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Accrued expenses are liabilities for services or goods received but not yet paid for, reflecting incurred costs in accounting.
Definition: Accrued expenses represent costs that have been incurred but not yet paid, ensuring accurate financial reporting.
Examples: Salaries payable at month-end for work done in that month, utilities used but not billed yet.
Matching Principle: Accrued expenses align with the matching pr...
A deferred expense is a cost that has been incurred but not yet recognized as an expense on the income statement.
Timing Difference: Deferred expenses are recorded as assets on the balance sheet until they are recognized as expenses in future periods.
Examples: Prepaid insurance and rent are common deferred expenses, where payment is made upfront but the expense is recognized over time.
Matching Principle: This accou...
Non-Profit Organizations focus on social missions, relying on donations and grants rather than profit generation.
NFPs operate to fulfill a specific mission, such as education, health, or community service.
Funding typically comes from donations, grants, and fundraising events rather than sales.
Financial reporting is crucial; NFPs must adhere to specific accounting standards like FASB 117.
Examples include charities,...
I have experience with various journal entries, including standard, adjusting, and closing entries.
Standard Journal Entries: Record routine transactions like sales and purchases. Example: Debit Cash, Credit Sales Revenue.
Adjusting Journal Entries: Made at the end of an accounting period to update account balances. Example: Accruing unpaid expenses.
Closing Journal Entries: Used to close temporary accounts at year-e...
Journal entries for insurance and prepaid expenses involve recognizing costs over time and adjusting for prepayments.
Insurance Expense: Debit Insurance Expense, Credit Cash/Bank when paying for insurance.
Prepaid Insurance: Debit Prepaid Insurance, Credit Cash/Bank for advance payments.
Monthly Adjustment: Debit Insurance Expense, Credit Prepaid Insurance for monthly recognition of insurance expense.
Example: If $1,2...
Software testing is the process of evaluating a software application to ensure it meets specified requirements and functions correctly.
Software testing involves executing the software with the intent of finding defects or errors.
It helps in identifying bugs or issues in the software before it is released to the end users.
Types of software testing include functional testing, performance testing, security testing, e...
White box testing is a testing technique where the internal structure, design, and code of the software being tested is known to the tester.
White box testing is also known as clear box testing, glass box testing, transparent box testing, or structural testing.
It involves testing the internal logic and structure of the code, including paths, branches, and conditions.
White box testing is usually done by developers o...
Testing type refers to the different categories or classifications of testing activities based on the objectives and scope of testing.
Testing types include functional testing, non-functional testing, manual testing, automated testing, regression testing, performance testing, etc.
Each testing type focuses on specific aspects of the software such as functionality, usability, performance, security, etc.
Examples of te...
Integration testing is a type of testing where individual units or components are combined and tested as a group.
It focuses on testing the interactions between different components/modules of a system.
It helps in identifying issues related to communication between components, data flow, and interfaces.
Integration testing can be done using top-down, bottom-up, or sandwich approach.
Examples include testing the integ...
I would investigate the discrepancy by reviewing creditor statements, invoices, and payment records to identify and rectify any errors.
Review creditor statements to identify any missing or incorrect entries
Check invoices and payment records for accuracy and completeness
Reconcile creditor balances with general ledger accounts to ensure accuracy
Communicate with creditors to resolve any discrepancies or outstanding i...
I applied via Company Website and was interviewed in Nov 2024. There was 1 interview round.
Software testing is the process of evaluating a software application to ensure it meets specified requirements and functions correctly.
Software testing involves executing the software with the intent of finding defects or errors.
It helps in identifying bugs or issues in the software before it is released to the end users.
Types of software testing include functional testing, performance testing, security testing, etc.
Ex...
Testing type refers to the different categories or classifications of testing activities based on the objectives and scope of testing.
Testing types include functional testing, non-functional testing, manual testing, automated testing, regression testing, performance testing, etc.
Each testing type focuses on specific aspects of the software such as functionality, usability, performance, security, etc.
Examples of testing...
White box testing is a testing technique where the internal structure, design, and code of the software being tested is known to the tester.
White box testing is also known as clear box testing, glass box testing, transparent box testing, or structural testing.
It involves testing the internal logic and structure of the code, including paths, branches, and conditions.
White box testing is usually done by developers or tes...
Integration testing is a type of testing where individual units or components are combined and tested as a group.
It focuses on testing the interactions between different components/modules of a system.
It helps in identifying issues related to communication between components, data flow, and interfaces.
Integration testing can be done using top-down, bottom-up, or sandwich approach.
Examples include testing the integratio...
I applied via Naukri.com and was interviewed in Sep 2024. There were 2 interview rounds.
Closing books of accounts involves preparing financial statements, adjusting entries, reconciling accounts, and ensuring accuracy.
Prepare adjusting entries to update accounts for accruals, deferrals, and depreciation
Reconcile all accounts to ensure accuracy and completeness
Prepare financial statements including income statement, balance sheet, and cash flow statement
Close revenue and expense accounts to retained earnin...
I would investigate the discrepancy by reviewing creditor statements, invoices, and payment records to identify and rectify any errors.
Review creditor statements to identify any missing or incorrect entries
Check invoices and payment records for accuracy and completeness
Reconcile creditor balances with general ledger accounts to ensure accuracy
Communicate with creditors to resolve any discrepancies or outstanding issues
...
Journal entry for disposal of assets with accumulated balance
Debit the accumulated depreciation account to remove the accumulated balance
Credit the asset account to remove the asset from the books
Record any gain or loss on disposal in the income statement
Ensure the total debits equal the total credits in the journal entry
I applied via Recruitment Consulltant and was interviewed in May 2024. There were 2 interview rounds.
My current package is competitive and includes benefits such as health insurance and retirement contributions.
My current package includes a competitive salary
I also receive benefits such as health insurance
Additionally, I have retirement contributions included in my package
Yes, I am committed to working long hours if necessary to ensure the accuracy and success of the company's financial operations.
I am dedicated to meeting deadlines and ensuring the financial health of the company
I have experience working long hours during busy periods such as month-end close or audits
I understand the importance of accuracy and attention to detail in accounting work
I applied via Recruitment Consulltant and was interviewed in Jun 2024. There was 1 interview round.
I applied via Recruitment Consulltant and was interviewed in Feb 2024. There were 2 interview rounds.
Microsoft Office tools include Word, Excel, PowerPoint, and Outlook. Outlook is an email client and personal information manager.
Microsoft Office tools include Word, Excel, PowerPoint, and Outlook.
Outlook is primarily used for email communication and managing calendars, contacts, tasks, and notes.
Outlook allows users to organize emails into folders, set up rules for automatic email sorting, and schedule meetings and ap...
I applied via Referral
P2P stands for Procure-to-Pay, which is the process of requisitioning, purchasing, receiving, paying for, and accounting for goods and services.
P2P involves the entire procurement process from start to finish.
Types of payments in P2P include direct payments, purchase orders, and invoices.
Journal entry for P2P transactions typically involves debiting the relevant expense account and crediting accounts payable.
For exampl...
I applied via Naukri.com and was interviewed in Jan 2024. There were 2 interview rounds.
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The duration of quatrro business support services interview process can vary, but typically it takes about less than 2 weeks to complete.
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