Genpact
100+ Karvy Stock Broking Interview Questions and Answers
Q1. What is creditor How you will define golden rules of accounting Diff. In expenditure and saving account
Creditor is a person or entity to whom money is owed. Golden rules of accounting are basic principles to maintain financial records. Expenditure account records expenses while saving account records savings.
A creditor is someone who is owed money by a debtor
Golden rules of accounting are: a) Debit the receiver, credit the giver b) Debit what comes in, credit what goes out c) Debit expenses and losses, credit income and gains
Expenditure account records all expenses incurred by...read more
Q2. What is debitor What is depreciation What is the Journal Entry of Sending goods as donation
Answering questions related to accounting and journal entries.
Debitor is a person or entity who owes money to another person or entity.
Depreciation is the decrease in value of an asset over time due to wear and tear or obsolescence.
The journal entry for sending goods as donation would be to debit the donation expense account and credit the inventory account for the cost of the goods donated.
Q3. What is server What is Dora What is SLA How many experience you have in IT
Server is a computer program or device that provides functionality to other programs or devices.
A server is a computer that stores and manages data for other computers on a network.
Examples of servers include web servers, email servers, and file servers.
Servers can be physical machines or virtual machines.
Dora is not related to servers or IT.
SLA stands for Service Level Agreement and is a contract between a service provider and a customer that outlines the level of service th...read more
Q4. What is Network printer What is Lan What is office 365 What is your salary expectations
A network printer is a printer that is connected to a network and can be accessed by multiple users.
A network printer can be connected to a LAN or WAN.
It allows multiple users to print from a single printer.
It can be accessed through a print server or directly through the network.
Examples of network printers include laser printers, inkjet printers, and multifunction printers.
Q5. Speaking about resources.If we could have those resources.What we would do ?
If we had additional resources, we would optimize our processes, improve efficiency, and enhance productivity.
Invest in training and development programs for employees to enhance their skills and knowledge
Upgrade technology and software systems to streamline operations
Expand our team to handle increased workload and improve turnaround times
Q6. if its customer service job what do you know about customer service
Customer service involves providing assistance and support to customers before, during, and after a purchase.
Customer service is about meeting the needs and expectations of customers
It involves effective communication and problem-solving skills
Customer service representatives should be empathetic and patient
Examples: resolving complaints, answering inquiries, providing product information
Q7. What is banking? What do u mean by KYC ? Meanings of Debit and credit..
Banking is a financial service that deals with money transactions. KYC stands for Know Your Customer. Debit means money out, credit means money in.
Banking involves managing money, loans, and investments.
KYC is a process of verifying the identity of customers to prevent fraud and money laundering.
Debit refers to money being taken out of an account, while credit refers to money being added to an account.
Examples of banking services include savings accounts, loans, and credit ca...read more
Q8. Fill in the blanks with the appropriate verb given in the bracket ?
The appropriate verb for the blanks is 'is'.
The verb 'is' is used to describe a state or condition of something.
Example: The sky is blue.
Example: The cat is sleeping.
Q9. Market conditions in the economy, what are the ways to withstand in it.
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
Q10. Procedure of anti money laundering? What is money laundering? What is anti money laundering What is CDD What is pep?
Money laundering is the process of making illegally obtained money appear legal by hiding its true source.
Money laundering involves three stages: placement, layering, and integration.
Anti money laundering (AML) refers to laws and regulations designed to prevent money laundering.
Customer Due Diligence (CDD) is the process of verifying the identity of clients to prevent money laundering.
Politically Exposed Persons (PEP) are individuals who are entrusted with prominent public fu...read more
Q11. Golden rule of accounting? Journal Entry Debit notes and credit notes?
Golden rule of accounting is to debit the receiver and credit the giver.
Debit what comes in and credit what goes out
Debit the receiver and credit the giver
Debit expenses and losses, credit incomes and gains
Debit assets and credit liabilities
Debit drawings and credit capital
Debit purchases and credit accounts payable
Debit accounts receivable and credit sales
Q12. What is depreciation and why do we prepare balance
Depreciation is the decrease in value of an asset over time. We prepare balance sheet to show the financial position of a company.
Depreciation is a non-cash expense that reduces the value of an asset over its useful life.
It is calculated by dividing the cost of the asset by its useful life.
Depreciation is important for accurate financial reporting and tax purposes.
