Godrej Properties Interview Questions, Process, and Tips for Experienced

The process to check invoice and payment involves verifying the details on the invoice against the payment received.

• Verify the accuracy of the invoice details such as amount, date, and billing address

• Cross-check the invoice with the purchase order or contract to ensure accuracy

• Confirm that the payment matches the amount on the invoice

• Record the payment in the accounting system once verified

• Follow up with the client or

Retention money and mobilisation money are terms commonly used in construction contracts.

• Retention money is a percentage of the contract value withheld by the client to ensure that the contractor completes the project satisfactorily.

• Mobilisation money is an advance payment made to the contractor to cover initial mobilisation costs such as setting up site facilities and equipment.

• Retention money is usually released afte...read more

HIRA stands for Hazard Identification and Risk Assessment. It is a process used to identify potential hazards and assess the associated risks in a workplace.

• Identify potential hazards in the workplace

• Assess the risks associated with each hazard

• Implement control measures to mitigate the risks

• Regularly review and update the HIRA process

• Train employees on hazard identification and risk assessment

ISO 45001:2018 is an international standard for occupational health and safety management systems.

• ISO 45001:2018 sets out the criteria for an occupational health and safety management system.

• It helps organizations improve their safety performance and reduce workplace risks.

• The standard requires organizations to identify hazards, assess risks, and implement controls to mitigate them.

• It also emphasizes the importance of ...read more

RERA stands for Real Estate Regulatory Authority, a regulatory body in India to protect the interests of home buyers and promote transparency in the real estate sector.

• RERA was enacted in India in 2016 to regulate the real estate sector and ensure timely delivery of projects.

• It aims to bring transparency, accountability, and efficiency in the real estate market.

• RERA mandates that all real estate projects must be regist...read more

Revenue recognition policy is a set of guidelines that determine when and how revenue should be recorded in financial statements.

• Revenue recognition policy outlines the criteria for recognizing revenue from sales of goods or services.

• It ensures that revenue is recorded in the appropriate accounting period when it is earned and realized or realizable.

• The policy may include specific rules for recognizing revenue from lon...read more

Input and Output credit in GST refers to the taxes paid on inputs and the taxes collected on outputs respectively.

• Input credit is the credit that a business can claim for the tax it has paid on its purchases of goods or services.

• Output credit is the tax collected by a business on the sale of goods or services, which is to be paid to the government.

• Input credit reduces the amount of tax payable by a business, while outp...read more

An ageing report is a document that categorizes and lists outstanding invoices by their due dates.

• An ageing report helps track and manage accounts payable by showing which invoices are overdue and by how many days.

• It typically categorizes invoices into different time periods such as current, 1-30 days past due, 31-60 days past due, etc.

• The report helps identify potential cash flow issues and allows for prioritization o...read more

INDs stand for Investigational New Drugs in accounting.

• INDs refer to drugs that are being tested in clinical trials before they are approved for marketing.

• These drugs are considered investigational and are not yet approved by regulatory authorities.

• INDs are closely monitored by the FDA to ensure safety and efficacy.

• Companies conducting clinical trials must submit an IND application to the FDA before testing a new drug

Supplier invoices are processed by verifying accuracy, obtaining necessary approvals, entering into system, and scheduling payments.

• Verify accuracy of supplier invoices against purchase orders and receiving reports

• Obtain necessary approvals from appropriate departments or managers

• Enter invoice details into accounting system for tracking and reporting purposes

• Schedule payments based on payment terms and company policies

• ...read more

PO stands for Purchase Order, a document issued by a buyer to a seller outlining the details of a purchase agreement.

• PO is a legally binding document that specifies the items or services being purchased, quantities, prices, and terms of the agreement.

• It helps both parties track and manage the purchasing process, ensuring that the buyer receives the goods or services they ordered and the seller gets paid.

• Agreement refer...read more