unauthorized charges

• Maintains good vendor relationships

• Assists in budgeting and forecasting

• Provides a clear picture of outstanding liabilities

AP is Accounts Payable, PTP is Procure to Pay. Cycle of AP includes invoice processing, approval, and payment.

• AP is the process of managing and paying invoices from vendors

• PTP is the end-to-end process of procuring goods and services, from identifying the need to paying the vendor

• Cycle of AP includes invoice receipt, verification, approval, and payment

• Accruals are expenses that have been incurred but not yet paid

• 2-way matching is comparing the invoice to the purchase order, w...read more

I look for vendors who have a good reputation, competitive pricing, and a track record of delivering quality work.

• Reputation in the industry

• Competitive pricing

• Track record of delivering quality work

• Ability to meet deadlines

• Flexibility to accommodate changes

• Good communication skills

• Availability of necessary resources

• Experience in the relevant field

• References from previous clients

• Financial stability

P2P stands for Procure-to-Pay. It is a cycle that involves the entire process of purchasing goods or services.

• P2P cycle starts with identifying the need for a product or service

• It then involves selecting a vendor, negotiating prices, and creating a purchase order

• Goods or services are received and verified against the purchase order

• Invoices are received and matched against the purchase order and goods receipt

• Payment is made to the vendor

• Examples of P2P software include SAP Ari...read more

I used t-code F110 for payment processing in my previous organization.

• T-code F110 is used for automatic payment processing in SAP.

• It can be used for both outgoing and incoming payments.

• It allows for the creation of payment proposals and the processing of payments in batches.

• F110 can also be used to print payment advice notes and generate payment summaries.

• I have experience using F110 to process vendor payments and employee reimbursements.

Major roles & responsibilities in Accounts Payable process include invoice processing, vendor management, payment processing, and reconciliation.

• Invoice processing: Receiving, verifying, and recording invoices from vendors.

• Vendor management: Communicating with vendors, resolving discrepancies, and maintaining vendor records.

• Payment processing: Ensuring timely and accurate payments to vendors.

• Reconciliation: Matching invoices with purchase orders and receipts to ensure accurac...read more

To withstand market conditions, businesses can diversify their offerings, cut costs, and focus on customer satisfaction.

• Diversify product or service offerings to appeal to a wider range of customers

• Reduce costs by streamlining operations and negotiating with suppliers

• Focus on customer satisfaction to retain existing customers and attract new ones

• Stay up-to-date on industry trends and adapt to changes quickly

• Invest in marketing and advertising to increase brand awareness and a...read more

Vendor reconciliation is the process of comparing the vendor's account balance with the company's records to ensure accuracy.

• Gather all invoices, receipts, and payment records related to the vendor

• Compare the vendor's statement with the company's records to identify discrepancies

• Investigate and resolve any discrepancies by contacting the vendor or reviewing transaction details

• Adjust the accounts accordingly to reflect the correct balance

• Ensure all outstanding payments are acc...read more

Credit note is a document issued by a seller to a buyer reducing the amount owed, while Vendor Debit note is a document issued by a buyer to a seller for overbilling or return of goods.

• Credit note reduces the amount owed by the buyer to the seller.

• Vendor Debit note is issued by the buyer to the seller for overbilling or return of goods.

• P2P cycle refers to the Procure-to-Pay cycle in which goods or services are procured and payments are made.

• Accounting golden rules include Deb...read more

Answers to accounting related questions for Process Developer role.

• Deferred revenue is the revenue received in advance for goods or services that are yet to be delivered.

• Prepaid expenses are expenses paid in advance for goods or services that are yet to be received.

• Accumulated depreciation is the total depreciation charged on a fixed asset over its useful life.

• Account payable reconciliation is the process of matching the accounts payable balance in the general ledger with the...read more

Vendor management involves overseeing relationships with suppliers to ensure goods and services are delivered efficiently and cost-effectively.

• Vendor management includes activities such as vendor selection, contract negotiation, performance evaluation, and relationship management.

• In SAP, the T-code for vendor creation is XK01.

