ABB Financial Planning and Analysis Analyst Interview Questions, Process, and Tips

INDAS115 is a standard that outlines the steps for recognizing revenue from contracts with customers.

• Identify the contract with the customer

• Identify the performance obligations in the contract

• Determine the transaction price

• Allocate the transaction price to the performance obligations

• Recognize revenue when the performance obligations are satisfied

Budgeting is a plan for future expenses while forecasting is an estimate of future financial outcomes.

• Budgeting involves setting financial goals and creating a plan to achieve them.

• Forecasting involves predicting future financial outcomes based on past performance and current trends.

• Budgeting is typically done on an annual basis while forecasting can be done on a regular basis.

• Budgeting is more rigid and inflexible whi...read more

Break even sales is the point where total revenue equals total costs resulting in zero profit or loss.

• Break even sales is the minimum amount of sales required to cover all the costs incurred in producing and selling a product or service.

• It is calculated by dividing the total fixed costs by the contribution margin per unit.

• The contribution margin is the difference between the selling price per unit and the variable cost...read more

I view audits as an opportunity to ensure accuracy and compliance while identifying areas for improvement.

• I approach audits with a thorough and detail-oriented mindset

• I prioritize accuracy and compliance in all aspects of the audit process

• I use audits as a chance to identify areas for improvement and make recommendations for changes

• I work closely with auditors to ensure a smooth and efficient process

• For example, in my ...read more

Forecasting is the process of predicting future outcomes based on historical data and trends.

• Forecasting involves analyzing past data and trends to make predictions about future outcomes.

• It helps businesses make informed decisions about resource allocation, budgeting, and goal setting.

• There are various methods of forecasting, including time series analysis, regression analysis, and scenario planning.

• Examples of forecas...read more

Financial planning and analysis involves forecasting, budgeting, and analyzing financial data to help organizations make informed decisions.

• It helps organizations plan and allocate resources effectively

• It involves analyzing financial statements and performance metrics

• It helps identify trends and potential risks

• It assists in creating financial models and forecasts

• It helps in making informed decisions about investments a

EBITA is a financial metric representing earnings before interest, taxes, depreciation, and amortization. COGS stands for cost of goods sold. Allocation refers to the distribution of resources. Future goals are targets set for the future.

• EBITA is a measure of a company's operating performance without factoring in financing and tax implications.

• COGS represents the direct costs of producing goods sold by a company.

• Alloca...read more