Balance sheet shows the assets, liabilities, and equity of a company at a specific point in time.
Depreciation is ...read more
Q13. What is diffrence between amortization and depreciation
Amortization is the process of spreading the cost of an intangible asset over its useful life, while depreciation is the process of spreading the cost of a tangible asset over its useful life.
Amortization is used for intangible assets like patents, copyrights, and trademarks.
Depreciation is used for tangible assets like buildings, vehicles, and machinery.
Amortization is typically calculated using the straight-line method.
Depreciation can be calculated using various methods su...read more
Q14. Are O2C and account receivables is same?
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
Q15. Noticing some Echo type noices ?
Echo type noises can be caused by various factors such as room acoustics, microphone placement, or audio feedback.
Check microphone placement and distance from speakers
Adjust room acoustics by adding soundproofing materials
Reduce audio feedback by adjusting volume levels
Use noise-cancelling software or hardware if necessary
Q16. Accounts payable ?? How to create invoice process?
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
Q17. What do you know about insurance
Insurance is a contract between an individual and an insurance company to protect against financial loss.
Insurance provides financial protection against unexpected events such as accidents, illnesses, and natural disasters.
Premiums are paid to the insurance company in exchange for coverage.
Types of insurance include health, life, auto, home, and travel insurance.
Insurance policies have terms and conditions that outline what is covered and what is not.
Insurance companies use a...read more
Q18. what does insurance company gets in return
Insurance company gets financial protection in return for providing coverage to policyholders.
Insurance premiums from policyholders
Investment income from premiums
Risk diversification
Customer loyalty and retention
Regulatory compliance
Reinsurance agreements
Q19. Shift criteria flexible or fixed day night
Shift criteria is flexible based on business needs.
Shifts may vary based on workload and client requirements.
Employees may need to work day or night shifts depending on the project.
Flexibility in shift criteria allows for better work-life balance for employees.
Q20. What are DSO and Aged buckets?
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
Q21. What is accuracy, and how does it differ from precision?
Accuracy is how close a measurement is to the true value, while precision is how close repeated measurements are to each other.
Accuracy refers to the closeness of a measured value to a standard or known value.
Precision refers to the closeness of two or more measurements to each other.
For example, hitting the bullseye on a target multiple times in a row would be both accurate and precise.
If a measurement is accurate but not precise, it means the results are consistently off bu...read more
Q22. What are the different types of accounting statements?
The different types of accounting statements include income statement, balance sheet, and cash flow statement.
Income statement: Shows a company's revenues and expenses over a specific period of time.
Balance sheet: Provides a snapshot of a company's financial position at a specific point in time, including assets, liabilities, and equity.
Cash flow statement: Details the cash inflows and outflows of a company over a specific period of time.
Q23. What are the principles of insurance?
Principles of insurance are the fundamental rules and guidelines that govern the insurance industry.
Principle of utmost good faith - Both parties must act honestly and disclose all relevant information.
Principle of insurable interest - The insured must have a financial interest in the subject matter of the insurance.
Principle of indemnity - The insured should be restored to the same financial position as before the loss.
Principle of contribution - If the insured has multiple ...read more
Q24. Noticing some disturbing sounds?
Yes, disturbing sounds can indicate potential issues in the process that need to be addressed.
Identify the source of the disturbing sounds
Determine if the sounds are normal or abnormal for the process
Investigate potential causes of the disturbing sounds
Take necessary actions to address the issues causing the disturbing sounds
Q25. What is 2way match and 3way match?.
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
Q26. Can you brief about accrual concept
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
Q27. Role play while dealing with a client or customer?
Role playing with clients helps in understanding their needs and providing effective solutions.
Listen actively to the client's concerns and needs
Empathize with the client's situation
Offer solutions or alternatives based on the client's requirements
Maintain a professional and friendly demeanor throughout the interaction
Q28. What are the key rules regarding gold investments?
Key rules for gold investments include diversification, understanding market trends, and considering storage costs.
Diversify your investment portfolio to reduce risk
Understand market trends and factors that influence gold prices
Consider storage costs and security measures for physical gold investments
Q29. What is difference between Ap and Ar
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
Q30. What is the concept of depreciation?
Depreciation is the allocation of the cost of a tangible 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, matching the expense with the revenue it generates.
Common methods of depreciation include straight-line, double declining balance, and units of production.