• Vendor management helps organizations optimize their supply chain, reduce costs, and improve quality.

• Effective vendor management requires clear communic...read more

Company accounts in EXCL can be used for financial management and analysis.

• Company accounts in EXCL can be used to track expenses and revenue.

• They can be used to create financial reports and analyze financial data.

• Company accounts can also be used to manage budgets and forecast future financial performance.

• Examples of company accounts in EXCL include balance sheets, income statements, and cash flow statements.

I can improve as a Fraud Analyst by enhancing my data analysis skills, staying updated on fraud trends, and collaborating with other departments.

• Enhance data analysis skills through additional training or courses

• Stay updated on fraud trends and techniques through continuous learning and research

• Collaborate with other departments such as IT and finance to improve fraud detection and prevention

• Implement new technologies and tools to enhance fraud detection capabilities

Types of auto insurance and their coverage

• Liability insurance: covers damages to other people's property and injuries to others

• Collision insurance: covers damages to your own car in case of an accident

• Comprehensive insurance: covers damages to your car from non-collision incidents like theft, fire, or natural disasters

• Personal injury protection: covers medical expenses for you and your passengers

• Uninsured/underinsured motorist insurance: covers damages and injuries caused by ...read more

The premium after a 20% discount on $100 insurance premium will be $80.

• Calculate 20% of $100 (20% of 100 = 0.20 * 100 = $20)

• Subtract the discount from the original premium ($100 - $20 = $80)

Yes, the teacode for SAP creating an invoice verification is MIRO.

• The teacode for creating an invoice verification in SAP is MIRO.

• MIRO is used for invoice verification and processing in SAP.

• The MIRO transaction code is used to post vendor invoices in SAP.

• It is important to have knowledge of finance-related processes in SAP as a Process Developer.

Pep/KYC/CDD are compliance processes to verify customer identity and prevent money laundering. UBO refers to Ultimate Beneficial Owner.

• PEP stands for Politically Exposed Person, KYC for Know Your Customer, and CDD for Customer Due Diligence.

• ML refers to Money Laundering, which is the illegal process of making large amounts of money generated by criminal activity appear to have come from a legitimate source.

• CDD is a standard process to verify customer identity and assess the r...read more

OTC stands for Over-The-Counter, where trading of financial instruments occurs directly between parties without the supervision of an exchange.

• OTC markets are decentralized and do not have a physical location like traditional exchanges.

• Participants in OTC markets can negotiate prices directly with each other, leading to more flexibility in terms of trade terms.

• Examples of OTC instruments include stocks, bonds, derivatives, and foreign exchange.

• Exchanges play a role in providi...read more

The life cycle of Chargeback in dispute management involves several stages from initiation to resolution.

• Initiation of chargeback by the cardholder or issuer

• Investigation by the merchant to gather evidence

• Submission of evidence to the acquiring bank

• Review by the issuing bank

• Resolution through arbitration or negotiation

No, O2C (Order to Cash) is a broader process that includes account receivables as one of its components.

• O2C involves the entire process from receiving an order to receiving payment, while accounts receivable focuses specifically on managing outstanding invoices and payments from customers.

• Accounts receivable is a subset of the O2C process, which also includes order processing, billing, and collections.

• O2C is more comprehensive and involves multiple departments such as sales, ...read more

Risk refers to the possibility of loss or harm, while frauds are intentional deception for personal gain.

• Risk can be financial, operational, reputational, or legal in nature.

• Frauds can include embezzlement, identity theft, and false claims.

• Organizations need to have measures in place to identify and mitigate risks and frauds.

• Examples of risk management strategies include insurance, diversification, and contingency planning.

• Examples of fraud prevention measures include backgro...read more

Yes, we still need to prepare a Bank Reconciliation Statement (BRS).

• BRS helps in identifying any discrepancies between the bank statement and bank book.

• Even if the balances are the same, there could be outstanding checks or deposits in transit.

• BRS ensures accuracy and helps in detecting errors or fraudulent activities.

