40+ Senior Associate 1 Interview Questions and Answers

Audit of assets in multi-location audit involves planning, coordination, and communication.

• Plan the audit approach and scope for each location

• Coordinate with local teams and assign responsibilities

• Ensure consistency in audit procedures and documentation

• Communicate effectively with all stakeholders

• Use technology to streamline the process

• Perform physical verification of assets at each location

• Reconcile the asset records with the financial statements

• Identify and report any discr...read more

Position and cash reconciliation involves comparing the positions and cash balances to ensure accuracy.

• Position reconciliation involves comparing the securities held in the portfolio to the records of the custodian or broker.

• Cash reconciliation involves comparing the cash balances in the portfolio to the records of the custodian or bank.

• Position breaks occur when there are discrepancies in the securities held, but the cash balance is correct.

• Cash breaks occur when there are d...read more

Auditing cash, preparing reconciliations, and assessing A/R and PPE assertions.

• Start by obtaining the cash balance from the general ledger and comparing it to the bank statement.

• Perform bank reconciliations to ensure all transactions are accurately recorded.

• For accounts receivable, confirm balances with customers and assess the allowance for doubtful accounts.

• For property, plant, and equipment (PPE), review the depreciation method used and ensure assets are properly valued.

• Te...read more

IFRS 9 is a financial reporting standard for accounting of financial instruments. Deferred tax is an accounting concept that deals with the timing of tax payments. Accounting entries are the records of financial transactions. Derivatives are financial instruments that derive their value from an underlying asset.

• IFRS 9 is a set of guidelines for accounting of financial instruments

• Deferred tax is an accounting concept that deals with the timing of tax payments

• Accounting entries...read more

Invoice processing involves receiving, reviewing, and approving invoices for payment.

• Invoices are received from vendors or suppliers

• Invoices are reviewed for accuracy and completeness

• Invoices are approved for payment based on company policies and procedures

• Payment is made to the vendor or supplier

• Invoices are recorded in the company's accounting system

Revenue Assurance is the process of ensuring that a company's revenue is maximized and losses are minimized.

• It involves identifying revenue leakages and implementing controls to prevent them.

• It also includes monitoring revenue streams and ensuring that they are accurately recorded.

• Revenue Assurance is important for telecom companies, banks, and other businesses that rely heavily on revenue streams.

• Examples of revenue leakages include billing errors, fraud, and uncollected rev...read more

Assets and liabilities can be verified through various methods.

• Verify assets by checking bank statements, physical inventory, and property deeds.

• Verify liabilities by checking loan agreements, credit card statements, and accounts payable.

• Compare the total assets and liabilities to ensure they balance.

• Perform a reconciliation of the accounts to identify any discrepancies.

• Use financial ratios to analyze the company's financial health.

I have used various Abinitio components such as Reformat, Join, Partition, Dedup, Sort, Normalize, etc.

• Reformat

• Join

• Partition

• Dedup

• Sort

• Normalize

Accounts payable is the amount a company owes to its suppliers for goods and services purchased on credit.

• Accounts payable is a liability on the balance sheet representing the amount owed to suppliers.

• The accounts payable process involves receiving invoices from vendors, verifying the accuracy of the invoices, and making payments.

• P2P (Procure-to-Pay) process is the end-to-end process of purchasing goods and services, from requisition to payment.

• Managing vendors effectively in...read more

Internal audit is an independent review of a company's operations, while external audit is a review by an independent third party.

• Internal audit is conducted by the company's own employees

• External audit is conducted by an independent third party

• Internal audit focuses on evaluating and improving the effectiveness of internal controls and risk management processes

• External audit focuses on providing an opinion on the accuracy and completeness of financial statements

• Internal audi...read more

Supply chain management involves overseeing the flow of goods and services from the initial production stage to the final delivery to the customer.

• Involves planning, implementing, and controlling the efficient flow of goods and services

• Includes activities such as sourcing, procurement, production, logistics, and distribution

• Focuses on optimizing processes to minimize costs and maximize customer satisfaction

• Example: A company managing its supply chain to ensure timely delivery...read more

Accrual refers to the recognition of revenues and expenses when they are incurred, regardless of when cash is exchanged.

