AkzoNobel R2R Manager Interview Questions, Process, and Tips

Current assets are assets that can be easily converted into cash within a year, while current liabilities are debts that are due within a year. They both impact cash flow.

• Current assets include cash, accounts receivable, and inventory.

• Current liabilities include accounts payable, short-term loans, and accrued expenses.

• Having high current assets relative to current liabilities indicates good liquidity and positive cash ...read more

Depreciation rates vary according to the Companies Act and tax regulations.

• Depreciation rates are determined by the useful life of the asset

• Companies Act may specify different rates for different types of assets

• Tax regulations may allow for accelerated depreciation for tax purposes

• Depreciation rates can also be influenced by accounting standards such as IFRS or GAAP

Various accounting standards include GAAP, IFRS, and ASPE.

• Generally Accepted Accounting Principles (GAAP) - used in the United States

• International Financial Reporting Standards (IFRS) - used internationally

• Accounting Standards for Private Enterprises (ASPE) - used in Canada

• Other standards include US GAAP, UK GAAP, and Indian GAAP

One standard in accounting is GAAP, which ensures consistency and transparency in financial reporting.

• GAAP stands for Generally Accepted Accounting Principles

• It provides a framework for financial reporting that ensures consistency and transparency

• An example of GAAP is the requirement to use accrual accounting method to recognize revenue when it is earned, rather than when cash is received