30+ Dhoot Transmission Interview Questions and Answers

Ind AS 109 prescribes the principles for recognition, measurement, presentation and disclosure of financial assets, financial liabilities and equity instruments.

• Ind AS 109 applies to all financial instruments except for those specifically excluded.

• Financial assets and liabilities are recognized when the entity becomes a party to the contractual provisions of the instrument.

• Equity instruments are recognized when the entity becomes a party to the contractual provisions of the i...read more

Internal audit can be done by individuals who possess relevant skills and knowledge.

• Individuals with accounting or finance background

• Certified Internal Auditors (CIAs)

• Individuals with experience in risk management and compliance

• Professionals with knowledge of industry-specific regulations and standards

• Individuals with strong analytical and communication skills

• Examples: Accountants, Auditors, Risk Managers, Compliance Officers

OOPs stands for Object-Oriented Programming. It is a programming paradigm based on the concept of objects.

• OOPs focuses on creating objects that contain data and methods to manipulate that data.

• It emphasizes concepts like encapsulation, inheritance, and polymorphism.

• Encapsulation refers to bundling data and methods that operate on the data within a single unit.

• Inheritance allows a class to inherit properties and behavior from another class.

• Polymorphism allows objects of differ...read more

Carve outs in IND AS and IFRS refer to exceptions or exclusions from the standard accounting treatment.

• IND AS 101 allows first-time adopters to use previous GAAP for certain items

• IFRS 1 allows exemptions for certain disclosures and retrospective application

• IND AS 109 has carve outs for hedge accounting and impairment

• IFRS 9 has carve outs for financial liabilities and macro hedging

• IND AS 115 has carve outs for certain contracts with customers

• IFRS 16 has carve outs for leases o...read more

Stretched payables should be included in net debt analysis as they represent a liability that impacts the company's financial health.

• Stretched payables are essentially trade payables that have been extended beyond the usual payment terms agreed upon with suppliers.

• Including stretched payables in net debt analysis provides a more accurate picture of the company's financial obligations.

• Failure to account for stretched payables can result in an understatement of the company's de...read more

GST journal entry for credit purchase

• Debit the purchase account

• Credit the GST input account

• Credit the supplier account

Financial statements are reports that show the financial performance and position of a company.

• Financial statements include the balance sheet, income statement, and cash flow statement.

• They provide information on a company's revenue, expenses, assets, liabilities, and equity.

• Investors and creditors use financial statements to evaluate a company's financial health and make decisions.

• Examples of financial statements include annual reports, quarterly reports, and 10-K filings.

• Fi...read more

Ind AS 115, 116, 41 are accounting standards for revenue recognition, leases, and agriculture respectively.

• Ind AS 115 deals with revenue recognition and replaces the previous standard Ind AS 18

• Ind AS 116 deals with leases and replaces the previous standard Ind AS 17

• Ind AS 41 deals with agriculture and covers accounting for biological assets and agricultural produce

• These standards are applicable to companies in India following Indian Accounting Standards (Ind AS)

• The implementa...read more

Yes, I have worked on creating interactive dashboards for tracking key performance indicators.

• Designed and developed interactive dashboards using tools like Tableau, Power BI, or Google Data Studio

• Integrated data from multiple sources to create a comprehensive view of KPIs

• Implemented filters, drill-downs, and visualizations to make the dashboard user-friendly

• Worked closely with stakeholders to understand their requirements and customize the dashboard accordingly

Internal audit is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations.

• Internal audit evaluates the effectiveness of an organization's risk management, control, and governance processes

• It provides recommendations for improvement and helps the organization achieve its objectives

• Examples of internal audit activities include financial audits, operational audits, and compliance audits

Schedule 3 of Companies Act is a list of disclosures that companies must make in their financial statements.

• Schedule 3 outlines the minimum disclosures required for companies to comply with the Companies Act.

• It includes information on fixed assets, investments, inventory, debtors, creditors, and more.

• Companies must ensure that their financial statements include all the necessary disclosures as per Schedule 3.

• Failure to comply with Schedule 3 can result in penalties and legal ...read more

The golden rule of accounting is to maintain a balance between assets, liabilities, and equity.

• Assets = Liabilities + Equity

• This equation must always be balanced in order to ensure accurate financial statements

• Any changes to one side of the equation must be reflected on the other side

• For example, if a company takes out a loan (liability), their assets will increase by the amount of the loan, but their equity will decrease by the same amount

Fundamentals of audit involve examining financial records, internal controls, and compliance with laws and regulations.

• Audit is a systematic examination of financial records, internal controls, and compliance with laws and regulations.

• Auditors gather evidence to support their findings and opinions.

• Audits can be external (performed by independent auditors) or internal (performed by employees within the organization).

• The main types of audits include financial audit, operational...read more

I am a trained classical dancer and have performed in various cultural events.

• Trained in classical dance forms like Bharatanatyam and Kathak

• Performed in various cultural events and competitions

• Dance helps me maintain focus and discipline in my work

Under Ind AS 115, revenue for training employees for a specific assignment should be recognized when the training services are provided.

• Revenue should be recognized over time as the training services are provided.

• The amount provided for training employees should be allocated to each period based on the progress of the training.