• Accrual accounting matches revenues with expenses in the same accounting period

• Accruals are recorded as adjusting journal entries at the end of each accounting period

• Common accruals include accrued salaries, accrued interest, and accrued taxes

• Accruals help provide a more accurate representation of a company's financial position and performance

There are three main types of filters in Power BI: visual-level filters, page-level filters, and report-level filters.

• Visual-level filters apply only to the specific visual they are set on

• Page-level filters apply to all visuals on a specific page

• Report-level filters apply to all visuals in the entire report

SAP codes are used in the Order to Cash (OTC) process to identify various stages and transactions within the process.

• SAP codes are alphanumeric codes assigned to different stages and transactions in the OTC process.

• They help in tracking and managing orders, invoices, deliveries, and payments within SAP systems.

• Examples of SAP codes in OTC process include VA01 for creating sales order, VF01 for creating invoice, and VL01N for creating delivery.

General ledger is a complete record of all financial transactions of a company, while sub ledger contains details of specific accounts.

• General ledger summarizes all financial transactions in one place, while sub ledger provides detailed information for specific accounts.

• General ledger is used for overall financial reporting, while sub ledger is used for specific account analysis.

• Examples of sub ledgers include accounts receivable, accounts payable, and inventory.

Risk is the potential of gaining or losing something of value. Handling risk involves identifying, assessing, and managing potential risks.

• Risk is the uncertainty of outcome, whether positive or negative.

• Identify and assess potential risks by analyzing the likelihood and impact of each risk.

• Manage risks by developing strategies to mitigate, transfer, or accept them.

• Examples of risk management strategies include insurance, diversification, and contingency planning.

POS 11, 21, 22 are Point of Sale (POS) transaction codes used in retail and business environments.

• POS 11 refers to a regular sale transaction.

• POS 21 refers to a sale transaction with a credit card payment.

• POS 22 refers to a sale transaction with a debit card payment.

Inclusive bundling refers to the practice of offering a package deal that includes all necessary components for a particular service or product.

• Inclusive bundling simplifies the purchasing process for customers by offering a comprehensive package deal.

• It can also increase customer loyalty and satisfaction by providing a convenient and cost-effective solution.

• Examples of inclusive bundling include a phone plan that includes unlimited data, talk, and text, or a vacation package...read more

SCD stands for Sickle Cell Disease, a genetic blood disorder affecting hemoglobin.

• SCD is a genetic blood disorder where red blood cells become sickle-shaped and have difficulty carrying oxygen.

• It is caused by a mutation in the hemoglobin gene.

• Symptoms include anemia, pain, organ damage, and increased risk of infections.

• SCD is inherited in an autosomal recessive pattern.

• Treatment includes medications, blood transfusions, and sometimes bone marrow transplants.

Contractual Adjustment is the difference between the billed amount and the amount paid by the insurance company.

• It is a common term used in the medical billing process.

• It is the amount that a healthcare provider agrees to write off as part of their contract with an insurance company.

• It is the difference between the billed amount and the amount paid by the insurance company.

• It is also known as contractual allowance or contractual write-off.

• For example, if a healthcare provider...read more

Bad debt is recorded as an expense in the income statement and as a reduction in accounts receivable in the balance sheet.

• Bad debt is an expense incurred when a customer fails to pay their debt

• The accounting entry for bad debt involves debiting the bad debt expense account and crediting the accounts receivable account

• The bad debt expense account is reported in the income statement while the accounts receivable account is reported in the balance sheet

• Example: If a company has ...read more

This question asks to count the characters of a string using streams.

• Use the Java Stream API to convert the string into a stream of characters

• Use the 'count' method of the Stream class to count the number of characters

• Return the count as the result

Real estate firms recognize revenue based on the completion of the project and transfer of control to the buyer.

