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R2R Process Interview Questions and Answers - Coding Ninjas
R2R Process Interview Questions and Answers - Coding Ninjas
R2R Process Interview Questions and Answers - Coding Ninjas
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at is Executive Accoun… R2R(Record to report) is a Finance and Accounting management process. It requires gathering,
processing, and porting timely and exact info to give planned, financial, and working feedback. It is Vie
at are the receivables? only to understand how a business works.
at is working capital?
2R Process Interview …
hat is GAAP?
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Easy R2R Process Interview
Questions
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2. What is amortization?
Answer - Amortization is only tried to abstract aid. On the other hand, depreciation is used for real
assistance. Amortization is the value decline caused by the distribution and a non-real aid cost
over various accounting periods.
For example, suppose a small business, a fake Company. They Spend 500,000 on R&D. And
expect to continue it for five years. In that case, it may elect to amortize. This display $100,000 in
the yearly statements for five years.
Real - Real accounts include all assets in a business, whether real or non-real.
Personal - Personal accounts are tied to a person, entity, or legal body.
Nominal- This category includes all costs and losses or income and gains accounts
Income Statement: It is under revenue, income, profit, and loss for an accounting period.
Balance sheet: It would display a company's current assets, duty, and capital situation.
Cash Flow Statement: This statement checks a company's cash and cash-like flows during an
accounting period.
It is different from other companies' benefits and current debt. Working capital pays the short-
term debt, purchases inventory, and daily operating expenses.
As a result, retained earnings fall when a company loses money or pays dividends and rise when
new profits are generated.
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Reserves Provisions
Reserves are created to support a company's Provisions cover the particular debt, such as
financial position and to cover unknown a provision for doubtful debts.
charges or losses.
Reserves are created when the company is Provisions are made in any case, whether a
profitable. company makes profits or losses.
They can also be used to pay dividends to Since they are planned for specific debt, they
shareholders. cannot be used to distribute dividends.
They are made by deducting funds. The P&L They are formed by debiting the profit and
Appropriation Account. loss account.
Creating reserves for the firm is not required, it It is legally required to make provisions.
is done mainly for caution.
Reserves are recorded on a balance sheet's Provisions are either displayed on a balance
liability side. sheet's liabilities or deductions from the
asset in question.
Still, we don't directly impact them because they are independent legal bodies, and they are
the ones who give us business in the last.
We may be open to delaying supplier payments, but this destroys business relationships and
weakens industry goodwill.
In addition, if we delay payments, they may refuse to enhance things in the future.
Maintaining funds in bank cash may help the flow of working capital, but it comes at an
opportunity cost.
With this in mind, inventory management can help increase the company's working capital.
With all of this in focus, it can be believed that goods management can seriously help
advance the company's working capital. Overstocking should be prevented, and list turnover
should be high.
Electronic commerce, telecommunications, and other businesses operate with negative
working funds. So, before responding, conduct some research on working funds.
A credit balance will exist in a contra account if an account has a debit balance (such as an asset
account). In contrast, a liability account is correct.
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Assume Dell begins a patent violation action against Asus, and Asus not only know that it may be
required to pay for violations but also evaluate the overall amount. In this situation, Asus will
record the expected amount as a Contingent Liability in their records.
Accrued expense is a cost that has been suffered but has not been recorded in the books of
accounts. As financial statements, it is required to have an adjustment entry in the books of
accounts.
Accrued revenue is the income that has been earned but is not yet recorded in the books of
accounts. An adapting entry, similar to arising cost, will also be necessary for this plan.
After Job
Bootcamp
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Practical Life - The duration during which an asset remains a cost-effective alternative for a
company. The investment is no longer helpful after this time.
Salvage Value - The value of an asset after it has been depreciated. A company can sell it at a
lower price.
Total Asset Cost - This is the total cost of the asset, including taxes, shipping, and other fees.
You can highlight how they are computed to support this accounting interview response.
Or
(Average accounts payable divided by COGS) * Number of days where COGS is the cost of goods
sold.
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question on BRS, knowing how important this topic is.
A Bank Reconciliation Statement is a statement that is created to coordinate the bank balance
shown on the bank statement. Also, the passbook with the bank balance is shown in the cash
book.
Both inner sources, such as the cash book, and outer sources. Such as the bank statement or
passbook is coordinated, and any variance is known and correctly documented.
Scope Comments
Mistakes and A bank reconciliation statement can help uncover flaws. And mistakes in
Errors your cash or passbook.
Explains Delay Can you notice any delays in checking clearance or collection?
Fraud Detection Timely reconciliations aid in the prevention and detection of cash-related
fraud.
Debit Note: When a customer returns items to the seller, he sends a debit note. Informing the
seller of the amount and quantity returned and requesting a refund.
Credit Note: When a seller gets products from a buyer, he prepares and sends a credit note to the
buyer, as info that the money for the returned goods is in the form of a credit note.
23. What is the difference between Trade Discount & Cash Discount?
It is a decline in the list prices of the goods given by the It is a reduction in the invoice price
seller of goods and services. granted by the provider of goods or
services to the buyer.
It is supplied for business reasons such as trade It is given as good motivation to pay
practices, high quantity orders, etc. a bill on time.
Trade discount is not individually documented in the The cash discount is recorded
books of accounts. All transactions recorded in the buy separately in the book. And as a cost
or sales book are only in net amount. in the Profit and Loss A/C.
Both credit and cash transactions allow for trade Cash discounts are only allowed on
discounts. cash payments.
The asset value on the balance sheet drops as the firm loses control of its liquid assets in the
form of cash dividends, impacting RE.
Stock dividends do not result in a cash outflow. Instead, the stock payout transfers a portion of
the retained earnings to common stock.
For example, if a company distributes one share as a dividend for each share held by
investors. The price per share falls by half since the number of shares effectively doubles.
Since announcing a stock dividend does not create any real value for the company, the per-
share market price is changed in the amount of the stock dividend.
A rise in shares does not affect the company's balance sheet because the market price is
immediately updated. It lowers the per-share value shown in capital accounting and affects
the RE.
A growth-oriented company may not pay dividends or minimum sums. This occurs as the firm
would use retained earnings to fund services to achieve more growth.
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The benefits include R&D, marketing, working capital needs, capital spent, and assets. Such
firms have a high level of retained earnings over time.
An ageing company may not have many options. Or high-return progress to using its cash.
And may prefer to distribute dividends. Such businesses typically have poor RE.
Check out Infosys Interview Experience to learn about their hiring process.
Conclusion
This article discusses the R2R process interview questions in detail in detail. We started with a
simple basic introduction to R2R. And then, go through the R2R process interview questions from
start to end.
After reading about the R2R Process Interview Questions, are you not feeling very excited to read
or explore more articles on other interview-related articles? Don't worry, and Coding Ninjas has
your back:
Check out our Guided Path on Coding Ninjas Studio to improve your skill in Data Structures and
Algorithms, Competitive Programming, JavaScript, System Design, and many more! Suppose you
want to test your ability in coding. In that case, you may check out the mock test series and
participate in the contests hosted on Coding Ninjas Studio. You can also consider our Interview
Preparation Course to give your career an edge over others.
Happy Learning!
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