General Ledger Manager Interview Questions and Answers

Considerations for preparing financial statements include accuracy, completeness, relevance, and compliance with accounting standards.

• Ensure all transactions are accurately recorded

• Verify the completeness of financial data

• Ensure the information is relevant for decision-making

• Comply with accounting standards and regulations

• Review and analyze financial statements for errors or inconsistencies

General ledger is a complete record of financial transactions, while a ledger is a subset of the general ledger focusing on specific accounts.

• General ledger is a comprehensive record of all financial transactions of a company.

• Ledger is a subset of the general ledger, focusing on specific accounts like accounts receivable or accounts payable.

• General ledger provides an overview of the company's financial health, while ledgers provide detailed information on specific accounts.

• Ge...read more

Expected Credit Loss is the estimated loss that a company will experience from customers who fail to pay their debts.

• Expected Credit Loss is calculated based on historical data, current economic conditions, and other relevant factors.

• It is an important metric for financial institutions to assess the risk of their loan portfolios.

• For example, if a bank expects 5% of its customers to default on their loans, the Expected Credit Loss would be 5% of the total loan amount.

• Companies...read more