TimesPro Management Trainee Interview Questions and Answers

Accruals, closing stock, depreciation, amortization, journal entries, contingent liabilities, trial balance, and balance sheet explained.

• Accruals are expenses incurred but not yet paid for.

• Closing stock is not shown in trial balance as it is a balance sheet item.

• Depreciation and amortization are methods of allocating the cost of assets over their useful life.

• Journal entries are used to record transactions in accounting...read more

I joined IBM as a fresh graduate and faced challenges adapting to the corporate environment.

• Transitioning from a student to a professional was difficult

• Learning to navigate the corporate culture and hierarchy was a challenge

• Managing workload and expectations in a fast-paced environment was tough

• Dealing with difficult clients or projects tested my problem-solving skills

My weakness is that I can be overly critical of myself, but my strength is my ability to adapt quickly to new situations.

• Weakness: tend to be overly critical of myself

• Strength: ability to adapt quickly to new situations

3 way or 2 way checking in AP profile refers to matching the purchase order, invoice, and receiving report (3 way) or just the purchase order and invoice (2 way) to ensure accuracy and prevent fraud.

• 3 way checking involves matching the purchase order, invoice, and receiving report to ensure that the goods or services were received and the invoice matches the purchase order.

• 2 way checking involves matching the purchase ...read more

If the invoice is not received or misplaced, contact the vendor immediately to request a duplicate copy.

• Contact the vendor and explain the situation

• Request a duplicate copy of the invoice

• Verify the payment amount and due date

• Ensure the payment is made on time

• Maintain a record of all communication with the vendor

Accrual refers to the recognition of revenue or expenses that have been earned or incurred but not yet received or paid.

• Accrual accounting recognizes revenue and expenses when they are earned or incurred, regardless of when payment is received or made.

• Accruals are recorded as adjusting entries in the financial statements.

• Examples of accruals include accounts receivable, accounts payable, and accrued expenses.

• Accruals a...read more

The golden rules of accounting are basic principles that guide the recording of financial transactions.

• The first golden rule is the Personal Account rule, which states that debit the receiver and credit the giver. For example, when a customer pays cash for goods purchased, the cash account is debited and the sales account is credited.

• The second golden rule is the Real Account rule, which states that debit what comes in...read more