DR KRISHNA'S CANCER HEALER CENTER Interview Questions and Answers

Inventory refers to the goods or materials a business holds for sale or use in production.

• Inventory includes raw materials, work-in-progress, and finished goods.

• It is an important aspect of supply chain management.

• Inventory management involves balancing the costs of holding inventory with the benefits of having enough stock to meet demand.

• Examples of businesses that rely heavily on inventory management include retail stores, manufacturers, and wholesalers.

Budgeting is the process of creating a financial plan for a specific period, while forecasting is predicting future financial outcomes.

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

• Forecasting involves predicting future financial outcomes based on past data and trends

• Both are important tools for financial planning and decision-making

• Examples include creating a budget for a business or forecasting sales for a new product

Revenue recognition refers to the process of accounting for and reporting revenue earned by a company.

• Revenue recognition is a critical aspect of financial reporting and is governed by accounting standards such as GAAP and IFRS.

• It involves determining when revenue should be recognized, how much revenue should be recognized, and in which period it should be recognized.

• Revenue can be recognized at different points in time depending on the nature of the transaction, such as when...read more

The 5-step model of Ind AS 115 is a framework 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 as the entity satisfies a performance obligation

Revenue recognition is the process of recording revenue in a company's financial statements.

• Revenue recognition determines when and how revenue is recognized in a company's financial statements.

• It is important for companies to follow proper revenue recognition guidelines to ensure accurate financial reporting.

• Revenue can be recognized at different points in time depending on the type of transaction and the terms of the sale.

• Examples of revenue recognition include recognizing ...read more