Example: A company purchases a machine for $10,000 with a useful life of 5 years. Us...read more
Q31. What is the process of reconciliation?
Reconciliation is the process of comparing two sets of records to ensure they are in agreement.
Reconciliation involves identifying discrepancies between the two sets of records.
It often includes investigating the reasons for discrepancies and resolving them.
Examples of reconciliation include bank statement reconciliation, inventory reconciliation, and financial statement reconciliation.
Q32. What types of accruals will you post?
Accruals typically posted include expenses, revenues, interest, and taxes.
Expenses accrued for services received but not yet paid for
Revenues accrued for services provided but not yet invoiced
Interest accrued on loans or investments
Taxes accrued based on estimated liabilities
Q33. Are you open to re locate
Yes, I am open to relocate for the right opportunity.
I am willing to relocate for the right job opportunity
I have no geographical restrictions for the right role
I am excited about the possibility of experiencing a new location
Q34. What you know about Banking?
Banking involves financial transactions, loans, deposits, and investments.
Banks provide financial services to individuals and businesses
They accept deposits and offer loans with interest rates
Banks also offer investment options such as mutual funds and stocks
They provide credit and debit cards for transactions
Banks are regulated by government authorities to ensure stability and security
Q35. What are Bank Statements?
Bank statements are documents provided by a bank to an account holder, showing the transactions and balance of the account over a period of time.
Bank statements show all transactions (deposits, withdrawals, transfers) made in an account.
They also show the beginning and ending balance of the account for the specified period.
Bank statements are usually issued monthly, but can be requested more frequently if needed.
They are important for tracking finances, verifying transactions...read more
Q36. Post onboarding after pre onboarding
Post onboarding refers to the period after the new employee has completed their initial training and orientation.
During post onboarding, the employee is expected to start performing their job duties independently.
The employee may receive additional training or support as needed.
Regular check-ins with the employee can help ensure a smooth transition into their new role.
Examples of post onboarding activities include setting performance goals, assigning tasks, and providing feed...read more
Q37. Tell me accounting principles
Accounting principles are the guidelines and rules that companies must follow when preparing financial statements.
Accounting principles include the matching principle, revenue recognition principle, and historical cost principle.
These principles ensure that financial statements are accurate, reliable, and consistent.
Examples of accounting principles in action include recording expenses in the period they are incurred and not when they are paid, and recognizing revenue when it...read more
Q38. What journal entries of prepaid rent
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
Q39. name other bpo of the industry
Some other BPOs in the industry are Genpact, Wipro, Infosys, TCS, and Accenture.
Genpact is a global professional services firm that provides digital transformation, analytics, and process engineering services.
Wipro is an Indian multinational corporation that provides information technology, consulting, and business process services.
Infosys is a global leader in next-generation digital services and consulting.
TCS is an Indian multinational information technology services and c...read more
Q40. What is working capital
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
Q41. Difference between broker and Agent.
A broker is a middleman who connects buyers and sellers in exchange for a commission, while an agent represents one party in a transaction.
Brokers work independently and can represent multiple parties, while agents typically work for a specific party.
Brokers have more flexibility in negotiating deals, while agents have a fiduciary duty to act in the best interest of their client.
Brokers often work in real estate and financial markets, while agents are commonly found in insura...read more
Q42. What is the expectation
The expectation for a Process Developer is to streamline and optimize business processes.
Identify areas for improvement in existing processes
Develop and implement new processes to increase efficiency
Collaborate with cross-functional teams to ensure successful implementation
Continuously monitor and evaluate processes to identify further improvements
Q43. What is procurement process
Procurement process is the series of steps involved in acquiring goods or services from external sources.
Identifying the need for goods or services
Developing specifications for the goods or services
Identifying potential suppliers
Evaluating and selecting suppliers
Negotiating contracts
Placing orders
Receiving and inspecting goods or services
Processing invoices and making payments
Q44. What is r2r process
R2R process stands for Record to Report process which involves all the activities from recording financial transactions to preparing financial statements.
R2R process is a finance and accounting process
It involves recording financial transactions
It includes activities like general ledger accounting, reconciliations, and financial reporting
The process starts with recording transactions and ends with preparing financial statements
It ensures accuracy and completeness of financial...read more
Q45. Explain format of Bank Statements
Bank statements typically include account holder information, transaction details, balances, and dates.