• Revenue is recognized when the risks and rewards of ownership are transferred to the buyer

• Percentage of completion method is used to recognize revenue over time

• Revenue from sale of land is recognized at the time of sale

• Revenue from long-term contracts is recognized using the cost-to-cost method

• Revenue from lease agreements is recognized over the lease term

Audit assertions are claims made by management regarding the accuracy and completeness of financial statements.

• Audit assertions are used by auditors to assess the risk of material misstatement in financial statements.

• There are five types of assertions: existence, completeness, accuracy, valuation, and rights and obligations.

• Existence: assets and liabilities exist at a given date. Completeness: all transactions and balances are recorded. Accuracy: amounts and other data are ac...read more

Standardization is the process of implementing and developing technical standards for consistency and uniformity.

• Standardization ensures consistency and uniformity in processes, products, or services.

• It helps in improving quality, efficiency, and interoperability.

• Examples include standardizing protocols for communication, manufacturing processes, or data formats.

Managed a project to implement a new CRM system for a financial services company.

• Coordinated with the vendor to customize the system to meet the company's needs

• Developed a training program for employees to ensure successful adoption of the new system

• Managed the project timeline and budget to ensure timely delivery within budget constraints

Auditing cost of sales involves verifying the accuracy and completeness of expenses related to producing and selling goods or services.

• Reviewing invoices and receipts for direct materials, labor, and overhead costs

• Comparing actual costs to budgeted or standard costs

• Testing the accuracy of inventory valuation and cost of goods sold calculations

• Evaluating the effectiveness of internal controls over cost of sales

• Analyzing trends and fluctuations in cost of sales over time

Custom exception to handle concurrent modification of a collection

• Extend the RuntimeException class to create a custom exception for concurrent modification

• Include a message to provide context on the cause of the exception

• Throw the custom exception when detecting concurrent modification in a collection

SCCM features include client installation methods.

• SCCM (System Center Configuration Manager) is a software management tool developed by Microsoft.

• It provides a range of features for managing and deploying software across a network.

• One of the key features of SCCM is client installation methods.

• Client installation methods allow administrators to install the SCCM client software on devices within the network.

• There are multiple client installation methods available in SCCM, inclu...read more

Tiger Tyagarajan is the CEO of Genpact.

• Tiger Tyagarajan has been the CEO of Genpact since 2011.

• He has played a key role in driving Genpact's growth and transformation.

• Under his leadership, Genpact has expanded its global footprint and diversified its service offerings.

CCTC and ECTC are acronyms used in the context of salary discussions.

• CCTC stands for Cost to Company and refers to the total cost incurred by a company for an employee.

• ECTC stands for Expected Cost to Company and refers to the expected cost a company is willing to incur for a potential employee.

• CCTC includes the employee's salary, allowances, bonuses, benefits, and any other expenses borne by the company.

• ECTC is usually discussed during salary negotiations or job offers to de...read more

Order management is the process of overseeing and controlling all aspects of order fulfillment, from order placement to delivery.

• It involves receiving and processing customer orders.

• It includes inventory management to ensure product availability.

• Order management also includes order tracking and monitoring.

• It involves coordinating with various departments like sales, warehouse, and shipping.

• Examples: receiving an online order, updating inventory, tracking shipment status.

Balance sheet is a financial statement that shows a company's assets, liabilities, and shareholders' equity at a specific point in time. Bad debts are debts that are unlikely to be collected.

• Balance sheet provides a snapshot of a company's financial position.

• It includes assets (such as cash, inventory, and property), liabilities (such as loans and accounts payable), and shareholders' equity.

• Bad debts are debts that are considered uncollectible and are written off as a loss on...read more

VBA stands for Visual Basic for Applications, a programming language developed by Microsoft for automating tasks in Microsoft Office applications.

• VBA is used to create macros and automate repetitive tasks in Excel, Word, PowerPoint, and other Office applications.

• It allows users to write code to manipulate data, create custom functions, and interact with the Office suite.

• For example, a VBA script can be used to automatically format data in an Excel spreadsheet or generate cust...read more

My expectation is to contribute effectively to the team, learn and grow professionally, and eventually progress to a higher role.

