Associate Manager Finance Interview Questions and Answers

Deferred Revenue is revenue received in advance while Unbilled is revenue yet to be invoiced.

• Deferred Revenue is recognized as revenue over time or upon completion of the service/product

• Unbilled revenue is recognized as revenue when the invoice is issued

• Deferred Revenue is a liability on the balance sheet while Unbilled revenue is an asset

• Examples of Deferred Revenue include subscription fees, maintenance contracts, and retainers

• Examples of Unbilled revenue include work in pr...read more

Identified inefficiency in inventory management system, implemented automated tracking system resulting in cost savings.

• Identified manual inventory tracking was leading to errors and inefficiencies

• Researched and recommended implementation of automated inventory management system

• Collaborated with IT department to customize system to company's needs

• Trained staff on new system and monitored results

• Resulted in 20% reduction in inventory holding costs

The accounting cycle is a series of steps that a company follows to record and report its financial transactions.

• The cycle starts with identifying and analyzing transactions

• Then, the transactions are recorded in the journal

• The journal entries are then posted to the ledger

• An unadjusted trial balance is prepared to ensure the debits and credits are equal

• Adjusting entries are made to update accounts for accruals and deferrals

• An adjusted trial balance is prepared to ensure the ac...read more