Ocwen Financial Solutions Senior Analyst Interview Questions and Answers

Accruals are revenues earned but not yet received, while deferrals are payments received but not yet earned.

• Accruals are recorded as accounts receivable on the balance sheet.

• Deferrals are recorded as accounts payable on the balance sheet.

• Examples of accruals include interest income and sales revenue.

• Examples of deferrals include prepaid rent and unearned revenue.

• Accruals and deferrals are important for accurate financi...read more

Accounts refer to financial records that track the flow of money in and out of a business or individual's finances.

• Accounts are used to keep track of financial transactions such as income, expenses, assets, and liabilities.

• There are different types of accounts such as checking, savings, credit, and investment accounts.

• Accounts are typically organized in a chart of accounts which categorizes them by type and purpose.

• Exa...read more

RTR process refers to Record to Report process which involves all activities from recording transactions to preparing financial statements.

• RTR process is a crucial part of accounting and finance operations.

• It involves recording financial transactions, reconciling accounts, and preparing financial statements.

• The process ensures accuracy and completeness of financial data.

• It includes activities like journal entries, gene...read more