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10+ FORTUNE CONSULTANTS Interview Questions and Answers

Updated 21 Nov 2024
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Q1. What letters are sent out for Collection? What legal actions are taken?

Ans.

Letters for collection and legal actions taken as Assistant Manager

  • Letters sent for collection include demand letters, reminder letters, and final notice letters

  • Legal actions taken may include filing a lawsuit, obtaining a judgment, and garnishing wages or bank accounts

  • The specific actions taken depend on the amount owed, the debtor's response, and the company's policies and procedures

  • Communication with debtors should be professional and respectful, while also firm and persis...read more

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Q2. How do you explain cash application?

Ans.

Cash application is the process of recording and applying payments received from customers to their outstanding invoices.

  • It involves matching payments received to the correct customer account and invoice.

  • It ensures accurate and timely recording of customer payments.

  • It helps in maintaining up-to-date accounts receivable records.

  • Examples include using accounting software to record payments and reconcile bank statements.

  • It is an important function in managing cash flow and maint...read more

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Q3. What kind of variance do you see while doing Intercompany reconciliation?

Ans.

Variances in Intercompany reconciliation can arise due to differences in accounting methods, timing of transactions, currency exchange rates, and intercompany agreements.

  • Differences in accounting methods used by different entities within the same company

  • Timing discrepancies in recording transactions between intercompany entities

  • Currency exchange rate fluctuations affecting the value of intercompany transactions

  • Lack of clear intercompany agreements leading to misunderstandings...read more

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Q4. Do you have B2B Experience in order to cash?

Ans.

Yes, I have extensive B2B experience in order to cash.

  • I have worked as a sales representative for a B2B company for 3 years

  • I have managed accounts payable and receivable for a B2B company for 2 years

  • I have experience negotiating payment terms and resolving payment disputes with B2B clients

  • I am familiar with B2B invoicing and payment processing systems such as SAP and Oracle

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Q5. How many types of chillers I have handled. Ans: Screw, Centrifugal & Scroll.

Ans.

I have handled three types of chillers: Screw, Centrifugal, and Scroll.

  • I have experience working with Screw, Centrifugal, and Scroll chillers.

  • I am familiar with the maintenance and operation of these types of chillers.

  • For example, I have worked with a 200-ton Centrifugal chiller at my previous job.

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Q6. What are the steps of contract creation?

Ans.

The steps of contract creation involve offer, acceptance, consideration, and mutual agreement.

  • Offer: One party proposes terms to another party.

  • Acceptance: The other party agrees to the terms proposed.

  • Consideration: Both parties exchange something of value.

  • Mutual agreement: Both parties come to a meeting of the minds.

  • Drafting: The contract is written and reviewed by both parties.

  • Execution: Both parties sign the contract.

  • Enforcement: The contract is legally binding and can be e...read more

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Q7. What type of ERP do you have worked previously?

Ans.

I have worked with SAP ERP in my previous role as Assistant Manager.

  • Implemented SAP ERP system to streamline business processes

  • Trained team members on how to use SAP ERP for inventory management

  • Generated reports and analyzed data using SAP ERP

  • Collaborated with IT department to customize SAP ERP to meet specific business needs

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Q8. Is Stock in transit record in BS?

Ans.

Yes, stock in transit is recorded in the balance sheet.

  • Stock in transit is considered as part of inventory and is recorded in the balance sheet under current assets.

  • It represents goods that have been shipped but have not yet reached their final destination.

  • The value of stock in transit is included in the total inventory value on the balance sheet.

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Q9. What is surge in centrifugal chiller.

Ans.

Surge in centrifugal chiller is a condition where the flow of refrigerant is disrupted, causing a drop in pressure and flow rate.

  • Surge can occur when the chiller is operating at low load or when there is a sudden change in load.

  • It can cause damage to the compressor and other components of the chiller.

  • Surge can be prevented by using surge control devices such as inlet guide vanes, variable speed drives, and surge tanks.

  • Regular maintenance and monitoring of the chiller can also...read more

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Q10. Explain the Collection cycle?

Ans.

The collection cycle refers to the process of collecting outstanding debts from customers.

  • The cycle begins with sending invoices to customers for payment.

  • If payment is not received by the due date, a reminder is sent to the customer.

  • If payment is still not received, a collection call is made to the customer.

  • If the debt remains unpaid, the account may be sent to a collection agency.

  • The cycle ends when the debt is paid in full or written off as uncollectible.

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Q11. Wha do you know about Intercompany?

Ans.

Intercompany refers to transactions that occur between two or more entities within the same company or corporate group.

  • Intercompany transactions are common in multinational corporations to transfer goods, services, or funds between subsidiaries.

  • These transactions must be recorded accurately to ensure proper financial reporting and compliance with tax regulations.

  • Intercompany eliminations are necessary to avoid double counting of revenues and expenses in consolidated financial...read more

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Q12. Wha is purchase and sale JE?

Ans.

Purchase and sale JE refers to the journal entries made to record the purchase and sale of goods or services in a business.

  • Purchase JE records the purchase of goods or services, typically debiting an inventory account and crediting accounts payable.

  • Sale JE records the sale of goods or services, typically debiting accounts receivable and crediting sales revenue.

  • These journal entries are essential for accurately tracking the financial transactions of a business.

  • Example: Purchas...read more

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Q13. Full form of DSO

Ans.

Days Sales Outstanding

  • DSO is a financial metric used to measure the average number of days a company takes to collect revenue after a sale.

  • It is calculated by dividing accounts receivable by total credit sales and multiplying by the number of days in the period.

  • A lower DSO indicates that a company is collecting payments more quickly, while a higher DSO may indicate potential cash flow issues.

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