Godrej Properties Senior Accounts Payable Executive Interview Questions, Process, and Tips

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