Johnson Controls Interview Questions, Process, and Tips

Bad debt provision is an accounting entry made to account for the possibility of non-payment by customers.

• It is an estimate of the amount of money that a company may not be able to collect from its customers.

• It is recorded as an expense on the company's income statement.

• It is a precautionary measure taken by companies to avoid losses due to non-payment.

• It is based on historical data, creditworthiness of customers, and ...read more

Billed refers to the amount that has been charged to the customer and is due for payment, while unbilled refers to the amount that has been incurred but not yet charged to the customer.

• Billed amount is already invoiced and due for payment, while unbilled amount is yet to be invoiced.

• Billed amount is included in the company's revenue, while unbilled amount is not.

• Unbilled amount can be a liability for the company until ...read more

The bs recon policy is not clear. Please provide more context.

Journal entries for accumulated depreciation

• Accumulated depreciation is a contra asset account that is credited when depreciation is recorded

• To record depreciation, debit the depreciation expense account and credit the accumulated depreciation account

• Example: Depreciation expense of $1,000 is recorded by debiting depreciation expense account and crediting accumulated depreciation account

P2P is Procure-to-Pay, a process of purchasing goods and services and paying for them. Accounts and finance are different but related.

• Golden rules of accounts are Real, Personal, Nominal, Debit what comes in, Credit what goes out.

• Examples of Real accounts are land, building, machinery. Personal accounts are accounts of individuals, firms, companies. Nominal accounts are accounts of expenses, losses, gains.

• An invoice is...read more

In 5 years, I see myself as a successful Accounts Executive, having gained valuable experience and contributing to the growth of the company.

• I plan to continue learning and growing in my role as an Accounts Executive

• I hope to have taken on additional responsibilities and contributed to the success of the company

• I aim to have built strong relationships with clients and colleagues

• A balance sheet is a financial statement ...read more