10+ Tech Mahindra Business Associate Interview Questions and Answers

Prepaid entries are advance payments made for goods or services that are yet to be received or consumed.

• Prepaid entries are recorded as assets on a company's balance sheet.

• They represent future economic benefits that the company expects to receive.

• Examples of prepaid entries include prepaid rent, prepaid insurance, and prepaid subscriptions.

• These entries are initially recorded as a debit to the prepaid asset account and a credit to the cash or accounts payable account.

• As the ...read more

Procure to pay process is a series of steps involved in purchasing goods or services, from identifying the need to making payment.

• Identify the need for goods or services

• Create a purchase requisition

• Obtain necessary approvals

• Select and negotiate with suppliers

• Create a purchase order

• Receive goods or services

• Verify and approve invoices

• Make payment to suppliers

Provision is an amount set aside for future expenses or losses.

• Provision is a financial term used to allocate funds for anticipated future expenses or losses.

• It is a reserve that is created to cover potential liabilities or risks.

• Provisions are typically made based on estimates and are recorded as expenses on the balance sheet.

• Examples of provisions include bad debt provision, warranty provision, and legal provision.

• Provisions help businesses prepare for uncertain events and ...read more

Vlookup is a function in Excel used to search for a value in a table and return a corresponding value from another column.

• Vlookup stands for 'vertical lookup'.

• It is commonly used to find and retrieve data from large datasets.

• The function requires four arguments: lookup value, table array, column index number, and range lookup.

• Vlookup can be used to perform approximate or exact matches.

• It is often used for tasks like merging data from different sources or creating reports.

A pivot table is a data summarization tool used in spreadsheet programs to organize and analyze large amounts of data.

• A pivot table allows users to rearrange and summarize data from a spreadsheet or database table.

• It helps in analyzing data by providing a way to group, sort, filter, and calculate data based on different criteria.

• Pivot tables are commonly used in data analysis, business intelligence, and reporting.

• They can be used to generate summary reports, identify trends, ...read more

I am fluent in English and Spanish.

• Fluent in English and Spanish

• Can communicate effectively in both languages

• Have experience working in bilingual environments

Revenue recognition under IND AS 115 involves 5 steps to determine when and how revenue should be recognized.

• Identify the contract with the customer

• Identify the performance obligations in the contract

• Determine the transaction price

• Allocate the transaction price to the performance obligations

• Recognize revenue as the performance obligations are satisfied

PTP process in SAP involves the end-to-end procurement process from requisition to payment.

• PTP stands for Procure-to-Pay.

• It includes activities like requisitioning, sourcing, purchasing, receiving, and payment.

• In SAP, PTP process starts with creating a purchase requisition.

• The requisition is then converted into a purchase order.

• Goods or services are received and verified against the purchase order.

• Invoices are matched with the purchase order and goods receipt.

• Payment is made ...read more

Revenue recognition involves 5 steps to properly account for revenue in financial statements.

• Identify the contract with the customer

• Identify the performance obligations in the contract

• Determine the transaction price

• Allocate the transaction price to the performance obligations

• Recognize revenue as the performance obligations are satisfied

Different sourcing strategies involve various methods of procuring goods or services to meet business needs.

• Outsourcing: Hiring external vendors to provide goods or services.

• Insourcing: Utilizing internal resources to fulfill business needs.

• Offshoring: Moving business operations to a different country for cost savings.

• Nearshoring: Outsourcing to a nearby country for easier communication and collaboration.

• Crowdsourcing: Leveraging a large group of people or community for ideas...read more