Bank name and logo at the top
Account holder's name and address
Transaction details including date, description, and amount
Opening and closing balances
Statement period
Account number and branch information
Sometimes include interest earned or fees charged
May have check images or ATM withdrawals listed
Q46. describe an average person
An average person is someone who is neither exceptional nor below average in terms of abilities, achievements, or characteristics.
Has a job or is seeking employment
Has a family or social circle
Enjoys hobbies or leisure activities
Has strengths and weaknesses
Experiences a range of emotions
Has basic needs such as food, shelter, and clothing
Q47. What is catalogue define it
A catalogue is a list or collection of items, products, or services.
Catalogues are often used by businesses to showcase their products or services.
They can be in print or digital format.
Catalogues can also be used for reference purposes, such as a library catalogue.
They typically include descriptions, prices, and images of the items listed.
Catalogues can be organized by category, brand, or other criteria.
Examples of catalogues include the IKEA catalogue, a clothing store's se...read more
Q48. What is 3way match
3-way match is a process used in accounting to ensure that the purchase order, invoice, and receiving report all match before payment is made.
Involves comparing the purchase order, invoice, and receiving report
Helps prevent errors and fraud in the payment process
Ensures that the company is only paying for goods or services that were actually received
Q49. What is R2R cycle
R2R cycle stands for Record to Report cycle, which involves the process of recording financial transactions and preparing financial statements.
R2R cycle involves recording financial transactions in the general ledger.
It includes activities such as journal entries, reconciliations, and financial reporting.
The cycle typically starts with the recording of transactions and ends with the preparation of financial statements.
Examples of R2R activities include posting sales transacti...read more
Q50. What is account
An account is a record of financial transactions for a specific entity, such as an individual or organization.
An account typically includes information on assets, liabilities, income, and expenses.
Accounts are used to track financial activities and provide a snapshot of an entity's financial position.
Examples of accounts include bank accounts, credit card accounts, and investment accounts.
Q51. What is the Golden rule
The Golden rule is a moral principle that states one should treat others as one would like others to treat oneself.
Treat others the way you want to be treated
Encourages empathy and kindness towards others
Found in various religions and philosophies, such as Christianity and Confucianism
Q52. 3 Golden Rules in Accounts
The 3 golden rules in accounts are: 1) Debit the receiver, credit the giver 2) Debit what comes in, credit what goes out 3) Debit expenses and losses, credit income and gains.
Debit the receiver, credit the giver
Debit what comes in, credit what goes out
Debit expenses and losses, credit income and gains
Q53. What is repo rate
Repo rate is the rate at which the central bank of a country lends money to commercial banks.
Repo rate is used by central banks to control inflation and liquidity in the economy.
A higher repo rate means that banks will borrow less money from the central bank, leading to less money in circulation.
Conversely, a lower repo rate encourages banks to borrow more money, increasing liquidity in the economy.
For example, if the repo rate is 5%, it means that banks can borrow money from...read more
Q54. Define mortgage
A mortgage is a loan taken out to buy property or land, with the property or land serving as collateral for the loan.
Mortgages are typically long-term loans, often lasting 15 to 30 years.
The borrower makes monthly payments to the lender, which include both principal and interest.
If the borrower fails to make payments, the lender can foreclose on the property.
Interest rates on mortgages can be fixed or adjustable.
Common types of mortgages include conventional, FHA, and VA loan...read more
Q55. What are the definitions of accruals and deferrals, and what are the corresponding journal entries for each?
Accruals and deferrals are accounting concepts used to recognize revenue and expenses in the period they are earned or incurred, regardless of when cash is exchanged.
Accruals involve recognizing revenue or expenses before cash is exchanged.
Deferrals involve recognizing revenue or expenses after cash is exchanged.
Accruals are recorded with a debit to an expense or asset account and a credit to a liability or revenue account.
Deferrals are recorded with a debit to an asset or ex...read more
Q56. What is the definition of variance, and what is the formula used to calculate it?
Variance measures the spread of data points in a dataset from the mean.
Variance is a statistical measure that shows how much individual data points differ from the average of the dataset.
The formula to calculate variance is: Variance = Σ(xi - x̄)² / n, where xi is each data point, x̄ is the mean of the dataset, and n is the total number of data points.
Variance can be used to assess the consistency or variability of a dataset.
A higher variance indicates that data points are more...read more
Q57. What is difference between Depreciation and amortisation?
Depreciation is the decrease in value of tangible assets over time, while amortization is the decrease in value of intangible assets over time.
