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Infosys BPM Junior Accountant Interview Questions and Answers

Updated 5 Feb 2024

Q1. What is BRS

Ans.

BRS stands for Bank Reconciliation Statement. It is a statement that compares the bank balance as per bank statement with the balance as per company's books.

  • BRS helps in identifying any discrepancies between the bank statement and company's books

  • It ensures that all transactions are recorded accurately

  • It helps in detecting any fraudulent activities

  • Example: If the bank statement shows a different balance than the company's books, BRS will help in identifying the cause of the di...read more

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Q2. Journal entry of prepaid expenses

Ans.

Prepaid expenses are expenses paid in advance but not yet incurred. Journal entry involves debiting prepaid expense and crediting cash/bank account.

  • Prepaid expenses are recorded as assets on the balance sheet

  • When the expense is incurred, the prepaid asset is reduced and the related expense is recognized

  • Journal entry for prepaid expenses involves debiting prepaid expense account and crediting cash/bank account

  • Example: Rent paid in advance for the next 6 months would be recorde...read more

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Q3. What is accounting? Accounting principles?

Ans.

Accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions.

  • Accounting principles include the accrual principle, the consistency principle, the materiality principle, and the conservatism principle.

  • Accrual principle states that revenue and expenses should be recognized when earned or incurred, not when cash is received or paid.

  • Consistency principle requires that accounting metho...read more

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Q4. What is P2P process? What is ERS?

Ans.

P2P process is the procurement-to-payment process that involves all activities from purchasing to payment of goods and services.

  • P2P process includes requisitioning, purchasing, receiving, invoicing, and payment

  • It ensures that goods and services are procured at the best price and delivered on time

  • ERS (Evaluated Receipt Settlement) is a P2P process where payment is made based on the receipt of goods or services

  • ERS eliminates the need for a separate invoice and reduces the time ...read more

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Q5. What is cash book

Ans.

Cash book is a financial record that tracks all cash transactions of a business.

  • It records all cash receipts and payments

  • It helps in maintaining cash balance

  • It is a subsidiary book of accounts

  • It is used to prepare the cash flow statement

  • Example: Petty cash book, Bank cash book

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Q6. What is accounts payable

Ans.

Accounts payable is the amount of money a company owes to its vendors or suppliers for goods or services received but not yet paid for.

  • Accounts payable is a liability on the balance sheet

  • It represents the amount owed to vendors or suppliers

  • It includes invoices received but not yet paid

  • It is an important part of cash flow management

  • Examples include rent, utilities, and inventory purchases

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Q7. Golden rules of accounting

Ans.

Golden rules of accounting are basic principles that guide the recording of financial transactions.

  • The first golden rule is Debit the receiver and credit the giver.

  • The second golden rule is Debit what comes in and credit what goes out.

  • The third golden rule is Debit all expenses and losses and credit all incomes and gains.

  • These rules ensure accuracy and consistency in financial reporting.

  • For example, when a company receives cash from a customer, the cash account is debited and...read more

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Interview Process at Infosys BPM Junior Accountant

based on 6 interviews
2 Interview rounds
Resume Shortlist Round
Aptitude Test Round
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