Infosys Financial Associate Interview Questions, Process, and Tips

Purchase process in costing involves identifying the need, selecting suppliers, negotiating prices, placing orders, receiving goods, and making payments.

• Identify the need for the purchase

• Select potential suppliers and obtain quotes

• Negotiate prices and terms with the chosen supplier

• Place the order with the supplier

• Receive the goods and verify their quality and quantity

• Make payment to the supplier

Journal entries are records of financial transactions that are recorded in a company's general ledger.

• Debit and credit accounts are identified and recorded

• Each entry must have a corresponding debit and credit entry

• Entries must be recorded in chronological order

• Examples include recording sales revenue, expenses, and depreciation

• Journal entries are used to create financial statements

The Russia war has negatively impacted the IT business due to economic sanctions and decreased foreign investment.

• Economic sanctions have limited access to technology and equipment needed for IT businesses

• Decreased foreign investment has led to a lack of funding for IT startups and projects

• The war has also disrupted supply chains and caused instability in the market

• Cybersecurity concerns have increased due to potential

Book closure process is the process of closing the register of shareholders to determine the list of shareholders eligible for dividends.

• Book closure process is done by companies to determine the list of shareholders eligible for dividends.

• During this process, the register of shareholders is closed for a specific period of time.

• Only those shareholders who are on the list at the end of the book closure period are eligib...read more

The first thing to consider while starting statutory audit is understanding the client's business and industry.

• Understand the client's business and industry

• Identify the key risks and controls

• Assess the materiality of the financial statements

• Plan the audit approach and procedures

• Consider any regulatory requirements or changes

• Review prior year's audit work

• Communicate with the client and their management team

CARO 2020 is a set of auditing standards issued by the Institute of Chartered Accountants of India (ICAI) for companies in India.

• CARO 2020 applies to all companies except small companies and one-person companies.

• It requires auditors to report on various aspects of a company's operations, including related party transactions, internal financial controls, and compliance with laws and regulations.

• CARO 2020 also requires a...read more