Depreciation applies to tangible assets like buildings, vehicles, and machinery.
Amortization applies to intangible assets like patents, copyrights, and trademarks.
Depreciation is calculated based on the asset's useful life and salvage value.
Amortization is calculated based on the asset's estimated useful life.
Both depreciation and amor...read more
Q58. What are accruals and what is depreciation?
Accruals are expenses incurred but not yet paid, while depreciation is the allocation of the cost of an asset over its useful life.
Accruals are expenses that have been incurred but not yet paid for, such as salaries, rent, or utilities.
Depreciation is the systematic allocation of the cost of a tangible asset over its useful life, reflecting its gradual wear and tear or obsolescence.
Accruals help match expenses with revenues in the same accounting period, while depreciation sp...read more
Q59. What are basic journal entries in accounting?
Basic journal entries in accounting are essential transactions recorded in a company's general ledger.
Journal entry for revenue recognition: Debit Accounts Receivable, Credit Revenue
Journal entry for expenses: Debit Expense, Credit Accounts Payable
Journal entry for depreciation: Debit Depreciation Expense, Credit Accumulated Depreciation
Journal entry for inventory: Debit Inventory, Credit Accounts Payable
Q60. Do you know about Product Costing..??
Product costing is the process of determining the total expenses incurred in producing a product.
It involves identifying and calculating all the costs associated with producing a product.
These costs can include direct materials, direct labor, and overhead expenses.
Product costing helps companies determine the price at which they should sell their products to make a profit.
It also helps in identifying areas where costs can be reduced to increase profitability.
Examples of produ...read more
Q61. How do you track the utilisation of each process?
To track the utilization of each process, we can use various methods such as time tracking, task management tools, and performance metrics.
Implement time tracking software to monitor the time spent on each process.
Use task management tools to assign and track progress on specific processes.
Establish performance metrics and regularly measure and analyze them to evaluate process utilization.
Conduct regular process audits to identify bottlenecks and areas of improvement.
Collect ...read more
Q62. Journal entry to record sale of fixed asset ?
A journal entry is made to record the sale of a fixed asset.
Debit the Cash or Accounts Receivable account for the amount received from the sale
Credit the Fixed Asset account for the original cost of the asset
Credit the Accumulated Depreciation account for the accumulated depreciation on the asset
Credit or debit any gain or loss on the sale of the asset
Example: Debit Cash $10,000, Credit Fixed Asset $15,000, Credit Accumulated Depreciation $5,000
Q63. Do you know about SAP..??
SAP is a software used for managing business operations and customer relations.
SAP stands for Systems, Applications, and Products in Data Processing.
It is used for managing various business operations like finance, sales, inventory, etc.
SAP software is used by many large organizations like Coca-Cola, IBM, etc.
It helps in streamlining business processes and improving efficiency.
SAP has various modules like SAP FI (Financial Accounting), SAP MM (Materials Management), etc.
Q64. What is entry for prepayment.
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
Q65. If the employee has to take transfer in other countries like foreign, gulf, etc can employee get the transfer?
Yes, employees can get transfers to other countries like foreign and gulf.
Employees can be transferred to other countries if there is a need for their expertise or if there are job opportunities available.
Transfers to foreign countries may require additional documentation and visa processes.
Gulf countries often have a high demand for skilled professionals, making transfers more likely.
The decision to transfer an employee depends on the company's policies, the employee's quali...read more
Q66. What is a transaction monitoring system, and why is it necessary?
A transaction monitoring system is a tool used to track and analyze financial transactions to detect suspicious activities and ensure compliance with regulations.
Monitors financial transactions in real-time or retrospectively
Uses algorithms and rules to identify unusual patterns or behaviors
Helps prevent fraud, money laundering, and other financial crimes
Ensures compliance with regulations such as Anti-Money Laundering (AML) and Know Your Customer (KYC)
Examples include Actimi...read more
Q67. How would you identify a suspicious transaction, and why is it critical to do so?
Identifying suspicious transactions is crucial to prevent fraud and ensure compliance with regulations.
Look for transactions that are unusually large or small compared to typical activity
Monitor for frequent transactions just below reporting thresholds
Check for transactions involving high-risk countries or individuals
Review transactions with incomplete or inconsistent information
Utilize transaction monitoring software to flag potentially suspicious activity
Q68. What is the process for identifying a transaction within a transaction?
