Gem Engserv Interview Questions and Answers

Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions of a business.

• Accounting involves recording financial transactions such as sales, purchases, and payments.

• It also includes summarizing and analyzing these transactions to produce financial statements like balance sheets and income statements.

• Accounting helps in providing insights into the financial health of a business and making informed decisions.

• There are different branches...read more

Golden rules are basic principles or guidelines that are considered essential or fundamental in a particular field or context.

• Golden rules are foundational principles that serve as a guide for decision-making and behavior.

• They are often universally accepted and are considered essential for success.

• Examples of golden rules include 'treat others as you would like to be treated' and 'honesty is the best policy.'

General entries are created to record financial transactions in the accounting system.

• Identify the accounts involved in the transaction

• Determine whether it is a debit or credit entry for each account

• Ensure that the total debits equal the total credits

• Record the entry in the general ledger

Posting PO invoice involves matching the invoice to the purchase order and receipt, entering the invoice details into the accounting system, and approving for payment.

• Match the invoice to the purchase order and receipt to ensure accuracy

• Enter the invoice details such as invoice number, date, amount, and vendor information into the accounting system

• Verify that the goods or services were received and are in accordance with the purchase order

• Obtain necessary approvals for paymen...read more

PTP cycle stands for Procure-to-Pay cycle, which is the process of obtaining goods or services from a vendor to making a payment for them.

• PTP cycle involves requisitioning, purchasing, receiving, invoicing, and payment processes.

• It starts with a purchase requisition, followed by purchase order creation, goods receipt, invoice receipt, and ends with payment to the vendor.

• The cycle ensures that goods or services are received, invoices are accurate, and payments are made in a ti...read more