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InterviewSolution
This section includes InterviewSolutions, each offering curated multiple-choice questions to sharpen your knowledge and support exam preparation. Choose a topic below to get started.
| 1. |
To What Extent Were You Involved In Collections? |
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Answer» Collection INVOLVES CALLING the customers for PAST DUE and this kind of question has to logically ANSWERED. Collection involves calling the customers for past due and this kind of question has to logically answered. |
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| 2. |
Which Type Of Assets Should Be Capitalized And When Expense Out? Which Type Of Assets Expense Out Or When? |
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Answer» ASSETS are things which is provide service for long duration it may 3 years 4 years or for long period of time. Assets are things which is provide service for long duration it may 3 years 4 years or for long period of time. |
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| 3. |
How Is A Po (purchase Order Created)? |
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Answer» A DOCUMENT or form used by a CUSTOMER to issue an order for goods or services. A document or form used by a customer to issue an order for goods or services. |
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| 4. |
What Is An Audit Process? |
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Answer» The word 'Audit' is a derivative of the word 'Audition' which means 'to hear'. In earlier TIMES, the Kings used to hear their accountants narrate the accounts verbally. HOWEVER, as the COMPLEXITY of the accounting function grew, need was felt to thoroughly check the accounts for mistakes misclassification and DOCUMENT the findings in a written form so that it can be used by the Management, stakeholders, investors, GOVERNMENT and various other bodies. This process is known as Auditing or Audit. The word 'Audit' is a derivative of the word 'Audition' which means 'to hear'. In earlier times, the Kings used to hear their accountants narrate the accounts verbally. However, as the complexity of the accounting function grew, need was felt to thoroughly check the accounts for mistakes misclassification and document the findings in a written form so that it can be used by the Management, stakeholders, investors, Government and various other bodies. This process is known as Auditing or Audit. |
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| 5. |
What Is Statutory Audit? |
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Answer» It is a compulsory AUDIT done by a CA. FINANCE Audit conduct by the CA to compliance the LEGAL requirements of monitory ISSUES. It is a compulsory audit done by a CA. Finance Audit conduct by the CA to compliance the legal requirements of monitory issues. |
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| 6. |
Explain The Before An Audit Processes? |
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Answer» ► Make sure the authority of the AUDIT team is established - this will increase the cooperation from auditees. ► Make sure the authority of the audit team is established - this will increase the cooperation from auditees. |
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| 7. |
What Techniques Used During An Audit? |
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Answer» ► Be professional at all times. Avoid being judgmental. ► Be professional at all times. Avoid being judgmental. |
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| 8. |
What To Do After The Audit? |
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Answer» ► Hold an auditors meeting to discuss the closing meeting content. ► Hold an auditors meeting to discuss the closing meeting content. |
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| 9. |
How To Involve People In Audit? |
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Answer» USE audits as opportunities to train others. ASK for a volunteer (who is not an auditor) to WALK through the audit process with you as an assistant. This will provide others with a better understanding of what audits are and why they are necessary. Invite all the auditees to the closing meeting. Having been an auditee, I know it helps to hear audit findings firsthand, the positive as well as the negative. Involving people creates a feeling that everyone is a vital contributor to the goal of the company - compliance. Use audits as opportunities to train others. Ask for a volunteer (who is not an auditor) to walk through the audit process with you as an assistant. This will provide others with a better understanding of what audits are and why they are necessary. Invite all the auditees to the closing meeting. Having been an auditee, I know it helps to hear audit findings firsthand, the positive as well as the negative. Involving people creates a feeling that everyone is a vital contributor to the goal of the company - compliance. |
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| 10. |
Explain The Difference Between Internal Audit And External Audit? |
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Answer» The internal audit is conducted to help the management. The weakness of the management is disclosed. The external audit is conducted to help the shareholder. The rights of owners are protected. The appointment of internal audit is made by the management. The appointment in external audit is made by the shareholders. Internal audit is the part of internal control. External audit is the not the part of internal control.The internal audit can SUGGEST improvement in internal check system. The external audit can not suggest improvement in internal check system. The internal audit can perform his duties under the terms of appointment. The management can LIMIT the SCOPE of work at any time. The external AUDITOR can perform his work to terms of appointment and other prescribed law. The scope is very wide. Internal audit is an employee of the company. He is not an independent PERSON. External auditor is not an employee of the company. The internal audit is conducted to help the management. The weakness of the management is disclosed. The external audit is conducted to help the shareholder. The rights of owners are protected. The appointment of internal audit is made by the management. The appointment in external audit is made by the shareholders. Internal audit is the part of internal control. External audit is the not the part of internal control.The internal audit can suggest improvement in internal check system. The external audit can not suggest improvement in internal check system. The internal audit can perform his duties under the terms of appointment. The management can limit the scope of work at any time. The external auditor can perform his work to terms of appointment and other prescribed law. The scope is very wide. Internal audit is an employee of the company. He is not an independent person. External auditor is not an employee of the company. |
