20+ Luminous Power Technologies Interview Questions and Answers

Provision for doubtful debt is an estimation of the amount of bad debt that a company is likely to incur.

• Provision for doubtful debt is a contra account to accounts receivable.

• It is created by recording an adjusting entry at the end of each accounting period.

• The amount of the provision is based on historical data and management's judgment.

• It reduces the net value of accounts receivable on the balance sheet.

• If the actual bad debt expense is less than the provision, the excess ...read more

Sessions store data on the server side while cookies store data on the client side.

• Sessions store data on the server side, while cookies store data on the client side.

• Sessions are more secure as the data is stored on the server and not accessible by the client.

• Cookies are stored on the client's browser and can be easily manipulated by the user.

• Sessions are typically used for storing sensitive information like user authentication tokens.

• Cookies are commonly used for tracking u...read more

Revenue recognition as per IndAS 115

• Identify the contract with the customer

• Identify the performance obligations in the contract

• Determine the transaction price

• Allocate the transaction price to the performance obligations

• Recognize revenue when (or as) the entity satisfies a performance obligation

AJAX can be called using JavaScript by creating an XMLHttpRequest object and sending a request to the server.

• Create an XMLHttpRequest object

• Specify the type of request (GET or POST)

• Specify the URL to send the request to

• Set up a callback function to handle the response

• Send the request to the server

To audit purchase or expenses voucher, follow these steps:

• Verify the authenticity of the voucher

• Check if the voucher is properly authorized and approved

• Ensure that the voucher is supported by relevant documents

• Verify the accuracy of the voucher amount

• Check if the voucher is recorded in the correct account

• Perform a test check of a sample of vouchers

• Document the audit findings and report to management

The journal entry for lease accounting in the books of lessee involves recording the lease liability and right-of-use asset.

• Debit the right-of-use asset account for the present value of the lease payments

• Credit the lease liability account for the same amount

• Recognize interest expense on the lease liability

• Recognize amortization expense on the right-of-use asset

• Adjust for any lease payments made

• Example: Debit Right-of-Use Asset for $10,000, Credit Lease Liability for $10,000

• Ex...read more

Service industry provides intangible products while manufacturing industry produces tangible products.

• Service industry focuses on providing services rather than physical products

• Manufacturing industry involves the production of tangible goods

• Service industry is labor-intensive while manufacturing industry is capital-intensive

• Service industry has a higher degree of customer interaction compared to manufacturing industry

• Examples of service industry include hospitality, healthca...read more

The magic function in PHP is __construct(), which is a constructor method used to initialize an object when it is created.

• The magic function __construct() is automatically called when a new object is created from a class.

• It is used to initialize the object's properties or perform any necessary setup.

• Example: class MyClass { public function __construct() { echo 'Object created'; } } $obj = new MyClass();

• The __construct() function can accept parameters to customize the initiali...read more

A bank is a financial institution that accepts deposits and provides loans. Public sector banks are owned and operated by the government.

• Types of banks include commercial banks, investment banks, and central banks.

• Public sector banks in India include State Bank of India, Bank of Baroda, and Punjab National Bank.

• Demonetisation in 2016 involved the withdrawal of high-value currency notes in India, which had a significant impact on the economy.

• Opinions on demonetisation vary, wi...read more

Spring Boot is a framework that simplifies the development of Java applications by providing pre-configured settings and tools.

• Spring Boot is used to create stand-alone, production-grade Spring-based Applications.

• Database connection details are typically provided in the application.properties or application.yml file.

• Example: spring.datasource.url=jdbc:mysql://localhost:3306/mydatabase

Encryption and decryption in Java Springboot ensures data security and confidentiality.

• Protects sensitive data from unauthorized access

• Meets compliance requirements for data protection

• Secures communication between client and server

• Examples: encrypting passwords, securing API endpoints

Yes, I am willing and able to learn retail and digital banking.

• I am eager to expand my knowledge and skills in retail and digital banking.

• I am a quick learner and adapt easily to new technologies and processes.

• I have previous experience in customer service roles which will help me in understanding retail banking.

• I am familiar with online banking platforms and have a strong interest in digital banking trends.

Using Java 8, we can find repeated characters in a given String.

• Use streams and collectors to group characters by count

• Filter out characters with count greater than 1

• Collect the repeated characters into an array of strings

Backup tools are essential for data protection. Understanding database fundamentals is crucial for effective backup strategies.

• Backup tools help in creating copies of data to prevent data loss.

• Database fundamentals include understanding data structures, relationships, and query languages.

• Common backup tools include Veeam, Acronis, and Backup Exec.

• Database fundamentals involve knowledge of SQL, indexing, and normalization.

• Backup strategies should consider frequency, retention ...read more

Using Java 8, find the 2nd highest salary of employees.

• Sort the salaries in descending order using Comparator

• Skip the first highest salary to get the second highest

• Handle edge cases like if there are less than 2 salaries

Ind AS 115 is a new revenue recognition standard that replaces the existing Ind AS 18 and Ind AS 11.

• Ind AS 115 provides a single, comprehensive revenue recognition model for all contracts with customers.

• It requires companies to recognize revenue based on the transfer of control of goods or services to customers.

• The standard also requires companies to disclose more information about their revenue streams and contract balances.

• Ind AS 115 has significant impacts on various indus...read more

Errors in product menus can be found by checking for inconsistencies, missing links, incorrect labels, and broken functionalities.

• Check for inconsistencies in menu items across different pages or sections

• Look for missing links or buttons that do not lead to the intended destination

• Verify the correctness of labels and descriptions for each menu item

• Test the functionality of each menu option to ensure they work as expected

Port 80 is commonly used for LIVE deployment

• Port 80 is the default port for HTTP traffic

• Port 443 is commonly used for HTTPS traffic

• Other ports like 8080 or 8000 can also be used for LIVE deployment

Custom menu creation in Finacle involves defining menu options, assigning access rights, and linking them to specific functions.

• Define menu options using the Menu Maintenance screen

• Assign access rights to users or user groups

• Link menu options to specific functions or screens

• Test the custom menu to ensure it functions as intended

FTP is a protocol used for transferring files over a network. Port numbers are used to identify specific services on a computer.

• FTP stands for File Transfer Protocol

• Port numbers are used to identify different services on a computer

• FTP typically uses port 21 for control and port 20 for data transfer

• Other common port numbers include port 80 for HTTP and port 443 for HTTPS

Java, .NET, and PHP are popular programming languages used for developing software applications.

• Java is a versatile, platform-independent language commonly used for building web applications, mobile apps, and enterprise software.

• .NET is a framework developed by Microsoft for building Windows applications, web services, and web applications.

• PHP is a server-side scripting language used for creating dynamic web pages and web applications.

• All three languages have large communitie...read more

Smoke testing is a preliminary testing to check if the software build is stable enough for further testing.

• Smoke testing is a subset of regression testing

• It is performed to verify if the critical functionalities of the software are working fine

• It is usually done before detailed testing to save time and effort

• If smoke testing fails, further testing is halted until the issues are fixed

ExecuteNonQuery does not return a value

• ExecuteNonQuery method is used to execute a command that does not return any data

• It is typically used for INSERT, UPDATE, DELETE operations

• The return value is the number of rows affected by the command

SDLC stands for Software Development Life Cycle, a process used by software development teams to design, develop, and test high-quality software.

• SDLC is a systematic process for building software applications.

• It consists of several phases including planning, analysis, design, implementation, testing, and maintenance.

• Each phase has its own set of activities and deliverables.

• SDLC helps ensure that software projects are completed on time, within budget, and meet customer require...read more