GI Outsourcing Executive Interview Questions and Answers

Journal entries, prepayment, accruals

Q1. Tell me about yourself
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Q2. What are prepayment and accruals
Ans. 
Prepayment and accruals are accounting concepts used to record revenue and expenses in the appropriate period.
• Prepayment is when a company pays for goods or services before they are received, and the expense is recorded when the goods or services are actually received.

• Accruals are expenses incurred but not yet paid for, and revenue earned but not yet received. These are recorded in the period they are incurred or earne...read more
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