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| 11. |
What Are Objectives Of Internal Audit? |
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Answer» The purpose of internal audit is to keep proper control over business activities. When there is proper control there is maximum efficiency. The internal auditor determines the degrees of control over work. The purpose of internal audit is to evaluate the accounting system. It is concerned with checking proper authority for transactions like purchase, retirement and DISPOSAL of fixed assets. The vouchers can be compared with entries in order to determine that figures are facts. The purpose of internal audit is to help the management. Internal auditor can POINT out the weakness. The internal audit can be used as a TOOL to correct the situation. The management functions can be performed properly. The purpose of internal audit is to review the working of business. The working of current tear can be reviewed in detail just to note the successful area of working. There is a NEED to locate the weak points. The corrective measures can be taken for proper working. The purpose of internal audit is to keep proper control over business activities. When there is proper control there is maximum efficiency. The internal auditor determines the degrees of control over work. The purpose of internal audit is to evaluate the accounting system. It is concerned with checking proper authority for transactions like purchase, retirement and disposal of fixed assets. The vouchers can be compared with entries in order to determine that figures are facts. The purpose of internal audit is to help the management. Internal auditor can point out the weakness. The internal audit can be used as a tool to correct the situation. The management functions can be performed properly. The purpose of internal audit is to review the working of business. The working of current tear can be reviewed in detail just to note the successful area of working. There is a need to locate the weak points. The corrective measures can be taken for proper working. |
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| 12. |
What Are The Essential Of Internal Audit? |
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Answer» Planning is an essential feature of INTERNAL audit. The auditor can plan to check the accounting system. The plan may relate to accounting functions like purchase, sales, INCOME, EXPENSES and shares. The planning includes degrees of risk and extent of audit. It also states the nature of audit work. Controlling is an essential feature of internal audit. Auditor can examine the operations of accounting system. He can control audit work through audit program. The whole audit work is distributed among audit staff. Recording is an essential feature of internal audit. The audit can record the facts and figures in order to express his views in the business activities. The audit note book and audit working papers are USED to record the information. INDEPENDENCE is essential element of internal audit. The work of internal audit is done by an employee of the company. He must not be influenced by management. He must be free in developing audit program, audit investigation and audit reporting. Planning is an essential feature of internal audit. The auditor can plan to check the accounting system. The plan may relate to accounting functions like purchase, sales, income, expenses and shares. The planning includes degrees of risk and extent of audit. It also states the nature of audit work. Controlling is an essential feature of internal audit. Auditor can examine the operations of accounting system. He can control audit work through audit program. The whole audit work is distributed among audit staff. Recording is an essential feature of internal audit. The audit can record the facts and figures in order to express his views in the business activities. The audit note book and audit working papers are used to record the information. Independence is essential element of internal audit. The work of internal audit is done by an employee of the company. He must not be influenced by management. He must be free in developing audit program, audit investigation and audit reporting. |
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| 13. |
Explain Different Functions Of Internal Audit? |
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Answer» The FUNCTION of internal audit is concerned with analysis of internal check. The internal audit can look into the duties of each employee. All employees are PROVIDED jobs on the basis of their abilities. The auditor can test the effectiveness of internal check. The function of internal audit is examining the application of legal requirements. The ACCOUNTS are PREPARED under certain legal frame work. Verification of accuracy is a function of internal audit. The accuracy of accounting books and records can be verified with the help auditing techniques. The audit techniques include inspection, observation, inquiry, confirmation, computation and review. An auditor can check the accuracy through these techniques. Confirmation of LIABILITY is a function of internal auditor can determine the work done by every person. The carelessness or negligence on the part of worker is noted. The concerned person is given a chance to explain his position. If the reason is not justified, the liability is confirmed. The function of internal audit is to examine the assets protection. The proper record is to be maintained. The possession must be in