Tech Mahindra Oracle Cloud HCM Consultant Interview Questions and Answers

Prepayment is an advance payment made before the actual delivery of goods or services.

• Prepayment is made to secure a future service or product.

• It is recorded as a liability until the goods or services are received.

• Once the goods or services are delivered, the prepayment is recognized as an expense or an asset.

• Common examples include prepaying for a hotel room or a subscription service.

Payroll process involves calculating employee salaries, deductions, taxes, and issuing payments.

• Collecting employee time and attendance data

• Calculating gross pay based on hours worked and rate of pay

• Deducting taxes, benefits, and other deductions from gross pay

• Issuing paychecks or direct deposits to employees

• Generating payroll reports for accounting and compliance purposes