• It provides a clear picture of the actual cash position and helps in financial planning.

• Example: If a check was issued but not yet presented for payment, it won...read more

To create an invoice process for accounts payable, follow these steps:

• Gather all necessary information for the invoice, including vendor name, invoice number, date, and amount

• Create a purchase order if necessary

• Enter the invoice information into the accounting system

• Verify the invoice against the purchase order and receipt of goods or services

• Obtain approval for payment

• Schedule payment and update accounting records

Accountancy basics, TAT, SAP, VLOOKUP, MACRO explained

• Introduction to accountancy and its golden rule

• Unapplied payments are payments received but not yet applied to specific invoices

• Unaccounted payments are payments that cannot be matched to any invoices

• TAT stands for Turnaround Time, the time taken to complete a process

• SAP is a popular enterprise resource planning software used for business operations

• VLOOKUP is a function in Excel used to search for a value in a table

• MACRO i...read more

2 way 3 way match is a process used in accounting to ensure accuracy and consistency in financial transactions.

• 2 way match involves comparing the purchase order and invoice to ensure the quantity and price match.

• 3 way match involves comparing the purchase order, invoice, and receiving report to ensure all three match.

• This process helps identify discrepancies and prevent fraud or errors in the payment process.

• For example, in a 2 way match, if the quantity on the invoice is hig...read more

Depreciation is the decrease in value of tangible assets, while amortization is the decrease in value of intangible assets.

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

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

• Depreciation is calculated based on the useful life of the asset.

• Amortization is calculated based on the estimated useful life of the intangible asset.

• Both are non-cash expenses that reduce the value of an asset ...read more

Reconciliation refers to the process of comparing two sets of records to ensure they are in agreement.

• It involves identifying and resolving any discrepancies between the two sets of records.

• Examples include bank statement reconciliation, inventory reconciliation, and account reconciliation.

• Reconciliation is important for ensuring accuracy and integrity of financial and other records.

• It can also help identify errors or fraud.

• Reconciliation may involve manual or automated proce...read more

Sourcing cycle refers to the process of identifying, selecting, and acquiring goods or services from suppliers.

• The cycle typically includes identifying the need for a product or service

• Researching potential suppliers

• Negotiating terms and pricing

• Placing orders and receiving goods or services

• Evaluating supplier performance

• Continuous improvement of the sourcing process

• Example: A company needs to purchase raw materials for production. The sourcing cycle involves identifying poten...read more

Two way PO match compares PO with invoice, three way PO match compares PO with invoice and receiving report.

• Two way PO match compares PO with invoice to ensure quantity and price match.

• Three way PO match compares PO with invoice and receiving report to ensure quantity, price, and receipt match.

Accrual accounting recognizes revenue and expenses when they are earned or incurred, regardless of when payment is received or made. Rent entry is a journal entry to record rent expense.

• Accrual accounting is a method of accounting that recognizes revenue and expenses when they are earned or incurred, regardless of when payment is received or made.

• Rent entry is a journal entry to record rent expense.

• Rent expense is debited and cash or accounts payable is credited in the rent e...read more

DSO stands for Days Sales Outstanding, a measure of how long it takes for a company to collect payment from its customers. Aged buckets are categories used to track overdue payments based on how long they have been outstanding.

• DSO is calculated by dividing accounts receivable by total credit sales and multiplying by the number of days in the period.

• Aged buckets typically include categories like 0-30 days, 31-60 days, 61-90 days, and over 90 days.

• Monitoring DSO and aged bucket...read more

Contact the inventory manager or supervisor for resolution.

• Contact inventory manager or supervisor immediately

• Verify the discrepancy with relevant documentation

• Discuss potential causes of the mismatch and work towards resolution

Non-PO credit memo can be posted using transaction code FB65.

• Open transaction code FB65

• Enter the company code and document date

• Enter the vendor/customer details

• Enter the credit memo amount and GL account

• Save the document

Order to cash application refers to the process of receiving and fulfilling customer orders, and receiving payment for those orders.

• Order to cash involves multiple steps, including order entry, order fulfillment, invoicing, and payment processing.

• The goal of order to cash is to ensure that customers receive their orders in a timely manner and that the company receives payment for those orders.

• Examples of order to cash applications include online shopping platforms, retail sto...read more

The journal entry for cash withdrawal from bank is a debit to Cash account and a credit to Bank account.

• Debit Cash account for the amount withdrawn

• Credit Bank account for the same amount

• The journal entry will be: Cash account debit, Bank account credit

Purchase Order is a commercial document issued by a buyer to a seller, indicating types, quantities, and agreed prices for products or services.

• Purchase Order is a legal document that helps in tracking orders and payments.

• It includes details like product or service description, quantity, price, delivery date, payment terms, etc.

• It is used to avoid any confusion or misunderstanding between the buyer and seller.

• For example, a company may issue a purchase order to a vendor for 1...read more

Golden rules of accounting are basic principles to be followed while recording financial transactions.

• The first golden rule is to maintain a record of all transactions.

• The second golden rule is to record all transactions in the appropriate account.

• The third golden rule is to ensure that the accounting equation is always balanced.

• For example, if a company purchases inventory on credit, the transaction should be recorded in the accounts payable account.

• If a company receives cas...read more

AP cycle is the process of managing accounts payable from invoice receipt to payment.

• AP cycle involves receiving invoices, verifying them, recording them in the system, approving them for payment, and finally making the payment.

• PO invoice refers to an invoice that is associated with a purchase order, while non-PO invoice is not linked to a purchase order.

• PO invoices are easier to process as they have already been approved through the purchase order process, while non-PO invoi...read more

Basic checks include vendor details, invoice date, invoice number, line items, total amount. Non-PO invoices are processed without a purchase order. 2-way match compares invoice to purchase order, 3-way match adds receipt of goods.

• Basic checks include verifying vendor details, invoice date, invoice number, line items, and total amount

• Non-PO invoices are processed without a purchase order, typically requiring additional approvals and documentation

• 2-way match involves comparing...read more

To deal with delayed B2B payments, I prioritize communication and follow-up with clients. For disputed items, I investigate and resolve the issue promptly.

• I establish clear payment terms and expectations upfront with clients.

• I send timely reminders and follow-up with clients to ensure payments are made on time.

• If payments are delayed, I reach out to clients to understand the reason and work on a solution.

• For disputed items, I investigate the issue promptly and work with the c...read more

The golden role of accounting is to ensure accurate financial records. P2P cycle process refers to the procurement process from purchase to payment. Accounts payable is the amount owed by a company to its suppliers for goods or services received.

• The golden role of accounting is to maintain accurate financial records and ensure compliance with accounting standards and regulations.

• P2P cycle process involves several steps such as requisition, purchase order, receipt of goods or ...read more

2way match and 3way match are methods used in accounts payable to match invoices with purchase orders and receipts.

• 2way match involves matching the invoice with the purchase order.

• 3way match involves matching the invoice with the purchase order and the receipt.

• 2way match is used for low-value items while 3way match is used for high-value items.

• 2way match is less secure than 3way match as it does not verify receipt of goods.

• Example: A company orders 100 pens from a supplier. T...read more

Procure to pay cycle is the process of obtaining goods or services from a vendor and paying for them.

• Includes requisition, purchase order, goods receipt, invoice verification, and payment

• Involves multiple departments such as procurement, finance, and accounts payable

• Ensures proper authorization, receipt of goods/services, and accurate payment processing

• Example: Company A requests 100 units of a product, issues a purchase order, receives the goods, verifies the invoice, and ma...read more

Accrual concept refers to the recognition of revenue and expenses in the accounting period in which they are earned or incurred, regardless of when payment is received or made.

• Accrual accounting is the opposite of cash accounting, which recognizes revenue and expenses only when cash is received or paid.

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

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

• Accruals help pr...read more

I have reviewed various AML typologies including structuring, smurfing, and trade-based money laundering.

• Structuring

• Smurfing

• Trade-based money laundering

PO invoice is generated against a purchase order while non-PO invoice is not linked to a purchase order.

• PO invoice is generated when a purchase order is created and the supplier sends an invoice for the goods or services ordered.

• Non-PO invoice is not linked to a purchase order and is usually used for one-time purchases or services.

• PO invoices have a reference to the purchase order number while non-PO invoices do not.

• PO invoices are easier to track and reconcile as they are li...read more

Code 14.1 in Visa cards refers to a decline in authorization due to insufficient funds.

• Code 14.1 indicates that the transaction was declined because the cardholder does not have enough funds available.

• It is a common reason for declined Visa card transactions.

• Cardholders can contact their bank or check their account balance to resolve the issue.

• Examples: 'Transaction declined - Code 14.1', 'Insufficient funds - Code 14.1'

Contract administration in O2C domain involves managing contracts with customers and ensuring compliance with terms and conditions.

• It includes drafting and negotiating contracts with customers

• Ensuring that all parties comply with the terms and conditions of the contract

• Managing contract renewals and amendments

• Resolving any disputes that may arise during the contract period

• Maintaining accurate records of all contracts and related documents

• Examples include managing sales contra...read more

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

• The cycle starts with receiving the order from the customer.

• The order is then processed and the product or service is delivered to the customer.

• The customer is then invoiced for the order.

• Payment is received from the customer and applied to the invoice.

• The cycle ends with the payment being recorded and the order being closed.

AP refers to accounts payable while AR refers to accounts receivable.

• AP is the money a company owes to its vendors or suppliers while AR is the money a company is owed by its customers.

• AP is a liability while AR is an asset.

• AP is recorded as a credit while AR is recorded as a debit.

• Examples of AP include unpaid bills for goods or services received while examples of AR include unpaid invoices for goods or services sold.

• AP and AR are both important for managing a company's cash...read more

Insurance is a financial protection against potential future losses.

• Insurance is a contract between an individual or organization and an insurance company, where the individual or organization pays a premium in exchange for financial protection against potential future losses.

• Types of insurance include health insurance, life insurance, auto insurance, and property insurance.

• Insurance helps individuals and organizations manage risk by transferring it to the insurance company.

• I...read more

PO invoices are based on purchase orders while non-PO invoices are not.

• PO invoices are generated when a purchase order is created and sent to the supplier.

• Non-PO invoices are generated when there is no purchase order involved.

• PO invoices have a reference to the purchase order number while non-PO invoices do not.

• PO invoices are easier to track and match with the purchase order and goods receipt.

• Non-PO invoices require more manual effort to process and match with the correct pu...read more

Invoice processing is the handling of invoices from receipt to payment.

• Receipt of invoices from vendors

• Verification of invoice details

• Approval of invoices for payment

• Recording of invoices in accounting system

• Payment of approved invoices

• Reconciliation of invoices with vendor statements

One example of unearned revenue in daily life is a gym membership.

• Paying for a gym membership at the beginning of the month but not using it until later

• Subscribing to a streaming service but not watching any content during the subscription period

• Purchasing a gift card for a store but not using it immediately

PTP process cycle refers to the Purchase-to-Pay process cycle which involves the procurement of goods and services.

• PTP process cycle involves the entire procurement process from identifying the need for goods or services to payment to the supplier.

• The cycle includes steps such as requisition, purchase order creation, goods receipt, invoice verification, and payment processing.

• The process aims to ensure that the organization obtains the required goods and services at the best ...read more

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

• Order to cash involves all the steps from order entry to payment collection

• It includes order processing, invoicing, credit management, and collections

• Efficient order to cash process improves cash flow and customer satisfaction

Unidentified funds are known but not assigned, while unallocated funds are not yet identified or assigned.

• Unidentified funds are funds that are known but not yet assigned to a specific purpose or account.

• Unallocated funds are funds that have not yet been identified or assigned to a specific purpose or account.

• Unidentified funds can be allocated once their purpose is determined, while unallocated funds must first be identified before they can be allocated.

• Examples of unidentif...read more

Balance sheet is a financial statement that shows a company's assets, liabilities, and equity at a specific point in time.

• Balance sheet provides a snapshot of a company's financial position.

• It helps in assessing the company's liquidity, solvency, and financial health.

• Assets are listed on one side, liabilities and equity on the other side.

• The balance sheet equation is Assets = Liabilities + Equity.

• Investors, creditors, and management use balance sheets to make informed decisio...read more

Contingent liabilities are potential liabilities that may arise in the future depending on the outcome of a specific event.

• Contingent liabilities are not actual liabilities yet, but they have the potential to become actual liabilities in the future.

• They are usually disclosed in financial statements as footnotes or in the management discussion and analysis section.

• Examples of contingent liabilities include pending lawsuits, warranties, and guarantees.

• Contingent liabilities can...read more

Genpact is a global professional services firm that provides business process outsourcing and digital transformation services.

• Founded in 1997 as a business unit of General Electric, later becoming an independent company in 2005

• Headquartered in New York City, with operations in over 30 countries

• Offers services in areas such as finance and accounting, procurement, analytics, and customer service

• Known for its expertise in process optimization and automation

• Works with clients acr...read more

Debit note is a document sent by a buyer to a seller, indicating a payment owed. Credit note is a document sent by a seller to a buyer, indicating a refund or credit owed.

• Debit note is issued by the buyer to the seller for payments owed.

• Credit note is issued by the seller to the buyer for refunds or credits owed.

• Debit note helps in tracking outstanding payments, while credit note helps in tracking refunds or adjustments.

• Example: A buyer sends a debit note to a seller for an i...read more

P2P Cycle refers to Procure-to-Pay Cycle which involves the process of purchasing goods or services and paying for them.

• The cycle starts with identifying the need for a product or service

• Then, a purchase requisition is created and sent for approval

• Once approved, a purchase order is generated and sent to the supplier

• The supplier delivers the goods or services and an invoice is received

• The invoice is verified and approved for payment

• Finally, payment is made to the supplier

• Examp...read more

The date of invoice is necessary for tracking payment deadlines, ensuring accurate record-keeping, and resolving disputes.

• Helps track payment deadlines and avoid late fees

• Ensures accurate record-keeping for financial purposes

• Facilitates resolving disputes by providing a clear timeline of transactions

VLOOKUP is a function in Excel used to search for a value in a table and return a corresponding value from another column.

• Select the cell where you want the result to appear

• Type =VLOOKUP(

• Enter the value you want to search for

• Enter the range of cells where the table is located

• Enter the column number containing the value you want to return

• Enter FALSE for an exact match or TRUE for an approximate match

Pivot tables in Excel are used to summarize and analyze large amounts of data in a structured format.

• Pivot tables help in organizing and summarizing data from a larger dataset.

• They allow users to analyze data by sorting, counting, and summarizing information.

• Users can easily create charts and graphs based on the summarized data from pivot tables.

• Pivot tables can be used to quickly identify trends and patterns in data.

• For example, a sales team can use a pivot table to analyze ...read more

I have experience with various TCodes and processes in SAP, including but not limited to MM, SD, and FI modules.

• Proficient in TCodes such as MM01 (Create Material Master), VA01 (Create Sales Order), and FB50 (Post Journal Entry)

• Knowledge of end-to-end processes in modules like Materials Management (MM), Sales and Distribution (SD), and Finance (FI)

• Experience in analyzing and optimizing existing processes to improve efficiency and accuracy

Depreciation is the decrease in value of an asset over time due to wear and tear, obsolescence or other factors.

• Depreciation is a non-cash expense that reduces the value of an asset on the balance sheet

• It is calculated using various methods such as straight-line, declining balance, and sum-of-the-years' digits

• Examples of assets that can be depreciated include buildings, vehicles, machinery, and equipment

Tiger Tyagarajan is the CEO of Genpact.

• Tiger Tyagarajan has been the CEO of Genpact since 2011.

• He has played a key role in driving Genpact's growth and transformation.

• Under his leadership, Genpact has expanded its global footprint and diversified its service offerings.

Researching vendors involves identifying needs, evaluating options, and comparing prices and quality.

• Determine specific needs and requirements

• Identify potential vendors through online research, referrals, and industry events

• Evaluate vendors based on factors such as experience, reputation, and quality of products/services

• Compare prices and negotiate terms

• Check references and reviews before making a final decision

Before raising AR-Invoice, certain steps need to be followed.

• Verify the accuracy of the invoice details

• Ensure that all necessary approvals have been obtained

• Check for any outstanding payments or credits

• Confirm that the customer's information is up-to-date

• Ensure that the invoice is being sent to the correct recipient

• Double-check the invoice amount and currency

• Attach any necessary supporting documents

• Send a copy of the invoice to the customer for their records

Unallocated cash refers to funds that have not been assigned to a specific account or purpose, while unapplied cash is money received but not yet matched to a specific invoice or transaction.

• Unallocated cash is funds that have not been assigned to a specific account or purpose.

• Unapplied cash is money received but not yet matched to a specific invoice or transaction.

• Unallocated cash can result from overpayments, unidentified payments, or errors in recording transactions.

• Unappl...read more

Amortization is the process of spreading out loan payments over time. R2R stands for Record to Report, which is a finance and accounting process.

• Amortization is the process of paying off a debt over time through regular payments.

• R2R (Record to Report) is a finance and accounting process that involves collecting, processing, and reporting financial information.

• Amortization is commonly used in mortgages, where monthly payments include both principal and interest.

• R2R involves ac...read more

Important fields on an invoice include date, invoice number, vendor information, item description, quantity, price, and total amount.

• Date of invoice

• Invoice number

• Vendor information (name, address, contact details)

• Item description

• Quantity of items

• Price per item

• Total amount

• Payment terms

Prepaid expenses are treated as assets on the balance sheet until they are used up or expire.

• Prepaid expenses are initially recorded as assets on the balance sheet

• They are gradually expensed over time as they are used up or expire

• Adjustments may be needed at the end of each accounting period to reflect the portion of prepaid expenses that have been used

Yes, I am able to work for flexible shifts.

• I have previous experience working flexible shifts in my current role.

• I am willing to adjust my schedule to accommodate the needs of the team.

• I understand the importance of being adaptable in a fast-paced work environment.

AP stands for Accounts Payable, which involves managing and processing invoices for payment.

• AP (Accounts Payable) is a department responsible for managing and processing invoices from vendors or suppliers.

• Invoice processing involves receiving, verifying, and recording invoices for goods or services provided.

• The process includes matching invoices to purchase orders, obtaining approvals, and making payments.

• Automated systems like OCR technology can streamline invoice processing...read more

PTP cycle refers to the process of protein tyrosine phosphorylation and dephosphorylation.

• PTP cycle involves the addition and removal of phosphate groups to tyrosine residues on proteins.

• This process is important for regulating cellular signaling pathways.

• Examples of proteins involved in PTP cycle include protein tyrosine kinases (PTKs) and protein tyrosine phosphatases (PTPs).

AR stands for Accounts Receivable, which refers to the money owed to a company by its customers. AP stands for Accounts Payable, which refers to the money a company owes to its suppliers.

• AR is the money owed to a company by its customers, while AP is the money a company owes to its suppliers.

• AR represents the sales made by a company that are yet to be paid for, while AP represents the purchases made by a company that are yet to be paid for.

• AR is an asset on the company's bala...read more

Prepaid rent journal entries involve debiting Prepaid Rent and crediting Cash or Rent Expense.

• Prepaid rent is an asset account representing rent paid in advance.

• When prepaid rent is initially recorded, Prepaid Rent is debited and Cash or Bank is credited.

• As time passes and the prepaid rent is used up, Rent Expense is debited and Prepaid Rent is credited.

• Journal entry for prepaid rent: Debit Prepaid Rent, Credit Cash or Bank (initial recording); Debit Rent Expense, Credit Prep...read more

Narratives are written or spoken accounts of events or experiences.

