Johnson Controls Interview Questions, Process, and Tips

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 c...read more

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 ...read more

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...read more

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.

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