Hindusthan Engineering & Industries Accounts & Finance Manager Interview Questions and Answers

Financial statements are formal records of the financial activities and position of a business, organization, or individual.

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

• They provide information on the financial performance, financial position, and cash flows of an entity.

• Balance sheet shows assets, liabilities, and equity at a specific point in time.

• Income statement shows re...read more

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

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.

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

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

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

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

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

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

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

Procure to pay is the process of acquiring goods and services from a vendor and paying for them.

• Procurement process starts with identifying the need for goods or services

• Vendor selection and negotiation of terms and conditions

• Purchase order creation and approval

• Goods or services receipt and inspection

• Invoice verification and payment processing

• Examples include ordering office supplies, hiring a contractor for a project,

Balance sheet is a financial statement that shows a company's assets, liabilities, and equity at a specific point in time.

• It is divided into two sections: assets and liabilities + equity

• Assets are what the company owns, while liabilities + equity are what the company owes

• The equation for a balance sheet is Assets = Liabilities + Equity

• Examples of assets include cash, inventory, and property

• Examples of liabilities inclu...read more