Oracle Interview Questions, Process, and Tips for Experienced

The current revenue recognition standards have changed compared to the previous standards.

• Previous standards recognized revenue when it was realized or realizable and earned, while current standards focus on the transfer of control of goods or services.

• Under previous standards, revenue could be recognized over time using percentage-of-completion method, while current standards require the use of input or output methods...read more

Deferred revenue is income received in advance for goods or services that will be delivered in the future. Accrued revenue is income earned but not yet received.

• Deferred revenue is a liability on the balance sheet.

• It represents revenue that has been received but not yet earned.

• Examples of deferred revenue include prepaid subscriptions, advance payments for services, or gift cards.

• Accrued revenue is an asset on the bala...read more

Deferred Tax Liabilities are future tax obligations that arise due to temporary differences between accounting and tax rules.

• Deferred Tax Liabilities are recorded on the balance sheet as a non-current liability.

• They represent taxes that a company will have to pay in the future when the temporary differences reverse.

• Temporary differences can arise from items such as depreciation, inventory valuation, and revenue recogni...read more

Fair value accounting is a method used to measure and report the value of investments based on their current market prices.

• Fair value accounting is used to provide more accurate and relevant information about the value of investments.

• It involves measuring the value of investments based on their current market prices.

• This method is used for both financial assets and liabilities.

• Fair value accounting helps in assessing t...read more

Expected Credit Loss (ECL) is a measure of the potential loss that a financial institution may incur due to default or impairment of its credit exposures.

• ECL is a key concept in financial accounting and reporting.

• It is used to estimate the amount of credit losses that a financial institution is likely to experience in the future.

• The two methods prescribed by the Standard are the General Approach and the Simplified Appr...read more