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Genpact - Finance Genpact Interview Questions & Answers PDF

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Finance Genpact Interview Questions

Q1. Goods reconciliation note

Reconciliation under Goods & Services Tax (GST) is about matching the data filed by the supplier with those of the recipients and recording all the transactions that have taken place during that period. The reconciliation process ensures that no sales or purchases are omitted or wrongly reported in the GST returns.

Q2. What is the difference between a ledger and a subsidiary ledger?

A ledger is a book containing accounts (classified and summarised from a journal) and posted as debits and credits. Called the secondary book of entries.

contains information that is required to prepare financial statements. It includes accounts like asset liabilities, owners’ equity revenues, and expenses.

Prepaid expenses

Prepaid rent, a/c,

To cash….a/c

Prepaid expenses represent expenditures that have not yet been recorded by a company as expenses but have been paid for in advance. In other words, prepaid expenses are expenditures paid in one accounting period that will not be recognized until a later accounting period. Prepaid expenses are initially recorded as assets because they have future economic benefits and are expensed at the time when the benefits are realized (the matching principle).

● Prepaid expenses are future expenses that are paid in advance and hence recognized initially as an asset.

● As the benefits of the expenses are recognized, the related asset account is decreased and expensed.

● The most common types of prepaid expenses are prepaid rent and prepaid insurance.

● Company A signs a one-year lease on a warehouse for $10,000 a month. The landlord requires that Company A pay the annual amount ($120,000) upfront at the beginning of the year.

The initial journal entry for Company A would be as follows:

Prepaid rent a/c...dr 120000

To cash….a/c

Q3. What are the accounting principles and assumptions?

• Economic entity assumption: The economic entity assumption is an accounting principle that separates the transactions carried out by the business from those of its owner.

• Monetary unit assumption: All financial transactions should be recorded in the same currency.

• Specific period assumption: Financial reports should show results over a distinct period.

• Cost principle: The cost of an item doesn’t change in financial reporting.

• Full disclosure principle: All information that relates to the function of a business’s financial statements must be disclosed in notes accompanying the statements.

• Going concern principle: A business will continue to exist and function with no defined end date.

• Matching principle: Businesses should use the accrual basis of accounting and report all financial information using this method.

• Revenue recognition principle: Revenue is reported when it’s earned, regardless of when payment is received.

• Materiality principle: When an accountant finds a transactional error, they can use their professional judgment to determine if the error is immaterial to the business.

• Conservatism principle: When there is more than one acceptable way to record a transaction, expenses and liabilities should be recorded as soon as possible, and revenues and gains should only be recorded when they occur.

Q4. What is an outstanding expense? Example: What is an entry?

The outstanding expenses are certain expenses that are incurred but not paid. These outstanding expenses are related to a given accounting period and are not paid in the same period. … As the journal entry for the outstanding expenses is posted, they are then placed appropriately in the final accounts.

The accounting rule applied is to “credit the increase in liability” and “debit the increase in expense,” as chalked out by the modern rules of accounting.