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Indian Oil Corporation Cost Trainee Interview Questions, Process, and Tips
Top Indian Oil Corporation Cost Trainee Interview Questions and Answers
- Q1. What is the section that allows to deduct TDS on salaries?
- Q2. What is Activity Based Costing?
- Q3. What is Asset Monetization?
Indian Oil Corporation Cost Trainee Interview Experiences
2 interviews found
Anonymous
I applied via Recruitment Consulltant and was interviewed in Aug 2023. There was 1 interview round.
(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.
- 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.
- 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 ...
- 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...
- 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...
- 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...
- Q7. What skills would you like to contribute to IOCL?
Interview Preparation Tips
- Costing
- Finance
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...
- 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...
- 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
- 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...
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Interview questions from similar companies
I applied via Walk-in
(2 Questions)
- Q1. 1-about your self ,2-communication skills
- Q2. 1-MS office knowledge likes Excel,Ms-word 2- Accounting & GST Knowledge
Interview Preparation Tips
I applied via Company Website and was interviewed in Nov 2023. There were 2 interview rounds.
(2 Questions)
- Q1. Tell about Ur self
- Ans.
I am an experienced accountant with a strong attention to detail and a passion for numbers.
I have a Bachelor's degree in Accounting and have been working in the field for over 5 years.
I am proficient in financial analysis, budgeting, and financial reporting.
I have experience with various accounting software, such as QuickBooks and Excel.
I am highly organized and have a proven track record of meeting deadlines.
I have ex...
- Q2. Y u choose this company
- Ans.
I chose this company because of its strong reputation, growth opportunities, and commitment to employee development.
The company has a solid reputation in the industry, which gives me confidence in its stability and success.
I am impressed by the company's growth trajectory and its ability to adapt to changing market conditions.
The company values employee development and offers various training and advancement opportunit...
Interview Preparation Tips
Attend networking events
Selected
I applied via Company Website and was interviewed before May 2022. There were 4 interview rounds.
This round was online through HireVue. The interview questions are the basic personality questions such as tell me about a time:
-When you showed leadership
-Managed working in a challenging situation
-Demonstrated resilience
The case study encompassed a lot of factors that analyst must consider when making business decisions. Facts must be used to support arguments towards making a specific decision. The company gave me the case material a week prior to the case study interview.
Be sure to think out loud so that the interviewers get to know how you think. There are no right or wrong answers.
(2 Questions)
- Q1. Tell me about a time you...
- Ans.
A time when you successfully resolved a financial discrepancy.
Identify the specific financial discrepancy you encountered
Describe the steps you took to investigate and resolve the issue
Highlight any collaboration or communication involved
Explain the outcome and how you ensured it wouldn't happen again
- Q2. Give the answers in STAR format.
Interview Preparation Tips
I applied via Naukri.com and was interviewed in Jun 2023. There were 4 interview rounds.
About my studies questions
(1 Question)
- Q1. About our resume questions
What type of job experience in past company
(1 Question)
- Q1. Final tell about salary then type of job.
I applied via Company Website and was interviewed in Oct 2022. There were 3 interview rounds.
Practice. Practice is the most commonly advocated route to aptitude test success, and one very few people would dispute. ...
Know your test. ...
Don't get your friends to help. ...
Make the most of online tests. ...
Realistic simulation. ...
Be alert and stay focused. ...
Ask for feedback. ...
Know when to move on.
My self sayali Suresh Gaikwad i m from dombivli
Interview Preparation Tips
- Employee Relations
- Lawyer Activities
Apply even if you're not fully qualified. ...
Job search like it's your job. ...
Use informational interviews to network. ...
I applied via Campus Placement
(1 Question)
- Q1. Only just introduction
Selected
I appeared for an interview in Jan 2025.
(2 Questions)
- Q1. Discussion of question in interview
- Q2. Discussion of Question in interview
Interview Preparation Tips
I applied via Naukri.com and was interviewed in Jun 2022. There were 3 interview rounds.
A case study can be defined as an intensive study about a person a group of people or unit, which is aimed to generalize over several units.
A group discussion is a discussion between a group of participants on a given subject. A group discussion typically forms a part of the selection process used by organisations and educational institutions. the candidates talk about the given topic present fact opinion and conclusions.
A case study has also been described as intensive
Interview Preparation Tips
- Accountancy
- Finance
- Management
- