Indian Commodity Exchange Senior Executive Interview Questions and Answers

Questions about Basic finance and overall like any CET exams questions

Easy as you will get chance to talk about your views on topic given by interviewer

Q1. Tell me about Yourself
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Q2. Tell me About projects you have done
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Q3. What you have done in your internship
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Q1. Explain trade life cycle?
Ans. 
Trade life cycle refers to the stages involved in a trade from initiation to settlement.
• Trade initiation: Trade is proposed and agreed upon by parties involved.

• Trade execution: Trade is executed on the agreed terms.

• Trade confirmation: Parties confirm the details of the trade.

• Trade settlement: Payment and transfer of securities are completed.

• Trade reconciliation: Ensuring all details match between parties' records.

• Trade...read more
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Q2. What is ISDA and the components comprised in master agreement?
Ans. 
ISDA is International Swaps and Derivatives Association. Components of master agreement include terms for governing transactions, events of default, and termination provisions.
• ISDA stands for International Swaps and Derivatives Association

• Components of master agreement include terms for governing transactions

• Events of default are outlined in the master agreement

• Termination provisions are also included in the master agr
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Q1. Why are you leaving your current organisation?
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Q2. Explain your current process?
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Q1. Asked TDS related questions
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Q1. Asked PF, Esi, Professional Tax related questions
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Q1. What do you mean by GST?
Ans. 
GST stands for Goods and Services Tax. It is a comprehensive indirect tax levied on the supply of goods and services.
• GST is a single tax that replaced multiple indirect taxes in India.

• It was implemented on July 1, 2017, with the aim of simplifying the tax structure and eliminating cascading effects.

• GST is levied at every stage of the supply chain, from the manufacturer to the consumer.

• It has different tax rates for dif...read more
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Q2. What is the journal entry for purchases?
Ans. 
The journal entry for purchases involves debiting the Purchases account and crediting the Accounts Payable or Cash account.
• Debit the Purchases account to record the cost of goods purchased

• Credit the Accounts Payable account if the purchase is made on credit

• Credit the Cash account if the purchase is made in cash

• If applicable, include additional accounts such as Sales Tax Payable or Discounts

• Example: Debit Purchases $10,
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Q3. Tell the entry with GST?
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The entry with GST refers to the recording of transactions involving the Goods and Services Tax.
• GST is a value-added tax levied on the supply of goods and services in many countries.

• When recording an entry with GST, the tax amount is typically added to the cost of the goods or services.

• The entry should include the GST amount, the tax code, and the relevant accounts for recording the transaction.

• For example, if a compan...read more
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Q4. Instead of purchases if it is consultancy service then what is the Journal entry?
Ans. 
The journal entry for consultancy services instead of purchases
• Debit the Consultancy Expense account

• Credit the Accounts Payable or Cash account

• If the consultancy service is prepaid, debit the Prepaid Consultancy Expense account

• If the consultancy service is received but not yet paid, credit the Accrued Consultancy Expense account
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Q5. What is TDS 194C?
Ans. 
TDS 194C refers to Tax Deducted at Source under section 194C of the Income Tax Act.
• TDS 194C is applicable to payments made to contractors and sub-contractors for carrying out any work.

• The rate of TDS under section 194C is 1% for individuals and Hindu Undivided Families (HUF) and 2% for others.

• The threshold limit for TDS deduction under section 194C is Rs. 30,000 for single payment and Rs. 1,00,000 for aggregate payment...read more
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Q6. What is TDS 194I?
Ans. 
TDS 194I is a section of the Indian Income Tax Act that deals with the deduction of tax at source on rental income.
• TDS 194I applies to individuals or entities making rental payments above a specified threshold.

• The person making the payment is required to deduct a certain percentage as tax and remit it to the government.

• The current rate of TDS under section 194I is 10% for rent of land, building, or furniture and 2% for...read more
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Q7. What is TDS 194J?
Ans. 
TDS 194J refers to the tax deduction at source on professional or technical services.
• TDS 194J is a provision under the Indian Income Tax Act.

• It requires the deduction of tax at source on payments made for professional or technical services.

• The rate of TDS for 194J is generally 10%.

• The person making the payment is responsible for deducting the tax and depositing it with the government.

• The recipient of the payment can cl...read more
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Q8. What is the rate for 194C?
Ans. 
The rate for 194C is 1% for payments made to contractors or sub-contractors for carrying out any work.
• The rate for 194C is applicable for payments made to contractors or sub-contractors for carrying out any work.

• The rate is 1% of the total payment amount.

• This provision is under the Indian Income Tax Act.
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Q9. What is the limit for 194C?
Ans. 
The limit for 194C is Rs. 30,000 for a single payment and Rs. 1,00,000 in aggregate during a financial year.
• The limit for 194C is applicable for payments made to contractors and sub-contractors for carrying out any work.

• If the payment to a single contractor or sub-contractor exceeds Rs. 30,000 in a single transaction, TDS (Tax Deducted at Source) needs to be deducted at the rate of 1%.

• If the total payments made to a co...read more
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Q10. What do you mean by depreciation?
Ans. 
Depreciation refers to the decrease in the value of an asset over time due to wear and tear, obsolescence, or other factors.
• Depreciation is a non-cash expense that is recorded on the income statement.

• It is used to allocate the cost of an asset over its useful life.

• There are various methods of calculating depreciation, such as straight-line, declining balance, and sum-of-the-years'-digits.

• Depreciation is important for f...read more
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Q11. What is the rate of depreciation to be deducted?
Ans. 
The rate of depreciation to be deducted depends on the asset's useful life and the chosen depreciation method.
• The rate of depreciation is determined by dividing the cost of the asset by its useful life.

• Different depreciation methods, such as straight-line, declining balance, or units of production, may result in different rates of depreciation.

• For example, if a company purchases a machine for $10,000 with a useful life...read more
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Q12. Tell me the golden rules?
Ans. 
The golden rules in finance are principles that guide financial decision-making and management.
• Spend less than you earn

• Diversify your investments

• Save for emergencies

• Avoid unnecessary debt

• Plan for retirement

• Monitor and manage your credit score
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Q1. Life cycle of thread
Ans. 
Thread life cycle includes new, runnable, running, blocked, and terminated states.
• Thread is created in 'new' state

• It becomes 'runnable' when start() method is called

• Thread enters 'running' state when CPU starts executing its run() method

• It can go to 'blocked' state if it's waiting for a resource

• Finally, thread reaches 'terminated' state when run() method completes or stop() method is called
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Q2. İnternal working of hash map
Ans. 
Hash map is a data structure that stores key-value pairs and uses a hash function to map keys to their corresponding values.
• Hash map consists of an array of buckets, each containing a linked list of key-value pairs.

• When inserting a key-value pair, the hash function is used to determine the index of the bucket where the pair should be stored.

• To retrieve a value, the hash function is used to find the corresponding bucket...read more
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Q1. Salary expectations
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Q2. Why I want to change the job
Ans. 
Seeking new challenges, growth opportunities, and a better work-life balance.
• Looking for new challenges and opportunities to learn and grow

• Seeking a better work-life balance

• Interested in working with new technologies or in a different industry

• Wanting to advance career progression
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Q1. Taxation related questions & GST related questions
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Q1. Tell me about yourself
Ans. 
I am a data analyst with a strong background in statistics and data visualization.
• Graduated with a degree in Statistics

• Proficient in programming languages like Python and R

• Experience in analyzing large datasets and creating data visualizations

• Strong problem-solving skills
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