30+ Eaglewings Ventures Interview Questions and Answers

Contract management refers to the process of creating, executing, and monitoring contracts to ensure compliance and mitigate risks.

• Involves drafting and negotiating contracts

• Ensuring compliance with contractual obligations

• Monitoring contract performance and making necessary adjustments

• Managing contract-related risks and disputes

• May involve the use of contract management software

• Examples include procurement contracts, employment contracts, and service agreements

Accounts payable and receivables are both financial transactions, but they differ in terms of direction and purpose.

• Accounts payable refers to the money a company owes to its suppliers or vendors for goods or services received.

• Accounts receivable refers to the money owed to a company by its customers or clients for goods or services provided.

• Accounts payable represents a liability for the company, while accounts receivable represents an asset.

• Accounts payable is recorded as a...read more

A contract can be terminated through mutual agreement, breach, frustration, or operation of law.

• Termination by mutual agreement requires both parties to agree to end the contract.

• Termination by breach occurs when one party fails to fulfill their obligations under the contract.

• Termination by frustration occurs when unforeseen events make it impossible to fulfill the contract.

• Termination by operation of law occurs when a change in law makes the contract illegal or impossible to...read more

Journal entries of purchase return

• When goods are returned to the supplier, a purchase return journal entry is made

• The accounts affected are Accounts Payable and Purchase Returns

• The purchase return is recorded as a debit to Purchase Returns and a credit to Accounts Payable

• Example: If goods worth $500 are returned to the supplier, the journal entry would be: Debit Purchase Returns $500, Credit Accounts Payable $500

The process of accounts receivables involves managing and tracking the money owed to a company by its customers.

• Accounts receivables refer to the outstanding payments that a company is yet to receive from its customers.

• The process starts with generating and sending invoices to customers for the goods or services provided.

• Once the invoices are sent, the company tracks the payments and follows up with customers for any overdue amounts.

• The company may also perform credit checks ...read more

Essential elements of a contract include offer, acceptance, consideration, capacity, and legality.

• Offer: a proposal made by one party to another

• Acceptance: agreement to the terms of the offer

• Consideration: something of value exchanged between the parties

• Capacity: legal ability to enter into a contract

• Legality: the contract must not violate any laws or public policy

Accounts receivable refers to the money owed to a company by its customers for goods or services provided on credit.

• Accounts receivable is an asset on a company's balance sheet.

• It represents the amount of money that customers owe to the company.

• It is created when a company sells goods or services on credit terms.

• Accounts receivable is typically collected within a specified period, known as the credit period.

• Companies often use aging schedules to track and manage their account...read more

To audit procurement to pay process, review contracts, invoices, payments, and ensure compliance. P2P process involves requisition, approval, purchase order, receipt, invoice, and payment.

• Review contracts to ensure terms are being met

• Verify invoices against purchase orders and receipts

• Check payment records for accuracy and compliance

• Ensure proper approval processes are followed throughout P2P cycle

• Identify any discrepancies or potential areas of improvement

Limitation Act is a law that sets a time limit for filing a legal claim.

• Limitation Act applies to civil cases and sets a time limit for filing a claim.

• The time limit varies depending on the type of claim and the jurisdiction.

• For example, in India, the Limitation Act sets a time limit of 3 years for filing a claim for breach of contract.

• If the time limit expires, the claimant loses the right to file the claim.

• The purpose of the Limitation Act is to ensure that legal disputes a...read more

A valid contract is a legally binding agreement between two or more parties that meets certain requirements.

• It must have an offer and acceptance

• There must be consideration exchanged

• The parties must have legal capacity to enter into the contract

• The terms of the contract must be clear and definite

• The contract must not be against public policy or illegal

• Examples include employment contracts, rental agreements, and sales contracts

Limitation liability refers to the legal concept that limits the amount of damages a party can be held liable for.

• It sets a maximum amount of damages that can be awarded in a lawsuit.

• It is often included in contracts to protect parties from excessive damages.

• It can vary depending on the type of case and jurisdiction.

• For example, in some states, there may be a cap on the amount of damages that can be awarded in medical malpractice cases.

• Limitation liability can also apply to p...read more

MSA agreements are contracts between two parties that outline the terms and conditions of a long-term business relationship.

