10+ Ankit Krishna & Co Interview Questions and Answers

Journal entries for sale of assets with WDV more than sale value.

• Debit the asset account for the WDV amount

• Credit the accumulated depreciation account for the total depreciation

• Credit the asset disposal account for the sale value

• If there is a loss, debit the profit and loss account for the difference

• If there is a gain, credit the profit and loss account for the difference

Forecasting and budgeting process involves predicting future financial outcomes and creating a plan to allocate resources accordingly.

• Forecasting involves analyzing past data and market trends to predict future financial outcomes.

• Budgeting involves creating a plan to allocate resources based on the forecasted outcomes.

• The process helps organizations to plan and manage their finances effectively.

• Examples of forecasting and budgeting tools include Excel, financial software, and...read more

No, reconciling balance sheet category of accounts is different from reconciling Profit and Loss.

• Reconciling balance sheet category of accounts involves ensuring that the assets, liabilities, and equity accounts are in balance.

• Reconciling Profit and Loss involves ensuring that the revenue and expense accounts are accurate and complete.

• While both are important for financial reporting, they are separate processes with different objectives.

• For example, reconciling balance sheet ...read more

Fixed Asset Accounting involves tracking and managing the lifecycle of tangible assets.

• Acquisition of assets through purchase or construction

• Recording asset details such as cost, useful life, and depreciation method

• Tracking changes in asset value and depreciation over time

• Disposal of assets through sale or retirement

• Reconciliation of asset records with general ledger

• Examples include buildings, equipment, and vehicles

I am preparing control and audit schedules to ensure compliance and identify areas for improvement.

• Identifying key areas for audit and control

• Developing a schedule for regular audits and controls

• Ensuring compliance with regulations and company policies

• Analyzing data to identify areas for improvement

• Collaborating with other departments to implement changes

• Providing regular reports to management on audit and control findings

Slowly changing dimension problem can be handled by implementing a proper data warehousing strategy.

• Identify the type of slowly changing dimension (Type 1, Type 2, or Type 3)

• Implement appropriate data warehousing strategy (Overwrite, Add new row, or Add new column)

• Maintain historical data for analysis purposes

• Regularly monitor and update the data warehouse

• Use ETL tools to automate the process

• Example: For Type 2, add a new row with updated data and end date for the previous ro...read more

Understanding accounting concepts and their practical application in difficult situations.

• Accounting concept of matching principle: Ensuring expenses are matched with revenues in the same period.

• Applicability: Used to accurately report financial performance and make informed business decisions.

• Difficult situation handled: Resolving discrepancies in financial statements by conducting thorough analysis and adjustments.

• Example: Identifying and correcting errors in revenue recogn...read more

Accrual is the process of recognizing revenue or expenses when they are incurred, regardless of when payment is received or made.

• Accrual accounting is the opposite of cash accounting

• It is used to match revenue and expenses to the period in which they were incurred

• Examples include recognizing revenue when a service is performed, even if payment is not received until later

• Accrued expenses include salaries owed to employees at the end of a pay period

Order to cash is the process of receiving and fulfilling customer orders, and receiving payment for those orders.

• Order to cash involves multiple steps, including order entry, order fulfillment, invoicing, and payment processing.

• It is important for companies to have efficient order to cash processes to ensure customer satisfaction and timely payment.

• Examples of order to cash software include SAP, Oracle, and Salesforce.

• Order to cash can also be referred to as O2C or OTC.

Forecasting helps in planning, decision making and resource allocation.

• Forecasting helps in predicting future demand for products or services.

• It helps in planning production, inventory, and supply chain management.

• Forecasting aids in decision making by providing insights into future trends and market conditions.

• It helps in allocating resources effectively and efficiently.

• Forecasting is important in financial planning and budgeting.

• For example, a retailer can use forecasting t...read more

OLAP stands for Online Analytical Processing and OLTP stands for Online Transaction Processing.

• OLAP is used for complex queries and data analysis.

• OLTP is used for transactional processing and real-time data entry.

• OLAP databases are read-intensive while OLTP databases are write-intensive.

• Examples of OLAP tools include Microsoft SQL Server Analysis Services and Oracle OLAP.

• Examples of OLTP systems include online banking systems and airline reservation systems.

Order to cash process cycle involves receiving orders, processing them, delivering goods/services, and receiving payment.

• Order received from customer

• Order processed and approved

• Goods/services delivered to customer

• Invoice generated and sent to customer

• Payment received from customer

RFP process is a formal request for proposal that outlines the requirements for a project or service and solicits bids from potential vendors.

• RFP process is used by organizations to identify potential vendors for a project or service.

• It involves creating a detailed document outlining the requirements and expectations for the project or service.

• The RFP is then sent to potential vendors who submit proposals outlining how they would meet the requirements and deliver the project ...read more