R1 RCM Associate Lead Interview Questions and Answers

Accrual concept is a method of accounting where revenues and expenses are recognized when earned or incurred, regardless of when payment is received or made.

• Accrual accounting recognizes revenue when it is earned, not when payment is received

• Expenses are recognized when they are incurred, not when payment is made

• This method provides a more accurate picture of a company's financial health

• Example: A company provides serv...read more

Deferred revenue is an accounting term that refers to revenue received in advance but not yet earned.

• Deferred revenue is a liability on a company's balance sheet.

• It is recognized as revenue only when the goods or services are delivered or performed.

• Examples include subscription fees, advance payments for services, and gift cards.

• Deferred revenue is also known as unearned revenue or advance payments.

• It is important for ...read more

Trade payment methods include cash, credit, and electronic transfers. Product cycle includes development, introduction, growth, maturity, and decline.

• Trade payment methods refer to the ways in which a buyer can pay for goods or services.

• Cash payment involves physical currency exchange.

• Credit payment involves borrowing money and paying it back with interest.

• Electronic transfers involve the use of technology to transfer ...read more