the hands of senior officer. The assets are used for business only. There are proper purchase and disposal of these assets. The internal auditor can check that assets are protected. The function of internal audit is concerned with analysis of internal check. The internal audit can look into the duties of each employee. All employees are provided jobs on the basis of their abilities. The auditor can test the effectiveness of internal check. The function of internal audit is examining the application of legal requirements. The accounts are prepared under certain legal frame work. Verification of accuracy is a function of internal audit. The accuracy of accounting books and records can be verified with the help auditing techniques. The audit techniques include inspection, observation, inquiry, confirmation, computation and review. An auditor can check the accuracy through these techniques. Confirmation of liability is a function of internal auditor can determine the work done by every person. The carelessness or negligence on the part of worker is noted. The concerned person is given a chance to explain his position. If the reason is not justified, the liability is confirmed. The function of internal audit is to examine the assets protection. The proper record is to be maintained. The possession must be in the hands of senior officer. The assets are used for business only. There are proper purchase and disposal of these assets. The internal auditor can check that assets are protected. |
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| 14. |
What Is An Internal Audit And What Is The Role Of Internal Audit? |
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Answer» The internal audit is a continuous review of operations and records undertakes within the business and is normally done by specially assigned staff. It should operate independently of all the internal check and in no case should divest any one of the responsibilities PLACED upon him. Internal auditing is an independent appraisal activity within an ORGANIZATION for the review of operations as a service to management. It is managerial control which functions by measuring and evaluating the effectiveness of other controls. To ACHIEVE its objectives the auditor has to review the following areas: The internal audit is a continuous review of operations and records undertakes within the business and is normally done by specially assigned staff. It should operate independently of all the internal check and in no case should divest any one of the responsibilities placed upon him. Internal auditing is an independent appraisal activity within an organization for the review of operations as a service to management. It is managerial control which functions by measuring and evaluating the effectiveness of other controls. To achieve its objectives the auditor has to review the following areas: |
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| 15. |
What Does An Internal Audit Charter Contain? |
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Answer» This charter DESCRIBES the mission, INDEPENDENCE and objectivity, SCOPE and responsibilities, authority, accountability and standards of the Internal Audit function. A charter is basically a delegation or grant of authority from a person or organization of authority to another person or organization. The purpose of an internal audit charter is to compel the departments that need to be audited to provide the information REQUIRED by the auditor. Without this charter or SIMILAR authority most managers wouldn't see any benefit to being audited and would likely refuse to provide anything the auditor needed. This charter describes the mission, independence and objectivity, scope and responsibilities, authority, accountability and standards of the Internal Audit function. A charter is basically a delegation or grant of authority from a person or organization of authority to another person or organization. The purpose of an internal audit charter is to compel the departments that need to be audited to provide the information required by the auditor. Without this charter or similar authority most managers wouldn't see any benefit to being audited and would likely refuse to provide anything the auditor needed. |
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| 16. |
Explain How To Do An Internal Audit Effectively? |
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Answer» With internal AUDIT we always need to be careful of any manipulations WITHIN the COMPANY itself.Errors and frauds within the company cannot be denied /overlooked at any cost. With internal audit we always need to be careful of any manipulations within the company itself.Errors and frauds within the company cannot be denied /overlooked at any cost. |
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| 17. |
Tell Me That How I Can Evaluate The Internal Control Audit? |
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Answer» COMPLIANCE procedures are tests designed to obtain reasonable assurance that these internal controls on which audit reliance is to be placed are in effect. The auditor can test the functioning of the controls and not the transactions. He can check the exceptions and DEPARTURE from suggested internal control. When there is strict supervisory control the staff can not DIGRESS from prescribed control procedures. Compliance procedures can be applied with the help of audit sampling. The samples can be selected from various categories of transaction in order to test the control aspect. He can examine evidence through inspection of signature. He can apply re performance and observation techniques. He can check custodial control over assets. He can examine the segregation of duties. He can go through supervisory controls. The auditor can test all the items included in the sample. The compliance procedures can ensure the auditor that internal control exists. The control is operating effectively. The control has so operated THROUGHOUT the period of intended reliance. Compliance procedures are tests designed to obtain reasonable assurance that these internal controls on which audit reliance is to be placed are in effect. The auditor can test the functioning of the controls and not the transactions. He can check the exceptions and departure from suggested internal control. When there is strict supervisory control the staff can not digress from prescribed control procedures. Compliance procedures can be applied with the help of audit sampling. The samples can be selected from various categories of transaction in order to test the control aspect. He can examine evidence through inspection of signature. He can apply re performance and observation techniques. He can check custodial control over assets. He can examine the segregation of duties. He can go through supervisory controls. The auditor can test all the items included in the sample. The compliance procedures can ensure the auditor that internal control exists. The control is operating effectively. The control has so operated throughout the period of intended reliance. |
