Recently Updated Accounts Interview Questions Part – 4
What Do You Mean By Vouching?
Vouching is the process of checking the authentication of the voucher maintain by the management with the respective supporting document.
What Report Are Provided To Accounting Dept. From Payroll Every Month? What Reports Are Generate At End Month, Qtr & Year End In Payroll Dept?
When preparing the payroll every month the accounts dept should be provided with the information such as status of the employee as if he is a permanent or on contract or in probation attendance and if there are any bonus to be given to the employee.
How Can Scope Of Internal Audit Help You?
Internal audit is an independent appraisal function which is established by the management of an organization for the review of its internal control system as a service to the organization. To learn about the scope of internal audit.
How To Define Payroll?
Payroll means processing a salary for salaried employee. There should be relation of “contract of service”.
What Are Payroll Source Documents?
The Payroll source documents are the employee Time Sheets (or equivalent) that record when the employee worked and generally what they did. These records are subject to audit by the Labor Department, EEOC and probably others that I haven’t encountered. These should be bound into a Payroll Source Document folder.
However, there are other employee documents that need to be retained, e.g., their original employment application,employee reviews (if you do them),that record their federal/state tax exemption choices,reporting their annual wages and withholdings, etc.
These can be filed in separate Employee files (by employeename or number) — or simply integrated into the Payroll Source Document folders (in the week in which they occur). I very much favor the latter — especially if you’re doingcomputer accounting — in keeping with my “always file chronological” bias.
What Are The Benefits Achieved By Computerized Payroll System?
While doing payroll through payroll packages / any othercalculated exel sheets we will get the appropriate data of salary payout / income tax payable & deductable values / statutory deductions particulars / Professional Taxdeductable & payable values.
Rounded off values with proper / appropriate format for filing IT & Statutory & PT will be generated through computerizedpayroll system.
What Is The Meaning Of Non Performing Assets?
A non performing asset is one which does not earn any income. For example you have built a house consisting of 3 floors and the whole building is occupied by your family member and does not earn any rent, then this is called as a non performing asset.
A non performing asset is a type of asset which does not earn any income and these asset unable to cover up the investment put into it to hold.
If dues in the form of intrest and principle are not paid by borrower for the period of 90 days then the assets is called as N.P.A.
Explain Non Performing Asset?
An asset or account of borrower,which has been classified by a bank or financial instution as sub-standard,doubtful or loss assets as per the guidelines issued by RBI.
An Asset/Advance is considered as non-performing in casse if interest or isntalment of principal or both remain unpaid for more than two quarters in a financial year.
What Experience Have You Had As A Cashier?
Basically , almost all times, i must be in full of concentration.
secondly, before cash paying and cash receiving we must count and give , at in any situation.
Finally, quick listener, and speed and accuracy maintainence is very important.
What Is The Difference Between The Different Depreciation Methods?
Different Methods Of Dpn .
Straight Line Method
Diminishing Value Method
Annuity Method
Depletion Method
Written Down value Method.
After Run Depreciation I Have Forget Calculate Depreciation Of One Asset Then How To Calculate Depreciation Of That Asset?
If u forgot depreciation we have to follow the preliminary principal of the depreciation. That is value of asset/life time of asset*100.
What Are The Various Means Of Calculating Depreciation?
1. Double declining method
2. Units of production method
3. Straight-line method
4. Sum of year digit method
Depreciation Fund Method Insurance Method Annuty Method.
What Is The Difference Between Debenture Holders And Creditors?
Debentureholder are those who provides long term loan at specific interest rate in term of cash and creditor provides only short term credit in term of cash for purchasing of goods.
What Are Fixed Asset?
fixed asset are assest which gives the business future benfit.
Fixed assets are those which are tangiable in nature and is not meant for sale in the near future and from which future benefits are derived.
Fixed Assets are those which are tangible and used for running the day to day business which are owned. As they are utilised for business, we save a part of the profit earned in the business to replace these Assets when they worn out.
What Is Bep?
BEP- Break Event Point:
It indicates no Loss and no Profit.
The level of activity at which, total revenues equal total costs.
A point at which there is no profit and no loss.
Describe Some Of The Methods Used To Allocate Support Costs?
Headcount or number of pc’s per cost centre.
What Are Variable Costs?