• MSA stands for Master Service Agreement

• It is a legal document that establishes the terms and conditions of a long-term business relationship between two parties

• It outlines the scope of work, payment terms, intellectual property rights, confidentiality, and other important details

• MSA agreements are commonly used in industries such as IT, construction, and...read more

When there are transactions between Indian and foreign companies, I look at factors such as currency exchange rates, tax implications, legal regulations, and potential risks.

• Consider currency exchange rates to determine the impact on transaction value

• Evaluate tax implications in both countries to ensure compliance

• Review legal regulations governing cross-border transactions

• Assess potential risks such as political instability or economic fluctuations

• Ensure proper documentation ...read more

ICFR focuses on internal controls over financial reporting, while IA focuses on internal audit activities.

• ICFR is specifically related to financial reporting processes and controls

• IA encompasses a broader range of internal audit activities beyond financial reporting

• ICFR is required by regulations such as Sarbanes-Oxley Act, while IA is a best practice for organizations to ensure effective governance and risk management

• Examples: ICFR would involve controls over financial state...read more

Force majeure is a legal concept that allows parties to be excused from performing their contractual obligations due to unforeseeable events beyond their control.

• It is a clause in a contract that outlines the unforeseeable events that would excuse a party from performing their obligations.

• Examples of force majeure events include natural disasters, war, strikes, and government actions.

• Force majeure is not automatically included in contracts and must be specifically negotiated ...read more

Yes, I have worked on Form 15CB in the past.

• Yes, I have experience in preparing Form 15CB for international transactions.

• I have ensured compliance with tax regulations while working on Form 15CB.

• I have liaised with auditors and clients to gather necessary information for Form 15CB.

• I have submitted Form 15CB to the Income Tax Department for approval.

Make available clause is a provision in a contract that requires one party to make certain resources or services available to the other party.

• Specifies the obligation of one party to provide access to specific resources or services to the other party

• Commonly seen in licensing agreements, where the licensor agrees to make the licensed technology available to the licensee

• Can also be found in service agreements, where the service provider must make their services accessible to t...read more

Invoice matching process involves comparing purchase orders, invoices, and receiving reports to ensure accuracy.

• 1. Match the invoice to the purchase order to ensure the correct items and quantities were billed.

• 2. Match the invoice to the receiving report to confirm that the goods were received as stated on the invoice.

• 3. Resolve any discrepancies between the three documents to ensure accurate payment.

• Example: If a company orders 100 units of a product, the invoice should refl...read more

The question is asking for the sections of TDS.

• TDS stands for Tax Deducted at Source.

• Sections of TDS refer to different provisions under the Income Tax Act that specify the rates and conditions for deducting tax at source.

• Some common sections of TDS include Section 192 for salary, Section 194C for contractor payments, and Section 195 for non-resident payments.

MFN clause stands for Most Favored Nation clause, which ensures that a party receives the best terms offered to any other party.

• MFN clause is a contractual provision that guarantees a party will receive the most favorable terms available from the other party.

• It ensures that a party will not be at a disadvantage compared to other parties in the agreement.

• For example, if Company A has an MFN clause with Company B, and Company B offers better terms to Company C, Company A can de...read more

The expected cost to company includes salary, benefits, bonuses, and any other compensation provided to the employee.

• Expected salary based on experience and industry standards

• Additional benefits such as health insurance, retirement plans, and paid time off

• Bonuses or incentives based on performance

• Other compensation like stock options or profit-sharing

• Cost of training or professional development programs

The P to P cycle refers to the Procure to Pay cycle, which is the process of obtaining and paying for goods and services.

• The cycle starts with the need for a product or service, followed by the selection of a supplier.

• Next, a purchase order is created and sent to the supplier.

• Upon receiving the goods or services, an invoice is generated and sent to the buyer for payment.

• Finally, the buyer processes the payment to the supplier, completing the cycle.

• Example: A company needs to ...read more

Procure to Pay cycle is the process of obtaining goods or services from a vendor, including requisition, purchase order, receiving, invoice approval, and payment.

• The cycle starts with a requisition for goods or services needed by a department.

• A purchase order is then created and sent to the vendor for the requested items.

