Epiroc Finance Intern Interview Questions and Answers

Q1. Personal information
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Q2. Finance related
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Q1. Can you provide an overview of your background and experiences?
Ans. 
I have over 15 years of experience in finance, including roles in financial planning, analysis, and management.
• 15+ years of experience in finance

• Strong background in financial planning and analysis

• Proven track record in financial management

• Experience in leading finance teams

• Proficient in financial reporting and budgeting
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Q2. Can you provide information about your family background?
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I come from a close-knit family with a strong financial background.
• My parents are both successful business owners, instilling in me a strong work ethic and passion for finance.

• I have siblings who are also in the finance industry, providing a supportive network for career growth.

• Family gatherings often involve discussions about investments, market trends, and financial planning.
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Q3. What is Ind AS 115 and how does it apply to financial reporting? Explain 5 step?
Ans. 
Ind AS 115 is a new revenue recognition standard that impacts how revenue is recognized in financial statements.
• Ind AS 115 is based on the core principle that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled.

• The standard outlines a 5-step model for recognizing revenue: identify the contr...read more
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Q4. What is the treatment of leases under Ind AS 116?
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Under Ind AS 116, leases are recognized as right-of-use assets and lease liabilities on the balance sheet.
• Leases are classified as finance leases or operating leases based on specific criteria.

• For finance leases, the lessee recognizes a right-of-use asset and a lease liability on the balance sheet.

• For operating leases, the lessee recognizes a right-of-use asset and a corresponding liability on the balance sheet.

• Lease p...read more
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Q5. How do you define success?
Ans. 
Success is achieving goals and fulfilling one's potential through hard work and determination.
• Success is not just about reaching a specific goal, but also about personal growth and development.

• It involves setting clear objectives and working towards them with dedication and perseverance.

• Success can be measured by the impact one has on others, the relationships they build, and the legacy they leave behind.

• It is importan...read more
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Q1. Can you tell me about yourself?
Ans. 
Experienced finance professional with a strong track record in strategic financial planning and analysis.
• Over 10 years of experience in finance roles, including financial planning, budgeting, and forecasting.

• Led cross-functional teams to drive cost-saving initiatives and improve financial performance.

• Expertise in financial modeling, risk management, and investment analysis.

• Strong communication skills and ability to pre...read more
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Q2. What are the differences between deferred revenue, unearned revenue, and unbilled revenue?
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Deferred revenue is revenue received in advance but not yet earned, unearned revenue is revenue received in advance and earned but not yet recognized, and unbilled revenue is revenue recognized but not yet billed.
• Deferred revenue is revenue received in advance but not yet earned, so it is recorded as a liability until it is earned.

• Unearned revenue is revenue received in advance and earned but not yet recognized, so it ...read more
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Q3. What is the definition of Property, Plant, and Equipment (PPE), how is the cost capitalized, and what does site restoration treatment entail?
Ans. 
PPE refers to tangible assets used in production, cost is capitalized by including purchase price, installation costs, and necessary modifications, site restoration treatment involves returning a property to its original state.
• Property, Plant, and Equipment (PPE) are tangible assets used in production, such as buildings, machinery, and vehicles.

• The cost of PPE is capitalized by including the purchase price, installatio...read more
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Q4. What are provisions, contingent liabilities, and contingent assets, and can you provide examples of each?
Ans. 
Provisions, contingent liabilities, and contingent assets are financial terms related to potential future events.
• Provisions are liabilities of uncertain timing or amount, such as warranty provisions or restructuring provisions.

• Contingent liabilities are potential liabilities that may arise depending on the outcome of a future event, such as pending lawsuits or guarantees on loans.

• Contingent assets are potential assets ...read more
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Q1. Process related questions, last work experience related questions some account basic concepts
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Q1. Just final discussion about joining date
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Q1. Golden rules of accounting.
Ans. 
Golden rules of accounting are basic principles that guide the process of recording financial transactions.
• Debit what comes in, credit what goes out

• Debit the receiver, credit the giver

• Debit expenses and losses, credit income and gains
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Q2. Few excel related questions
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Q1. Nothing only salary negotiation
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Q2. Less salary means you are selected
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About jiyacgi and ABB divrstment

Q1. Mapping details of Cost sheet
Ans. 
Cost sheet is a detailed statement of the various costs incurred in the production process.
• Cost sheet includes direct costs (like raw materials, labor) and indirect costs (like overhead expenses).

• It helps in analyzing the cost structure of a company and making informed decisions.

• Examples of costs on a cost sheet include material costs, labor costs, manufacturing overhead, and total cost of production.
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Q2. IFRS - Project accounts
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Q1. Budgeting , forecasting, variance analysis and inventory management
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Q1. Mostly about personal
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