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| 18. |
Explain The Difference Between Internal Audit And Statutory Audit? |
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Answer» An internal audit is ONE which is conducted by the internal auditors of the COMPANY. It is not mandatory for the company and the company just conducts it to keep a check on the OPERATIONS of the company. On the other hand statutory audit is very important because it is by the external auditors and it is mandatory for all KINDS of companies. Statutory audit is USUALLY conducted for various purposes like tax regulatory requires it for taxation purposes. An internal audit is one which is conducted by the internal auditors of the company. It is not mandatory for the company and the company just conducts it to keep a check on the operations of the company. On the other hand statutory audit is very important because it is by the external auditors and it is mandatory for all kinds of companies. Statutory audit is usually conducted for various purposes like tax regulatory requires it for taxation purposes. |
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| 19. |
How Does The Internal Audit Differ From An External Audit? |
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Answer» Internal audit NOTHING but the checking the product that you PRODUCED. External audit is checking your product by your CUSTOMER. Here it means you MAY not find mistakes in your processes but a third man who comes and check the system he may see some deviations in the system and GIVE suggestions for the improvements of the system. Internal audit nothing but the checking the product that you produced. External audit is checking your product by your customer. Here it means you may not find mistakes in your processes but a third man who comes and check the system he may see some deviations in the system and give suggestions for the improvements of the system. |
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| 20. |
What Are The Importance Of Internal Audit To The Organization? |
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Answer» An audit HELPS keep track of where the MONEY is going and MAKES sure the money is going where it is supposed to and not in someone's POCKET. An audit can also help a company know if it is LOSING or making more money. An audit helps keep track of where the money is going and makes sure the money is going where it is supposed to and not in someone's pocket. An audit can also help a company know if it is losing or making more money. |
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| 21. |
Whats Are The Importance Of Evaluating An Internal Audit Department? |
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Answer» Significance of Internal Auditing: Internal auditing refers to an assessment activity managed within a corporation as a check to the ENTITY. Its main function is to monitor control within the corporation. The task of internal auditing is determined by organization itself, and its goals differ from those of the external auditor who is appointed to report independently. The depth and goals of internal auditing vary widely and depend on the volume and structure of the body and the requirements of its administration. Ordinarily, the importance of internal auditing can be seen by one or more of the following: ► Implementing and monitoring of sufficient internal control. That is the duty of management that demands proper attention on a permanent basis. Internal auditors are ordinarily assigned definite task by management for reviewing controls, monitoring their function and suggesting improvements for them. Significance of Internal Auditing: Internal auditing refers to an assessment activity managed within a corporation as a check to the entity. Its main function is to monitor control within the corporation. The task of internal auditing is determined by organization itself, and its goals differ from those of the external auditor who is appointed to report independently. The depth and goals of internal auditing vary widely and depend on the volume and structure of the body and the requirements of its administration. Ordinarily, the importance of internal auditing can be seen by one or more of the following: ► Implementing and monitoring of sufficient internal control. That is the duty of management that demands proper attention on a permanent basis. Internal auditors are ordinarily assigned definite task by management for reviewing controls, monitoring their function and suggesting improvements for them. |
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| 22. |
What Are The Basic Principles Of An Internal Audit Controlsystem? |
