Order to Cash Team Lead Interview Questions and Answers

Balance Sheet is a financial statement that shows a company's assets, liabilities, and equity at a specific point in time.

• It provides a snapshot of a company's financial position.

• Assets are listed on the left side, while liabilities and equity are on the right side.

• The balance sheet equation is Assets = Liabilities + Equity.

• It helps investors and analysts assess the financial health and stability of a company.

• Example: If a company has $100,000 in assets, $60,000 in liabilitie...read more

A type of account refers to the classification or category of an account based on its purpose or nature.

• Types of accounts include asset, liability, equity, revenue, and expense accounts

• Each type of account serves a specific function in financial accounting

• For example, a cash account is classified as an asset account

A credit note is a document issued by a seller to a buyer, reducing the amount owed by the buyer to the seller.

• Issued by seller to buyer

• Reduces amount owed by buyer to seller

• Used to correct errors in invoices or for returns

• Contains details of the credit amount and reason for issuing