• Contribute effectively to the team by sharing knowledge and skills

• Learn and grow professionally through training and mentorship

• Progress to a higher role by consistently delivering high-quality work

The 3 layers of money laundering are placement, layering, and integration.

• Placement involves introducing illegal funds into the financial system.

• Layering involves moving the funds through various transactions to make it difficult to trace.

• Integration involves reintroducing the funds into the economy as legitimate assets.

• Examples include depositing cash into multiple bank accounts, transferring funds between accounts, and investing in high-value assets.

P2P cycle refers to the Procure-to-Pay cycle in accounting, which involves the process of obtaining goods or services from a vendor and paying for them.

• P2P cycle starts with the requisition of goods or services needed by a company.

• Next, the company issues a purchase order to the vendor specifying the details of the order.

• Upon receiving the goods or services, the company matches the received items with the purchase order and invoice.

• Finally, the company processes the payment t...read more

Marine insurance is a type of insurance that covers ships, cargo, and other watercraft against risks like theft, damage, and liability.

• Provides coverage for ships, cargo, terminals, and any transport or property in the marine industry

• Covers risks such as theft, damage, collision, fire, and liability

• Can include specific policies like hull insurance, cargo insurance, and liability insurance

• Important for businesses involved in maritime trade or transportation

• Examples: insuring a...read more

M3 of the 1065 refers to the third member's capital account in a partnership tax return form.

• M3 is a section in Form 1065 where the partnership reports the tax basis capital accounts of its partners.

• It includes adjustments for income, deductions, contributions, distributions, and other items that affect the partners' tax basis.

• The M3 schedule reconciles the partners' capital accounts from the beginning to the end of the tax year.

• Partnerships use M3 to track the tax consequenc...read more

Record to report process involves the collection, validation, and reporting of financial data for an organization.

• Involves gathering financial data from various sources

• Validating the accuracy and completeness of the data

• Preparing financial statements and reports

• Analyzing the data to identify trends and insights

• Ensuring compliance with regulatory requirements

• Examples: reconciling accounts, preparing balance sheets, income statements

Accrual refers to the recognition of revenues and expenses when they are incurred, regardless of when cash is exchanged.

• Accrual accounting matches revenues with expenses in the same accounting period, even if cash has not been exchanged.

• Accruals are recorded as adjusting journal entries at the end of an accounting period.

• Examples of accruals include accrued interest, accrued salaries, and accrued taxes.

• Accrual accounting provides a more accurate representation of a company's ...read more

Consultants in banking provide expert advice and solutions to financial institutions to improve their operations and achieve their goals.

• Consultants analyze banking processes and identify areas for improvement.

• They develop strategies and recommendations to optimize efficiency and reduce costs.

• Consultants assist in implementing new technologies and systems to enhance banking operations.

• They provide guidance on regulatory compliance and risk management.

• Consultants may also supp...read more

CO 18 Denial is a denial code used by insurance companies to indicate that a service or procedure is not covered under the patient's plan.

• CO 18 Denial is a common denial code used by insurance companies.

• It indicates that a service or procedure is not covered under the patient's plan.

• This denial code can be caused by a variety of reasons, such as lack of medical necessity or incorrect coding.

• Examples of services that may result in a CO 18 Denial include cosmetic procedures or ...read more

I have 3 years of experience in manual testing, including creating test cases, executing tests, and reporting defects.

• Experience in creating test cases based on requirements

• Executing test cases manually to identify defects

• Reporting defects and working with developers to resolve issues

• Experience in regression testing and smoke testing

• Knowledge of testing tools like Jira and TestRail

The election problem involves determining the winner of an election based on votes received.

• Consider the voting system being used (e.g. first-past-the-post, proportional representation).

• Calculate the total number of votes each candidate received.

• Determine the threshold needed to win the election (e.g. majority, plurality).

• Declare the candidate with the most votes as the winner.

• Handle tie-breaking scenarios if necessary.