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Infosys BPM
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I was interviewed before Mar 2022.
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 rece...
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
I applied via Naukri.com and was interviewed before Apr 2020. There were 3 interview rounds.
I applied via Walk-in and was interviewed before May 2020. There were 4 interview rounds.
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...
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
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: R...
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