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Indian Oil Corporation Cost Trainee Interview Questions, Process, and Tips

Updated 1 Feb 2024

Top Indian Oil Corporation Cost Trainee Interview Questions and Answers

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Indian Oil Corporation Cost Trainee Interview Experiences

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Cost Trainee Interview Questions & Answers

user image Anonymous

posted on 29 Jan 2024

Interview experience
4
Good
Difficulty level
Moderate
Process Duration
2-4 weeks
Result
No response

I applied via Recruitment Consulltant and was interviewed in Aug 2023. There was 1 interview round.

Round 1 - Technical 

(7 Questions)

  • Q1. Introduce about yourself to the team.
  • Ans. First of all thanks for giving me this opportunity. My name is (your name), I'm from (your city). I have graduate my CA/CMA Inter in the year (year number) from Institute of Cost/Chartered Accountants of India. If you have work experience then tell them. If you have secured Rank, then mention there.
  • Answered by fertilethyme
  • Q2. What is Sunk Cost?
  • Ans. 

    Sunk cost refers to the cost that has already been incurred and cannot be recovered.

    • Sunk cost is a past cost that is irrelevant to future decision-making.

    • It is important to ignore sunk costs when making decisions.

    • Examples of sunk costs include money spent on non-refundable tickets or investments that have already lost value.

  • Answered by AI
  • Q3. What is the section that allows to deduct TDS on salaries?
  • Ans. 

    The section that allows to deduct TDS on salaries is Section 192 of the Income Tax Act.

    • Section 192 of the Income Tax Act deals with the deduction of TDS on salaries.

    • This section specifies the rates at which TDS should be deducted from salaries.

    • Employers are required to deduct TDS from the salaries of their employees as per the provisions of this section.

    • The TDS deducted under Section 192 needs to be deposited with the ...

  • Answered by AI
  • Q4. What is sec 194Q?
  • Ans. 

    Sec 194Q refers to the provision under the Income Tax Act that requires buyers to deduct TDS on purchase of goods above a specified threshold.

    • Sec 194Q is a provision under the Income Tax Act of India.

    • It requires buyers to deduct tax at source (TDS) on purchase of goods.

    • The provision applies to buyers whose total turnover exceeds a specified threshold.

    • The threshold for applicability is INR 50 crores in the previous fina...

  • Answered by AI
  • Q5. What is Asset Monetization?
  • Ans. 

    Asset monetization refers to the process of converting assets into cash or generating income from assets.

    • Asset monetization involves selling or leasing assets to generate revenue.

    • It can also involve using assets as collateral to secure loans or financing.

    • Examples of asset monetization include selling real estate properties, leasing out equipment, or licensing intellectual property.

    • Asset monetization can help organizati...

  • Answered by AI
  • Q6. What is Activity Based Costing?
  • Ans. 

    Activity Based Costing is a costing method that assigns costs to specific activities based on their consumption of resources.

    • It is a more accurate and detailed approach to cost allocation compared to traditional costing methods.

    • It identifies and assigns costs to activities that drive the consumption of resources.

    • It helps in understanding the cost drivers and their impact on the overall cost of products or services.

    • It p...

  • Answered by AI
  • Q7. What skills would you like to contribute to IOCL?

Interview Preparation Tips

Topics to prepare for Indian Oil Corporation Cost Trainee interview:
  • Costing
  • Finance
Interview preparation tips for other job seekers - Learning all above questions doesn't give you a job. Improve communication skills first and improve fluency in English. Technical questions will be asked very easily. Focus on your resume if you are Experienced.

Cost Trainee Interview Questions & Answers

user image Anonymous

posted on 18 Jul 2021

Interview Questionnaire 

4 Questions

  • Q1. Explain all GST returns with dates
  • Ans. 

    There are various GST returns that need to be filed at different intervals.

    • GSTR-1: Monthly return for outward supplies

    • GSTR-2A: Auto-populated return for inward supplies

    • GSTR-3B: Monthly summary return

    • GSTR-4: Quarterly return for composition dealers

    • GSTR-5: Monthly return for non-resident taxpayers

    • GSTR-6: Monthly return for input service distributors

    • GSTR-7: Monthly return for tax deducted at source

    • GSTR-8: Monthly return f...

  • Answered by AI
  • Q2. What is meant by capital employed
  • Ans. 

    Capital employed refers to the total amount of capital invested in a business.

    • Capital employed includes all the long-term and short-term funds invested in a business.

    • It is calculated by subtracting current liabilities from total assets.

    • Capital employed is an important metric for measuring a company's financial health and efficiency.

    • Examples of capital employed include investments in property, plant, and equipment, as w...

  • Answered by AI
  • Q3. Income tax returns with due dates
  • Ans. 

    Income tax returns have specific due dates depending on the type of taxpayer.

    • Individual taxpayers must file their returns by April 15th of each year.

    • Businesses may have different due dates depending on their entity type and fiscal year.

    • Extensions may be granted in certain circumstances, but taxes owed must still be paid by the original due date.

    • Late filing penalties and interest may apply for returns filed after the du

  • Answered by AI
  • Q4. Described the utilities of Cost center and types
  • Ans. 

    Cost centers are used to track and allocate expenses. There are two types: production and service.

    • Cost centers help in identifying and tracking expenses incurred by a particular department or function.

    • Production cost centers are those that are directly involved in the production process, such as manufacturing or assembly.

    • Service cost centers are those that provide support services to production cost centers, such as ma...

