Osource Global Executive Accountant Interview Questions, Process, and Tips for Experienced

A type of obligation that a company or individual owes to another party.

• Liability refers to the legal obligation to pay debts or fulfill other obligations.

• It can be classified as current or long-term, depending on the time frame for repayment.

• Examples include accounts payable, loans, and taxes owed.

• Liabilities are listed on a company's balance sheet and are an important factor in determining financial health.

Debit represents incoming funds while credit represents outgoing funds.

• Debit is used to record an increase in assets or a decrease in liabilities or equity.

• Credit is used to record a decrease in assets or an increase in liabilities or equity.

• For example, when a company receives cash from a customer, it would debit cash and credit accounts receivable.

• Conversely, when a company pays a supplier, it would credit cash and d

P2P cycle refers to the Procure-to-Pay cycle, which is the process of purchasing goods or services and paying for them.

• The cycle starts with identifying the need for a product or service.

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

• The supplier delivers the product or service and sends an invoice.

• The invoice is verified and approved for payment.

• Finally, payment is made to the supplier.

• The cycle ends with ...read more

I am changing domain to explore new opportunities and challenges.

• I want to broaden my skill set and gain new experiences.

• I am looking for a more challenging role that aligns with my career goals.

• I am interested in exploring a different industry or sector.

• I want to work with a different team or company culture.

• I am seeking better work-life balance or location.

• Example: I am currently working in the IT industry, but I wan...read more