Global Upside Accounts Receivable Accountant Interview Questions and Answers

Q1. What are the current assets?
Ans. 
Current assets are assets that are expected to be converted into cash or used up within one year.
• Current assets include cash, accounts receivable, inventory, and prepaid expenses.

• They are listed on the balance sheet and are important for assessing a company's liquidity.

• Examples of current assets are cash in bank, short-term investments, accounts receivable, and inventory.
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Q2. Journal entry of credit purchase?
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A journal entry of credit purchase involves recording the purchase of goods or services on credit in the accounting records.
• Debit the Purchases account to record the increase in inventory or services purchased

• Credit the Accounts Payable account to record the liability for the purchase

• Include the date of the transaction, description of the purchase, and amount in the journal entry

• Example: Debit Purchases $1,000, Credit
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Q1. How long would you like to continue this role?
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Q1. Meaning of Rules of accounting
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Rules of accounting are guidelines and principles that govern the preparation of financial statements.
• Rules of accounting ensure consistency and accuracy in financial reporting

• They help in standardizing financial statements for comparability

• Examples include the matching principle, revenue recognition principle, and historical cost principle
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Q2. Accounting standard s
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Basics of maths, reasoning question, writing skills and english grammar and mail writing.

Q1. Basics of Accounting, journal entries, bank reconciliation, audits, difference between debit and credit, what is AR and AP.
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Q1. Can you tell me about yourself?
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Q2. Are you comfortable working night shifts?
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Q1. Golden rule of accounting?
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Q2. What are the journal entries for purchases?
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Q3. What is the process of bank reconciliation?
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Q1. What are your salary expectations?
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Q1. You can study Golden Roles, Prepaid expenses, Accruals, BRS, Journal Entries
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Q2. What is Accrual? Then where it will come?
Ans. 
Accrual is a method of accounting where revenues and expenses are recognized when earned or incurred, regardless of when payment is received or made.
• Accrual accounting recognizes revenue when it is earned, not when payment is received

• Expenses are recognized when they are incurred, not when payment is made

• Accruals are recorded as adjusting entries at the end of an accounting period

• Examples of accruals include salaries o...read more
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Q3. What is prepaid expenses? Give some examples
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Prepaid expenses are payments made in advance for goods or services that will be received in the future.
• Prepaid expenses are recorded as assets on the balance sheet until the goods or services are received.

• Examples of prepaid expenses include prepaid rent, prepaid insurance, and prepaid subscriptions.

• Prepaid expenses are typically amortized over the period in which the goods or services are received.

• Prepaid expenses ca
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They will ask some accountancy related questions, maths questions, reasoning questions like that.

Q1. About your self
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Q2. Process Explanation of previous experience
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Q1. Journal Entries
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Q2. P2P, Bank Reconciliation, RTR
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Q3. Previous Process Explanation
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I will explain the previous process I followed in my accounting role.
• I maintained accurate financial records by recording transactions in the general ledger.

• I prepared financial statements such as balance sheets and income statements.

• I reconciled bank statements and ensured all accounts were balanced.

• I communicated with clients and vendors to resolve any discrepancies or issues.

• I followed company policies and procedure
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