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Answer» The basic principles of financial internal control are explained below:Financial and accounting operations must be separated that is the handling of cash and the recording of the movement thereof should be done by different persons. Responsibility for the performance of the JOB must be clearly STATED so that there may be no room for doubt or confusion SUBSEQUENTLY. Too much confidence should not be pinned in one individual. Nearly all frauds have been committed by trusted officials or employees. It is interesting to note that frauds have occurred owing to their being trusted. Relation principle relating to transfer of an employee from one job to another should be the inflexible guiding rule. This is an effective safeguard against collusion and is recognized as an important canon of sound organization. Mechanization of the work wherever feasible and practicable should be resorted to, mechanical devices such as cash register, recording time clocks, calculation machines should be introduced. A system of control accounts should elegantly be fitted in the book keeping system. The work should be so ARRANGED that work done by one employee should be properly checked by independent employee. Such continuous and constant checking goods moral control and the ERRORS and the frauds cannot go undetected. The basic principles of financial internal control are explained below:Financial and accounting operations must be separated that is the handling of cash and the recording of the movement thereof should be done by different persons. Responsibility for the performance of the job must be clearly stated so that there may be no room for doubt or confusion subsequently. Too much confidence should not be pinned in one individual. Nearly all frauds have been committed by trusted officials or employees. It is interesting to note that frauds have occurred owing to their being trusted. Relation principle relating to transfer of an employee from one job to another should be the inflexible guiding rule. This is an effective safeguard against collusion and is recognized as an important canon of sound organization. Mechanization of the work wherever feasible and practicable should be resorted to, mechanical devices such as cash register, recording time clocks, calculation machines should be introduced. A system of control accounts should elegantly be fitted in the book keeping system. The work should be so arranged that work done by one employee should be properly checked by independent employee. Such continuous and constant checking goods moral control and the errors and the frauds cannot go undetected. |
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| 23. |
What Is Cost Accounting? |
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Answer» This can be described as the process of ACCUMULATING, measuring, analyzing, interpreting and reporting cost information that is both useful and relevant to the INTERNAL and external stakeholders of a business entity. External stakeholders are those who have a vested financial interest in a business or company. For example banks (loans), financial houses (mortgages), investors (investments), etc. Internal stakeholders are the business or company directors, managers, division heads, etc. One of the many benefits of cost accounting is that it turns data into information, knowledge and wisdom about a business entity's operations that is useful for: This can be described as the process of accumulating, measuring, analyzing, interpreting and reporting cost information that is both useful and relevant to the internal and external stakeholders of a business entity. External stakeholders are those who have a vested financial interest in a business or company. For example banks (loans), financial houses (mortgages), investors (investments), etc. Internal stakeholders are the business or company directors, managers, division heads, etc. One of the many benefits of cost accounting is that it turns data into information, knowledge and wisdom about a business entity's operations that is useful for: |
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| 24. |
What Is Difference Between Cost Accounting And Financial Accounting? |
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Answer» The difference between "COST ACCOUNTING" and "financial accounting are terms refer to the accounting techniques used internally by a company's MANAGEMENT to determine the costs of running the business and help in decision making. For example, REPORTS that compare budgeted to actual expenses are commonly used to monitor the SUCCESSFUL management of a specific department or store within a larger enterprise. The difference between "cost accounting" and "financial accounting are terms refer to the accounting techniques used internally by a company's management to determine the costs of running the business and help in decision making. For example, reports that compare budgeted to actual expenses are commonly used to monitor the successful management of a specific department or store within a larger enterprise. |
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| 25. |
What Is The Cost Sheet? |
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Answer» Cost SHEET is a STATEMENT of cost for a PRODUCT for GIVEN period of TIME. Cost sheet is a statement of cost for a product for given period of time. |
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| 26. |
What Are The Variable Costs? |
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Answer» Variable costs are those that are directly proportionate with the quantity of PRODUCTION and or directly associated with the service. Variable costs are the costs that change DEPENDING on how many PRODUCTS you SELL or how many services you provide. Variable costs are those that are directly proportionate with the quantity of production and or directly associated with the service. Variable costs are the costs that change depending on how many products you sell or how many services you provide. |
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| 27. |
Wat Is Bep In Cost Accounting? |
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Answer» The level of ACTIVITY at which total revenues EQUAL total costs. A POINT at which there is no PROFIT and no loss. The level of activity at which total revenues equal total costs. A point at which there is no profit and no loss. |
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| 28. |
Tell Me About Your Experience In Cost Accounting? |
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Answer» 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. 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. |
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| 29. |
What Is The Difference Between Expenses And Expenditure? |
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Answer» The DIFFERENCE between EXPENSES and expenditure. EXPENSE is the OUTFLOW from a profit ORIENTED organization while expenditure is the outflow from non-profit organization. The difference between expenses and expenditure. Expense is the outflow from a profit oriented organization while expenditure is the outflow from non-profit organization. |