• Upon receiving the items, the receiving department confirms the delivery and checks for accuracy.

• An invoice is then received from the vendor and goes through...read more

Payroll rules are guidelines and regulations that govern the calculation and distribution of employee wages.

• Payroll rules determine how employee wages are calculated, including factors such as hours worked, overtime, and deductions.

• They also dictate how and when employees are paid, such as through direct deposit or physical checks.

• Payroll rules may vary based on factors like employment type (full-time, part-time, contractor), industry, and local labor laws.

• Examples of payroll...read more

Procure to Pay cycle involves the process of obtaining goods or services from a vendor and making payment for them.

• Procurement: Identifying needs, selecting vendors, negotiating contracts

• Purchase Order: Issuing PO to vendor for goods/services

• Receipt of Goods/Services: Receiving and inspecting goods/services

• Invoice Processing: Matching invoice with PO and receipt, approving for payment

• Payment: Making payment to vendor

3,4,2 way matching is a process used in accounting to ensure accuracy in financial transactions.

• 3 way matching involves comparing the purchase order, invoice, and receiving report to ensure all details match

• 4 way matching adds a step of comparing the vendor's statement to reconcile any discrepancies

• 2 way matching involves comparing the purchase order and invoice only

Golden rules of accounting are basic principles that guide the process of recording financial transactions.

• The three golden rules of accounting are: Debit what comes in, Credit what goes out; Debit the receiver, Credit the giver; Debit expenses and losses, Credit income and gains.

• These rules help ensure that financial transactions are accurately recorded and classified.

• For example, when a company receives cash from a customer, the transaction would be recorded by debiting the...read more

2 way match p2p process is a method of matching purchase orders and invoices to ensure accuracy and prevent fraud.

• The process involves comparing the purchase order to the invoice to ensure that the correct items were received and billed for.

• This helps to prevent overbilling or underbilling, as well as catching any discrepancies or errors.

• For example, if a purchase order was made for 100 units of a product, but the invoice only shows 90 units, the discrepancy can be investigat...read more

MATCH formula syntax in Excel

• Syntax: MATCH(lookup_value, lookup_array, [match_type])

• lookup_value: The value to search for in the lookup_array

• lookup_array: The range of cells to search for the lookup_value

• match_type: Optional argument to specify the type of match. 1 for exact match, 0 or omitted for approximate match

• Returns the position of the lookup_value in the lookup_array

The contribution of PF refers to the amount of money that is contributed by both the employer and the employee towards the employee's Provident Fund account.

• PF stands for Provident Fund, which is a retirement savings scheme in India.

• Both the employer and the employee make contributions to the PF account.

• The contribution is a percentage of the employee's salary.

• The employer's contribution is usually higher than the employee's contribution.

• The contributions are deducted from th...read more

Transaction codes are shortcuts to access SAP functions.

• Transaction codes are four-character codes that can be entered in the command field of SAP.

• They provide quick access to frequently used functions.

• Examples include ME21N for creating purchase orders and VA01 for creating sales orders.

The P2P process steps refer to the procure-to-pay process, which involves the steps from requisition to payment for goods or services.

• Requisition: Request for goods or services needed

• Purchase Order: Formal document authorizing the purchase

• Receipt of Goods/Services: Confirming delivery and quality

• Invoice Processing: Matching invoice to PO and receipt

• Payment: Issuing payment to vendor

3 way match is a process in accounts payable where the purchase order, receipt, and invoice are matched to ensure accuracy.

• The purchase order, receipt, and invoice are compared to ensure that the goods or services were received and billed correctly.

• This process helps prevent overpayment or underpayment to vendors.

• For example, if a company orders 100 units of a product, receives 90 units, and is billed for 100 units, the 3 way match process would catch the discrepancy.

• The 3 wa...read more

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 expenses.

• It also includes summarizing and analyzing financial data to prepare 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 of ...read more

I am a motivated HR intern with a passion for learning and contributing to a positive work environment.

• Currently pursuing a degree in Human Resources

• Completed relevant coursework in recruitment and employee relations

• Previous internship experience in a corporate HR department

• Strong communication and organizational skills

• Passionate about fostering a diverse and inclusive workplace