Exl India Assistant Manager Interview Questions and Answers

Accruals are accounting adjustments for revenues and expenses that have been incurred but not yet recorded in financial statements.

• Accruals ensure that financial statements reflect all earned revenues and incurred expenses during a specific period.

• For example, if a company provides services in December but invoices in January, the revenue is accrued in December.

• Similarly, if a company incurs utility expenses in Decembe...read more

Margin sales refer to the profit made on products sold after deducting costs, crucial for business profitability.

• Margin sales are calculated by subtracting the cost of goods sold (COGS) from sales revenue.

• Higher margin sales indicate better profitability; for example, selling a product for $100 with a COGS of $60 results in a $40 margin.

• Businesses often analyze margin sales to make pricing decisions and assess product ...read more

The cash application process involves receiving, processing, and applying customer payments to their accounts.

• 1. Payment Receipt: Collect payments via checks, ACH, credit cards, etc. Example: A customer pays their invoice via bank transfer.

• 2. Payment Identification: Match payments to customer accounts and invoices. Example: Using invoice numbers to identify payments.

• 3. Data Entry: Enter payment details into the account...read more

Collection delays can arise from various factors; proactive measures can mitigate these issues effectively.

• Inaccurate billing information: Ensure patient or client details are verified before sending invoices.

• Poor communication: Maintain regular follow-ups with clients to remind them of outstanding payments.

• Economic downturns: Offer flexible payment plans to accommodate clients facing financial difficulties.

• Disputes ov...read more

A walkthrough is a method used in internal audit to review and assess the effectiveness of controls and processes.

• A walkthrough involves following a transaction or process from start to finish, examining the controls in place and identifying any weaknesses or gaps.

• It helps auditors gain an understanding of how a process works and how controls are implemented.

• During a walkthrough, auditors may interview employees, revie...read more