Mallikarjun Associates Interview Questions and Answers

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

• Maintain good relationships with suppliers to ensure timel...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 registered with the authority before advertising or selling.

• Deve...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 in humans.

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 of payments to vendors.

• It is a useful tool for monitoring t...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 output credit is the tax liability that needs to be paid to th...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 long-term contracts, multiple deliverables, or sales with ext...read more