TCS P2P Process Associate Interview Questions and Answers

Q1. Self introduction
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Q2. Golden rule of accounting
Ans. 
The golden rule of accounting states that debit what comes in and credit what goes out.
• Debit what comes in and credit what goes out

• Assets = Liabilities + Equity

• Revenue = Expenses + Net Income
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First step is aptitude test before HR round

Q1. Via internet video call interview
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Q2. Golden rules and basic accounting questions
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Q3. Who is the father of accounting
Ans. 
Luca Pacioli is considered the father of accounting.
• Luca Pacioli, an Italian mathematician, is often credited as the father of accounting for his work in the 15th century.

• He wrote a book called 'Summa de Arithmetica, Geometria, Proportioni et Proportionalita' which included a section on double-entry bookkeeping.

• Double-entry bookkeeping is a foundational concept in accounting that Pacioli helped popularize.
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Q4. Self introduction
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Q5. What is depreciation
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Depreciation is the allocation of the cost of a tangible asset over its useful life.
• Depreciation is a non-cash expense that reduces the value of an asset over time.

• It reflects the wear and tear, obsolescence, or decrease in value of the asset.

• Common methods of calculating depreciation include straight-line, double declining balance, and units of production.

• Example: A company purchases a delivery truck for $50,000 with ...read more
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Q1. Tell me about your self
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Q2. What is your salary expectation
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Q1. What are the golden rules
Ans. 
The golden rules are fundamental principles or guidelines that should be followed in a particular field or situation.
• Golden rules are basic principles that should not be violated

• They are often considered as the foundation for success

• They are universally accepted and applicable in various contexts
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Its online based test. accounting related they asked

Q1. What do you know about p2p
Ans. 
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 cycle from requesting goods/services to paying for them.

• It includes steps like requisitioning, purchase order creation, goods receipt, invoice processing, and payment.

• P2P aims to streamline and automate the procurement process to improve efficiency and r...read more
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Q2. Explain the process of p2p
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P2P process involves the entire cycle of purchasing goods or services, from requisition to payment.
• Requisition: Request for goods or services is made by the user or department.

• Purchase Order: Formal document is created to authorize the purchase.

• Receipt of Goods/Services: Goods or services are received and inspected.

• Invoice Processing: Supplier sends invoice, which is matched with purchase order and receipt.

• Payment: Pay...read more
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Q1. Self describe. Previous comp roles explanation.
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Q1. Behavioural questions & define your role & process.
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Q1. What is inter company?
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Inter company refers to transactions or activities that occur between two or more companies within the same corporate group.
• Inter company transactions involve the transfer of goods, services, or funds between different entities within the same parent company.

• These transactions are typically recorded in the financial statements of each individual company involved.

• Inter company activities can include inter company sales,...read more
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Q2. What is accrued income? Accrued income is a revenue that's has been earned but has yet to be received.
Ans. 
Accrued income is revenue that has been earned but has not yet been received.
• Accrued income is recorded as a current asset on the balance sheet.

• It represents revenue that has been recognized but not yet received in cash.

• Common examples include interest income, rent income, and service fees.

• Accrued income is typically recorded through an adjusting entry at the end of an accounting period.

• It is important for accurate fin...read more
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Q1. What is deprecation? Deprecation is value of decreasing an asset.
Ans. 
Depreciation is the decrease in value of an asset over time.
• Depreciation is a method used in accounting to allocate the cost of an asset over its useful life.

• It reflects the wear and tear, obsolescence, or loss of value of an asset.

• Depreciation expense is recorded on the income statement and reduces the asset's value on the balance sheet.

• There are various methods of calculating depreciation, such as straight-line, decl...read more
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