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| 30. |
Explain Some Of The Methods Used To Allocate Support Costs? |
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Answer» HEADCOUNT or NUMBER of PC's PER cost CENTER. Headcount or number of pc's per cost center. |
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| 31. |
What Is The Marginal Cost? |
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Answer» MARGINAL Cost (MC): 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. Marginal Cost (MC): 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. |
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| 32. |
Explain The Information About Cost Sheets? |
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Answer» 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. 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. |
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| 33. |
What Is Cmm? |
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Answer» 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. 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. |
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| 34. |
What Is Cmmi? |
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Answer» 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. 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. |
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| 35. |
What Is Chargeback? |
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Answer» 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. 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. |
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| 36. |
What Are Fixed Costs? |
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Answer» 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. 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. |
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| 37. |
What Is The Difference Between Cost Accounting And Financial Accounting? |
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Answer» 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 . 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 . |
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| 38. |
Explain Cost Sheet? |
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Answer» COST sheet is a STATEMENT of cost for a product for GIVEN PERIOD of TIME. Cost sheet is a statement of cost for a product for given period of time. |
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| 39. |
What Is Marginal Cost? |
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Answer» 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. 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. |
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| 40. |
What Are Variable Costs? |
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Answer» Variable costs are those that are DIRECTLY PROPORTIONATE with the quantity of production and or directly ASSOCIATED with the SERVICE. Variable costs are those that are directly proportionate with the quantity of production and or directly associated with the service. |
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| 41. |
Describe Some Of The Methods Used To Allocate Support Costs? |
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Answer» HEADCOUNT or number of PC's PER COST centre. Headcount or number of pc's per cost centre. |
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| 42. |
What Is Bep? |
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Answer» BEP- BREAK EVENT Point: It indicates no Loss and no Profit. The level of activity at which, total revenues equal total COSTS. BEP- Break Event Point: It indicates no Loss and no Profit. The level of activity at which, total revenues equal total costs. |
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| 43. |
What Are Fixed Asset? |
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Answer» 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. 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. |
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| 44. |
What Is The Difference Between Debenture Holders And Creditors? |
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Answer» 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. 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. |
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| 45. |
What Are The Various Means Of Calculating Depreciation? |
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Answer» 1. DOUBLE DECLINING method 1. Double declining method |
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| 46. |
After Run Depreciation I Have Forget Calculate Depreciation Of One Asset Then How To Calculate Depreciation Of That Asset? |
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Answer» If u forgot DEPRECIATION we have to follow the PRELIMINARY principal of the depreciation. That is value of ASSET/life time of asset*100. If u forgot depreciation we have to follow the preliminary principal of the depreciation. That is value of asset/life time of asset*100. |
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| 47. |
What Is The Difference Between The Different Depreciation Methods? |
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Answer» Different METHODS Of DPN . Different Methods Of Dpn . |
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| 48. |
What Experience Have You Had As A Cashier? |
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Answer» 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. 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. |
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| 49. |
Explain Non Performing Asset? |
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Answer» 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. 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. |
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| 50. |
What Is The Meaning Of Non Performing Assets? |
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Answer» 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. 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. |
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