  • Answered by AI

Cost Trainee Interview Questions Asked at Other Companies

Q1. What will be your action if you have posted a debit entry in misc ... read more
Q2. What is the section that allows to deduct TDS on salaries?
Q3. What is the Journal Entry for Purchase of goods?
Q4. Whether one can take ITC if his input tax is shown only on GSTR 2 ... read more
Q5. What is Marginal Costing? What is Marginal Cost?

Interview questions from similar companies

Interview Questionnaire 

6 Questions

  • Q1. Job position
  • Q2. Time
  • Q3. Any advantages
  • Ans. 

    Yes, there are several advantages of being an accountant.

    • Stable and in-demand career

    • Opportunities for growth and advancement

    • Ability to work in various industries

    • High earning potential

    • Opportunity to work independently or as part of a team

  • Answered by AI
  • Q4. Which type of project
  • Q5. Which type of grop
  • Ans. 

    I'm sorry, but the question seems to be incomplete. Could you please provide more context?

    • Answered by AI
    • Q6. Night shift?

    I applied via Referral and was interviewed in Jun 2018. There were 6 interview rounds.

    Interview Questionnaire 

    3 Questions

    • Q1. Asking about my Biodata
    • Q2. And my experience based
    • Q3. And my skills and personal information

    Interview Preparation Tips

    Round: Test
    Experience: Aptitude,Reasoning

    Round: Resume Shortlist
    Experience: As my experience and education strength

    General Tips: My knowledge on work and subjects way
    Skills: Communication, Body Language, Problem Solving, Analytical Skills, Leadership, Presentation Skills, Time Management, Decision Making Skills
    Duration: <1 week

    I applied via Company Website and was interviewed in Oct 2020. There were 4 interview rounds.

    Interview Preparation Tips

    Interview preparation tips for other job seekers - This interview was a technical one but was mejorly a stress test the interviewer wanted to test both my knowledge and communication skills .the question asked to me ware related to my b.com curriculum account releted topics please go through the job description thoroughly word by world and recheck your resume to ensure that you are a best fit for the position .

    I applied via Recruitment Consultant and was interviewed before Jun 2020. There were 6 interview rounds.

    Interview Questionnaire 

    2 Questions

    • Q1. About Self Intro , Company , why should we hire you ? , Where do you see yourself after 5 years ?
    • Q2. Answer all the questions with confident and smile on your face.

    Interview Preparation Tips

    Interview preparation tips for other job seekers - Just be confident about what you say. If you don't know anything tell you don't know but you'll learn it and implement. Also do some research about the company and role to which you're applying. Your confidence and right attitude will give you , your desired job. Trust me guys if you are confident you'll get that job even if you do not have required skills.

    I applied via Naukri.com and was interviewed before Jul 2020. There was 1 interview round.

    Interview Questionnaire 

    2 Questions

    • Q1. What is your habbit
    • Q2. Reading

    Interview Preparation Tips

    Interview preparation tips for other job seekers - Good but competition

    I applied via Campus Placement and was interviewed before May 2021. There were 2 interview rounds.

    Round 1 - Resume Shortlist 
    Pro Tip by AmbitionBox:
    Keep your resume crisp and to the point. A recruiter looks at your resume for an average of 6 seconds, make sure to leave the best impression.
    View all Resume tips
    Round 2 - One-on-one 

    (1 Question)

    • Q1. Self introduction what is accounting classification of accounting
    • Ans. 

      Accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions.

      • Classification of accounting includes financial accounting, management accounting, tax accounting, and auditing.

      • Financial accounting involves recording and reporting financial transactions for external stakeholders.

      • Management accounting involves providing financi...

    • Answered by AI

    Interview Preparation Tips

    Interview preparation tips for other job seekers - You only choosing self introduction is most important

    Interview Preparation Tips

    Round: Resume Shortlist
    Experience: Thank you for giving me this opportunity to introduce my self I am sharad I am belong from jalgaon I have mba finance complete instatude of resaer management college. there are my 5 family member and intrest creiket &sing asong thank you sir
    Tips: intervies aaptiy hr

    Round: Test
    Duration: 1 hour 35 minutes
    Total Questions: 50

    I applied via Campus Placement and was interviewed before Dec 2019. There was 1 interview round.

    Interview Questionnaire 

    2 Questions

    • Q1. How many experiences in accounting
    • Q2. How much education you did ?

    Interview Preparation Tips

    Interview preparation tips for other job seekers - No advice and no tips
    Contribute & help others!
    anonymous
    You can choose to be anonymous

    Indian Oil Corporation Interview FAQs

    How many rounds are there in Indian Oil Corporation Cost Trainee interview?
    Indian Oil Corporation interview process usually has 1 rounds. The most common rounds in the Indian Oil Corporation interview process are Technical.
    What are the top questions asked in Indian Oil Corporation Cost Trainee interview?

    Some of the top questions asked at the Indian Oil Corporation Cost Trainee interview -

    1. What is the section that allows to deduct TDS on salari...read more
    2. What is Activity Based Costi...read more
    3. What is Asset Monetizati...read more

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    Indian Oil Corporation Cost Trainee Interview Process

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    Indian Oil Corporation Cost Trainee Salary
    based on 36 salaries
    ₹2 L/yr - ₹3 L/yr
    10% more than the average Cost Trainee Salary in India
    View more details

    Indian Oil Corporation Cost Trainee Reviews and Ratings

    based on 17 reviews

    4.8/5

    Rating in categories

    4.6

    Skill development

    4.8

    Work-life balance

    4.7

    Salary

    4.5

    Job security

    4.7

    Company culture

    4.3

    Promotions

    4.8

    Work satisfaction

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