Identifying a transaction within a transaction involves analyzing the details of the transaction to determine its components.
Review the transaction details to understand the different elements involved
Look for sub-transactions or multiple components within the main transaction
Identify unique identifiers or codes that differentiate each transaction within the main one
Utilize software or tools to help segregate and analyze individual transactions
Consult with team members or exp...read more
Q69. 1. What is Financial Accounting? 2. What is Cost Accounting? 3. What is Management Accounting? 4. What is the Acid Test Ratio? 5. What is the Debt-Equity Ratio? 6. What is the Golden Rules of Accounting?
Answers to common accounting questions including financial, cost, and management accounting, as well as ratios and golden rules.
Financial accounting is the process of recording, summarizing, and reporting financial transactions of a business.
Cost accounting involves analyzing the costs of producing a product or service to help with decision-making and cost control.
Management accounting provides financial information to help with planning, controlling, and decision-making with...read more
Q70. What is 2 way match What is 3 way match What is p2p cycle What is purchase requisition What is invoice What is purchase order
Answers to common accounts payable terms
2 way match: matching the invoice to the purchase order
3 way match: matching the invoice to the purchase order and receipt of goods
P2P cycle: Procure to Pay cycle, the process of purchasing goods or services
Purchase requisition: a document used to request goods or services
Invoice: a bill for goods or services received
Purchase order: a document used to order goods or services
Q71. What is je tracker and what kind of information recorded in je recorder?
JE tracker is a tool used in accounting to record journal entries and their details.
JE tracker stands for Journal Entry tracker.
It is used to record journal entries and their details such as date, account name, debit/credit amount, and description.
It helps in tracking and managing journal entries for accurate financial reporting.
Examples of information recorded in JE tracker include adjusting entries, accruals, and deferrals.
Q72. What is an overview of accounting?
Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions of a business.
Accounting involves recording financial transactions such as sales, purchases, and expenses.
It includes summarizing the financial data into financial statements like balance sheets and income statements.
Analyzing the financial information to provide insights for decision-making.
Reporting the financial results to stakeholders like investors, creditors, and managem...read more
Q73. What is revenue recognition concept
Revenue recognition concept refers to the accounting principle that revenue should be recorded when it is earned and realized, regardless of when cash is received.
Revenue is recognized when it is earned, not necessarily when cash is received.
It is important to match revenue with the expenses incurred to generate that revenue.
Revenue recognition can be complex, especially for long-term contracts or subscription-based services.
Examples include recognizing revenue from a sale at...read more
Q74. What is Amortisation ?
Amortisation is the process of spreading out the cost of an asset over its useful life.
It is a method of accounting used to reduce the value of an intangible asset over time
It is commonly used for assets such as patents, trademarks, and copyrights
The cost of the asset is divided into equal amounts over the useful life of the asset
The amount of amortisation is recorded as an expense on the income statement
Example: A company purchases a patent for $100,000 with a useful life of...read more
Q75. What is Prepaid expense
Prepaid expense is an advance payment made for goods or services that will be received in the future.
Prepaid expenses are recorded as assets on the balance sheet
They are gradually expensed over time as the goods or services are received
Examples include prepaid rent, insurance premiums, and subscriptions
Prepaid expenses are commonly used in businesses to manage cash flow
Q76. What all criteria do you look for while doing AML AND KYC check
Criteria for AML and KYC checks
Verification of customer identity and background
Assessment of customer risk profile
Monitoring of customer transactions and behavior
Compliance with regulatory requirements
Identification and reporting of suspicious activity
Ongoing due diligence
Use of technology and data analytics
Training and awareness of AML/KYC policies and procedures
Q77. What do you know about AML AND KYC and Why are they required
AML and KYC are regulatory compliance measures to prevent money laundering and terrorist financing.
AML stands for Anti-Money Laundering and KYC stands for Know Your Customer.
AML and KYC are required by financial institutions to prevent money laundering, terrorist financing, and other financial crimes.
AML and KYC regulations require financial institutions to verify the identity of their customers, monitor their transactions, and report any suspicious activity to the authoritie...read more
Q78. What is the difference between Accounts payable and Accounts receivable ?
Accounts payable is the amount owed by a company to its suppliers, while accounts receivable is the amount owed to a company by its customers.
Accounts payable represents the company's liabilities, while accounts receivable represents the company's assets.
Accounts payable is recorded as a liability on the balance sheet, while accounts receivable is recorded as an asset.
Accounts payable is related to the company's purchases and expenses, while accounts receivable is related to ...read more
Q79. What is the similarities in accounts payable and accounts receivable ?
Accounts payable and accounts receivable are both essential components of a company's financial management.
Both involve tracking and managing financial transactions.
Both are part of the company's balance sheet.
Both require accurate record-keeping and reconciliation.
Both impact cash flow and financial stability.
Both involve communication and coordination with vendors or customers.
Both play a role in financial analysis and decision-making.
Both require attention to detail and ad...read more
Q80. What is Forecasting and Budgeting Process ?
Forecasting and budgeting process involves predicting future financial outcomes and creating a plan to allocate resources accordingly.
Forecasting involves analyzing past data and market trends to predict future financial outcomes.
Budgeting involves creating a plan to allocate resources based on the forecasted outcomes.
The process helps organizations to plan and manage their finances effectively.
Examples of forecasting and budgeting tools include Excel, financial software, and...read more
Q81. If you are found any another price for the product in your grn so what should you do first?
The first step would be to verify the accuracy of the found price by cross-checking it with the original purchase order or invoice.
Cross-check the found price with the original purchase order or invoice
Ensure that the correct price is recorded in the system
Investigate any discrepancies and resolve them accordingly
Q82. Which mutual fund would you recommend?
I would recommend the Vanguard Total Stock Market Index Fund for its low fees and diversified exposure to the entire U.S. stock market.
Consider the fund's expense ratio and fees
Look at the fund's historical performance and track record
Evaluate the fund's investment strategy and holdings
Take into account your own risk tolerance and investment goals
Q83. Why the using of financial analysis
Financial analysis helps in understanding the financial health of a company and making informed decisions.
Financial analysis helps in identifying the strengths and weaknesses of a company's financial performance.
It helps in making informed decisions related to investments, mergers and acquisitions, and financial planning.
Financial analysis also helps in identifying potential risks and opportunities for growth.
Examples of financial analysis tools include ratio analysis, trend ...read more
Q84. Subarray With Given Sum Problem Statement
Given an array ARR
of N integers and an integer S, determine if there exists a contiguous subarray within the array with a sum equal to S. If such a subarray exists, re...read more
Given an array of integers, find a subarray with a given sum S.
Use a sliding window approach to find the subarray with the given sum.
Keep track of the current sum and adjust the window based on the sum.
Return the start and end indices of the subarray if found, otherwise return [-1, -1].
Q85. Which purchase order we use the most or regular basic ?
The most commonly used purchase order is PO-12345.
PO-12345 is used for regular purchases.
It is the default purchase order for most vendors.
PO-12345 is used for recurring expenses like office supplies and utilities.
Q86. What is Content Moderation?
Content moderation is the process of reviewing and monitoring user-generated content to ensure it complies with guidelines and policies.
Content moderation involves reviewing and monitoring user-generated content
It aims to ensure that the content aligns with guidelines and policies
Moderators assess and filter out inappropriate, offensive, or harmful content
Examples include reviewing social media posts, comments, images, videos, etc.
Q87. Write program to multiply the two no. Without using * .
Program to multiply two numbers without using * operator.
Use a loop to add the first number to itself the second number of times.
Use bitwise operators to perform multiplication.
Use logarithms and exponents to perform multiplication.
Use recursion to perform multiplication.
Q88. Find the Duplicate Number Problem Statement
Given an integer array 'ARR' of size 'N' containing numbers from 0 to (N - 2). Each number appears at least once, and there is one number that appears twice. Your tas...read more
Find the duplicate number in an array of integers from 0 to (N-2).
Iterate through the array and keep track of the frequency of each number using a hashmap.
Return the number with a frequency greater than 1 as the duplicate number.
Q89. Don't you think accounts payable job is more difficult than the job of an auditor?
Accounts payable job requires attention to detail and organization, while auditor job involves analysis and verification.
Accounts payable job involves processing invoices, making payments, and reconciling accounts.
Auditor job involves examining financial records, assessing internal controls, and identifying risks.
Accounts payable requires strong attention to detail and organization to ensure accuracy in processing payments.
Auditors need analytical skills to interpret financia...read more
Q90. How do you detect a fraud
Fraud detection involves identifying suspicious activities and patterns that indicate fraudulent behavior.
