new Business Associate Interview Questions and Answers

Yes, I have a technical certificate and I am proficient in 3 programming languages.

• I have a certificate in Java programming from Oracle.

• I am also proficient in Python and C++.

• I have experience in developing web applications using HTML, CSS, and JavaScript.

O2C process refers to Order-to-Cash process which involves all the steps from receiving an order to receiving payment.

• It includes order processing, invoicing, payment processing, and collections

• It is a crucial process for any business as it directly impacts cash flow

• Efficient O2C process can improve customer satisfaction and reduce errors

• Example: A customer places an order, the order is processed, an invoice is generated, payment is received, and the order is fulfilled

OTC process involves immediate payment, prepaid expenses are paid in advance, accrual expenses are recognized when incurred.

• OTC (Over-the-Counter) process involves immediate payment for goods or services without the need for credit.

• Prepaid expenses are payments made in advance for goods or services that will be received in the future.

• Accrual expenses are expenses that have been incurred but not yet paid for or recorded in the financial statements.

• Prepaid expenses are recorded...read more

Accrual basis of accounting is a method of recording transactions when they occur, regardless of when payment is received or made.

• Revenue and expenses are recognized when earned or incurred, not when cash is received or paid

• This method provides a more accurate picture of a company's financial health

• Example: A company records revenue when it delivers goods to a customer, even if the customer has not yet paid for them

• Example: A company records expenses when it incurs them, even...read more

Social media refers to online platforms and tools that allow users to create, share, and interact with content and other users.

• Social media includes platforms like Facebook, Twitter, Instagram, and LinkedIn.

• Users can create profiles, share content, and connect with others through social media.

• Social media can be used for personal communication, marketing, and networking.

• It has become a major source of news and information for many people.

• Social media can also have negative ef...read more

O2C process involves all the steps from order placement to cash collection.

• Order entry and validation

• Credit check and approval

• Order fulfillment and shipment

• Invoice generation and delivery

• Payment processing and cash application

• Collections and dispute resolution

General rules of accounting include the accounting equation, double-entry accounting, and the matching principle.

• The accounting equation states that assets must equal liabilities plus equity.

• Double-entry accounting requires every transaction to have equal debits and credits.

• The matching principle requires expenses to be recorded in the same period as the revenue they generate.

• Other rules include the consistency principle, the conservatism principle, and the materiality princi...read more