• Narratives can be used to convey information or to tell a story.

• They often include details about characters, settings, and plot.

• Narratives can be fictional or non-fictional.

• OFAC stands for Office of Foreign Assets Control and is a US government agency responsible for enforcing economic sanctions against countries and individuals.

• FATF stands for Financial Action Task Force and is an intergovernmental organizati...read more

Journal entry for stocks purchase from bank

• Debit the Stock account for the purchase amount

• Credit the Bank account for the same amount

• Include details such as date, description, and reference number

General ledger is a record of all financial transactions of a company.

• It contains all the accounts and balances of a company

• It is used to prepare financial statements

• It helps in tracking the financial health of a company

• Examples include assets, liabilities, revenue, expenses, etc.

OTC stands for Over-the-Counter. It refers to the process of buying and selling financial instruments directly between two parties without the involvement of an exchange.

• OTC refers to the trading of financial instruments such as stocks, bonds, and derivatives directly between two parties.

• It is done outside of a centralized exchange, allowing for more flexibility and customization in the terms of the trade.

• OTC transactions are typically conducted through dealer networks or ele...read more

Accounting principles are the guidelines and rules that companies must follow when preparing financial statements.

• Accrual principle - revenue and expenses are recognized when earned or incurred, not when cash is received or paid

• Consistency principle - companies must use the same accounting methods and procedures from one period to the next

• Matching principle - expenses must be matched with the revenue they helped generate

• Materiality principle - only significant items need to b...read more

Accounts payable refers to the money a company owes to its vendors or suppliers for goods or services received.

• Accounts payable is a liability on the company's balance sheet

• It is important to manage accounts payable to ensure timely payments and avoid late fees or damaged relationships with vendors

• Examples of accounts payable include invoices for raw materials, rent, utilities, and professional services

• Accounts payable can be managed through software systems or manual process...read more

Working capital is the amount of money a company has available to fund its day-to-day operations.

• It is calculated by subtracting current liabilities from current assets

• It is important for a company's financial health and ability to meet short-term obligations

• Examples of current assets include cash, accounts receivable, and inventory

• Examples of current liabilities include accounts payable, short-term loans, and accrued expenses

My favourite hobby is playing guitar.

• I have been playing guitar for 5 years now.

• I enjoy playing different genres of music like rock, blues and pop.

• Playing guitar helps me relax and de-stress after a long day at work.

• I have also performed at a few local events and open mics.

• I am currently learning to play fingerstyle guitar.

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

• Assets = Liabilities + Equity

• Helps maintain the balance in accounting transactions

My process involves analyzing current workflows, identifying inefficiencies, and implementing improvements to streamline operations.

• Analyze current workflows to identify bottlenecks

• Implement automation tools to increase efficiency

• Collaborate with stakeholders to gather feedback and make necessary adjustments

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 allocating the cost of a tangible asset over its useful life.

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

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

Analyzing balance sheet involves examining assets, liabilities and equity to determine financial health of a company.

• Start by identifying the assets, liabilities and equity sections of the balance sheet

• Calculate ratios such as debt-to-equity ratio, current ratio and return on equity

• Compare current balance sheet to previous periods to identify trends

• Look for any discrepancies or irregularities in the balance sheet

• Consider the industry and economic factors that may impact the b...read more

Insurance cycle refers to the process of underwriting, policy issuance, premium collection, and claims settlement in the insurance industry.

• Underwriting: Assessing risks and determining premiums for insurance policies.

• Policy issuance: Providing the policy document to the insured party.

• Premium collection: Receiving payments from policyholders for coverage.

• Claims settlement: Processing and paying out claims when necessary.

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

• Amortization is similar to depreciation, but it is used for intangible assets such as patents, copyrights, and trademarks.

• It helps in reflecting the gradual consumption or expiration of the asset's value over time.

• The amortization expense is recorded on the income statement and reduces the asset's carrying value on the balance sheet.

• It is calculated by dividing the cost of the in...read more