Monitor financial transactions for unusual activity
Conduct background checks on employees and vendors
Implement strong internal controls and segregation of duties
Use data analytics to identify anomalies and patterns
Stay up-to-date on industry trends and fraud schemes
Encourage whistleblowing and provide a safe reporting mechanism
Q91. what do you understand p2p?
P2P stands for Procure-to-Pay, which is the process of purchasing goods or services and paying for them.
P2P involves the entire process from requisition to payment
It includes activities such as vendor selection, purchase order creation, invoice processing, and payment
P2P aims to streamline the purchasing process and ensure timely and accurate payments
Examples of P2P software include SAP Ariba, Coupa, and Basware
Q92. What is Sarbanes Oxley?
Sarbanes Oxley is a US federal law that sets standards for public company boards, management, and public accounting firms.
Enacted in 2002 in response to accounting scandals like Enron and WorldCom
Requires companies to establish internal controls and procedures for financial reporting
Mandates CEO and CFO certification of financial statements
Imposes penalties for non-compliance, including fines and imprisonment
Q93. How many types of purchase order are there?
There are three types of purchase orders: standard, blanket, and contract.
Standard purchase orders are used for one-time purchases of goods or services.
Blanket purchase orders are used for recurring purchases over a specific period of time.
Contract purchase orders are used for long-term agreements with suppliers.
Examples: A standard purchase order may be used to buy office supplies, a blanket purchase order may be used for monthly cleaning services, and a contract purchase or...read more
Q94. what clients expect from consultancy firms in regards to internal audit prospective?
Clients expect consultancy firms to provide expertise, objectivity, efficiency, and value in internal audit services.
Expertise in industry best practices and regulations
Objectivity in assessing risks and controls
Efficiency in conducting audits and delivering timely reports
Value in providing actionable recommendations for improvement
Examples: detailed audit plans, thorough risk assessments, clear communication of findings
OOP is a programming paradigm based on the concept of objects, which can contain data and code to manipulate that data.
OOP focuses on creating objects that interact with each other to solve complex problems.
Encapsulation: Objects can hide their internal state and require interactions through well-defined interfaces. Example: A car object with methods like start(), stop(), accelerate().
Inheritance: Objects can inherit attributes and methods from parent objects. Example: Animal...read more
Q96. How you process payment in tally?
In Tally, payments are processed by creating a payment voucher and selecting the appropriate ledger accounts.
Open Tally and go to the payment voucher entry screen.
Enter the payment details such as the payment date, payment mode, and amount.
Select the ledger accounts for the party to whom the payment is being made and the bank account from which the payment is being made.
Verify the payment details and save the voucher.
Tally will automatically update the accounts payable ledger...read more
ACID properties are essential characteristics of a transaction in a database management system.
Atomicity ensures that either all operations in a transaction are completed successfully or none of them are.
Consistency ensures that the database remains in a valid state before and after the transaction.
Isolation ensures that the execution of multiple transactions concurrently does not interfere with each other.
Durability ensures that once a transaction is committed, its effects a...read more
Q98. what are the key risk areas and give an explain ?
Key risk areas for an internal auditor include fraud, compliance, operational, financial, and cybersecurity risks.
Fraud risk: Misappropriation of assets, financial statement fraud, corruption.
Compliance risk: Failure to comply with laws and regulations, industry standards.
Operational risk: Inefficiencies, errors, lack of internal controls.
Financial risk: Mismanagement of funds, inaccurate financial reporting.
Cybersecurity risk: Data breaches, hacking, ransomware attacks.
Q99. What are the features of oops ?
OOPs features include encapsulation, inheritance, polymorphism, and abstraction.
Encapsulation: bundling of data and methods that operate on that data
Inheritance: ability of a class to inherit properties and methods from a parent class
Polymorphism: ability of objects to take on multiple forms or behaviors
Abstraction: hiding of complex implementation details and providing a simplified interface
Q100. hashmap internal functionality
HashMap is a data structure that stores key-value pairs and uses hashing to efficiently retrieve values.
HashMap uses hashing to map keys to their corresponding values for quick retrieval.
It allows for constant-time complexity O(1) for basic operations like get and put.
In case of hash collisions, HashMap uses linked lists or balanced trees to store multiple values for the same key.
HashMap in Java is not synchronized by default, use ConcurrentHashMap for thread-safe operations.
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