• The timing of revenue recognition should align with the timing of when the training services are actually provided.

• Examples: If the training is spread ...read more

IFC focuses on financial reporting reliability, while general internal control covers overall operations and compliance.

• IFC specifically targets financial reporting processes and controls

• General internal control encompasses all aspects of operations and compliance

• IFC ensures accuracy and reliability of financial statements

• General internal control aims to safeguard assets and ensure compliance with laws and regulations

• Examples of IFC include segregation of duties in financial ...read more

Ind AS 115 is a new revenue recognition standard that replaces existing revenue recognition standards.

• Ind AS 115 is based on the principle that revenue should be recognized when goods or services are transferred to customers at the amount the entity expects to be entitled to.

• It introduces a five-step model for revenue recognition: identify the contract, identify the performance obligations, determine the transaction price, allocate the transaction price to the performance obl...read more

Yes, it is important to include the client in the external confirmation process for transparency and accuracy.

• Client involvement ensures transparency in the audit process

• Clients can provide additional context or explanations for discrepancies

• Client confirmation adds credibility to the audit findings

Identified lack of segregation of duties in financial reporting process

• Noted that the same person was responsible for both recording transactions and reconciling accounts

• Recommended that the company implement a system of checks and balances to prevent fraud

• Suggested that the company hire additional staff to ensure proper segregation of duties

• This observation led to the company implementing new policies and procedures to improve their financial reporting process

Materiality refers to the significance or importance of an item or event in relation to financial statements.

• Materiality is a concept used in auditing and accounting to determine the relevance of information.

• It involves assessing the impact of an item or event on the financial statements and whether it would influence the decisions of users.

• Materiality is subjective and depends on the nature and size of the entity being audited.

• Overall materiality is the maximum amount of mis...read more

Tax liability for a client with an annual income of Rs. 1400000.

• Calculate the tax liability based on the income tax slabs applicable in the country.

• Consider any deductions or exemptions that the client may be eligible for.

• Consult a tax professional or use an online tax calculator for accurate results.

Ind AS 2 requires inventory cost to be calculated using the FIFO method.

• Under FIFO method, the oldest costs are assigned to inventory first.

• Cost of goods sold is calculated using the oldest costs first.

• Ending inventory is valued at the most recent costs.

• Example: If a company purchases inventory at $10, $12, and $15, under FIFO method, the inventory sold will be valued at $10 first.

• Example: If the company sells 100 units, the cost of goods sold will be $10 per unit for the fir...read more

It is impossible to accurately determine the exact number of cricket bats used at any given time in India due to the vast number of players, teams, and matches taking place across the country.

• There are millions of cricket players in India, each potentially using multiple bats.

• Cricket is a popular sport in India, with matches happening at various levels from local to international.

• Different types of cricket bats are used for different formats of the game, such as Test, ODI, an...read more

The question is a classic example of a problem-solving interview question that tests the candidate's critical thinking and estimation skills.

• The interviewer is not looking for an exact answer but rather wants to see how the candidate approaches the problem.

• Candidates can start by estimating the size of a golf ball and the interior space of an Apache helicopter.

• They can then make assumptions about how the golf balls can be arranged efficiently in the helicopter to come up with...read more

Stat audit is important for ensuring accuracy, compliance, and transparency in financial statements.

• Stat audit helps in verifying the accuracy of financial statements and ensuring that they are free from material misstatements.

• It provides assurance to stakeholders that the financial information presented is reliable and trustworthy.

• Stat audit helps in detecting and preventing fraud, errors, and irregularities in financial reporting.

• It ensures compliance with applicable laws, ...read more

CARO 2020 includes reporting requirements for auditors of companies.

• CARO 2020 requires auditors to report on internal financial controls and their adequacy.

• It mandates reporting on compliance with provisions of applicable laws and regulations.

• Auditors must report on the maintenance of proper records and timely preparation of financial statements.

• CARO 2020 also requires reporting on the existence of any fraud by or against the company.

• The provisions of CARO 2020 aim to enhance...read more

Use COALESCE function, UPDATE statement, or CASE statement to fill null values in SQL.

• Use COALESCE function to replace null values with a specified default value

• Use UPDATE statement to update null values with a specific value

• Use CASE statement to conditionally fill null values based on certain criteria

Ind AS 102 journal entries are used to record share-based payments in financial statements.

• Ind AS 102 requires companies to recognize share-based payments as an expense in their financial statements.

• Journal entries for share-based payments typically involve debiting an expense account and crediting either equity or liability accounts.

• For example, if a company grants stock options to employees, the journal entry would involve debiting an expense account for the fair value of t...read more

I would be beneficial by bringing a strong work ethic, excellent communication skills, and a proven track record of success.

• Strong work ethic - consistently meeting deadlines and exceeding expectations

• Excellent communication skills - ability to effectively communicate with team members and clients

• Proven track record of success - previous achievements and positive feedback from supervisors

Investigated the impact of social media on consumer behavior

• Researched how social media influences purchasing decisions

• Analyzed data from surveys and online behavior tracking

• Identified trends in consumer preferences and brand loyalty

• Conducted interviews with industry experts for insights

• Proposed strategies for businesses to leverage social media for marketing