Infosys BPM Account Assistant Interview Questions and Answers

Fundamental principles of accounting guide financial reporting and ensure consistency, transparency, and accuracy in financial statements.

• 1. Accrual Principle: Revenues and expenses are recorded when they are earned or incurred, not when cash is exchanged. Example: A sale made on credit is recorded when the sale occurs, not when payment is received.

• 2. Consistency Principle: Businesses should use the same accountin...read more

I have over three years of experience in accounting, focusing on accounts payable and receivable, and financial reporting.

• Managed accounts payable for a mid-sized company, ensuring timely payments and accurate record-keeping.

• Assisted in monthly financial reporting, reconciling accounts to maintain accuracy.

• Utilized accounting software like QuickBooks to streamline processes and improve efficiency.

• Collaborated with...read more

My day-to-day working as an Assistant Accountant involves managing financial transactions, preparing reports, and assisting with budgeting.

• Processing invoices and payments

• Reconciling bank statements

• Assisting with budget preparation

• Preparing financial reports

• Communicating with vendors and clients

• Assisting with audits

I am currently located in New York City.

• Living in a vibrant urban environment

• Close proximity to public transportation

• Access to diverse cultural experiences

Provisions are liabilities or expenses that are anticipated to occur in the future based on past events.

• Provisions are recognized in the financial statements when there is a probable obligation and the amount can be reliably estimated.

• They are used to account for future expenses or losses that are likely to happen but the exact timing or amount is uncertain.

• Examples of provisions include warranty provisions, restr...read more

Three way matching is a process used in accounting to ensure that the purchase order, invoice, and receiving report all match before payment is made.

• Three way matching involves comparing the purchase order, invoice, and receiving report to ensure accuracy.

• It helps prevent errors such as overbilling or paying for goods that were not received.

• If all three documents match, the payment can be processed.

• If there are di...read more

There are several types of invoices to process depending on the nature of the transaction.

• There are sales invoices for goods or services sold to customers.

• There are purchase invoices for goods or services purchased from suppliers.

• There are credit notes for returns or discounts.

• There are proforma invoices for advance payments or pre-orders.

• There are recurring invoices for regular payments.

• There are self-billing inv...read more