Variable costs are those that are directly proportionate with the quantity of production and or directly associated with the service.
What Is Marginal Cost?
The marginal cost of an additional unit of output is the cost of the additional inputs needed to produce that output. More formally, the marginal cost is the derivative of total production costs with respect to the level of output.
Marginal cost and average cost can differ greatly. For example, suppose it costs $1000 to produce 100 units and $1020 to produce 101 units. The average cost per unit is $10, but the marginal cost of the 101st unit is $20.
The Econ Model applications Perfect Competition and Monopoly emphasize the roles of average cost and marginal cost curves. The short movie Derive a Supply Curve (40 seconds) shows an excerpt from the Perfect Competition presentation that derives a supply curve from profit maximizing behavior and a marginal cost curve.
Explain Cost Sheet?
Cost sheet is a statement of cost for a product for given period of time.
What Is The Difference Between Cost Accounting And Financial Accounting?
One of the basic differences cost accounting is helpfully in controlling the cost of production whereas financial accounting is concerned is helpfully in determining financial position of a concern .
What Are Fixed Costs?
The costs that are fixed irrespective of production are fixed costs. EX: Rent, Depreciation.
Fix cost is those cost who not change in any time whether the production done or not it similar charge in every organization ex- salary of labor, supervisor factory rent insurance etc.
What Is Chargeback?
A process in the industry where a wholesaler requests an amount that is the difference between the manufacturer’s price to the wholesaler and the contract price to the resale customer.
The actual chargeback occurs when the wholesaler sells the manufacturer’s product at contract price that is below wholesaler acquisition cost (WAC).
Especially evident in pharmaceutical industry.
In electronic commerce, a charge back is a reversal of a credit card transaction, which is usually initiated by the card issuer as requested by the cardholder. It may also be requested by the merchant. Charge backs usually occur due to fraudulent activity on the card (real or perceived), due to customer disputes, or from other authorization issues.
What Is Cmmi?
Capability Maturity Model Integration (CMMI) is a process improvement approach that provides organizations with the essential elements of effective processes.
It can be used to guide process improvement across a project, a division, or an entire organization. CMMI helps integrate traditionally separate organizational functions, set process improvement goals and priorities, provide guidance for quality processes, and provide a point of reference for appraising current processes.
What Is Cmm?
CMM is an internationally recognized standard for measuring the maturity of an organization’s software development processes and has become the primary benchmark multinational corporations use to judge IT service providers ‘ abilities to deliver high quality software. Bleum is now one of only a few companies in China to be assessed SEI CMM Level 5.
The Capability Maturity Model (CMM) was developed under the guidance of the Software Engineering Institute (SEI) of Carnegie Mellon University in the U.S. It is organized into five maturity levels with SEI CMM Level 5 being the highest.
By operating at this high a CMM level, customers ‘ benefit from Bleum’s ability to consistently deliver high quality software on schedule, which ultimately results in a lower total cost of software ownership due to less rework and easier maintenance.
Explain The Information About Cost Sheets?
Cost sheet consists of the direct and indirect expenses incurred in producing a given product and classifying the expenses incurred according to office, administration, selling and distribution overheads.
What Is The Marginal Cost?
Marginal Cost (MC):
The marginal cost of an additional unit of output is the cost of the additional inputs needed to produce that output. More formally, the marginal cost is the derivative of total production costs with respect to the level of output.
Marginal cost and average cost can differ greatly. For example, suppose it costs $1000 to produce 100 units and $1020 to produce 101 units. The average cost per unit is $10, but the marginal cost of the 101st unit is $20.
The EconModel applications Perfect Competition and Monopoly emphasize the roles of average cost and marginal cost curves. The short movie Derive a Supply Curve (40 seconds) shows an excerpt from the Perfect Competition presentation that derives a supply curve from profit maximizing behavior and a marginal cost curve.
Explain Some Of The Methods Used To Allocate Support Costs?
Headcount or number of pc’s per cost center.
What Is The Difference Between Expenses And Expenditure?
The difference between expenses and expenditure. Expense is the outflow from a profit oriented organization while expenditure is the outflow from non-profit organization.
Tell Me About Your Experience In Cost Accounting?
Referring any books or questions wont give any experience, here experience, i think means, the level or the grade of Cost A/C works done etc.