General Accounting OPS Associate Interview Questions and Answers

Journal entries for depreciation, provision for depreciation, and accrued expenses.

• Depreciation: Debit Depreciation Expense, Credit Accumulated Depreciation

• Provision for Depreciation: Debit Provision for Depreciation Expense, Credit Provision for Depreciation

• Accrued Expenses: Debit Expense Account, Credit Accrued Expenses Account

The procure to pay cycle is the process of purchasing goods or services, receiving them, and making payment to the vendor.

• The cycle starts with identifying the need for a product or service.

• A purchase requisition is created and approved.

• The procurement department selects a vendor and issues a purchase order.

• The vendor delivers the goods or performs the service.

• The receiving department inspects and verifies the goods or services.

• An invoice is received from the vendor.

• The invoi...read more

The journal entry of P2P (Procure to Pay) involves recording the purchase of goods or services and the subsequent payment.

• Debit the relevant expense or asset account for the purchase

• Credit accounts payable for the amount owed

• Example: Debit Office Supplies Expense, Credit Accounts Payable

Bank reconciliation is the process of comparing a company's records of its bank account with the bank's records to ensure they match.

• Bank reconciliation involves comparing the balance in the company's accounting records with the balance shown on the bank statement.

• It helps identify any discrepancies such as outstanding checks, deposits in transit, or bank errors.

• The goal of bank reconciliation is to ensure the accuracy of the company's financial records and to detect any erro...read more

Accrued interest refers to the interest that has been earned but not yet received or paid.

• Accrued interest is recorded as a liability on the balance sheet until it is paid or received.

• It is typically calculated based on the time period between the last interest payment and the current date.

• Accrued interest is common in financial instruments such as bonds, loans, and savings accounts.

• For example, if a bond pays interest semi-annually and the interest payment date is in three m...read more

Statics is a branch of mechanics that deals with the analysis of forces acting on objects at rest.

• Statics involves studying the equilibrium of forces on objects

• It is used to analyze structures like bridges and buildings

• Common concepts in statics include force vectors, moments, and free body diagrams

Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions of a business.

• Involves recording financial transactions

• Summarizing financial data into financial statements

• Analyzing financial information to make business decisions

• Reporting financial results to stakeholders

• Follows generally accepted accounting principles (GAAP)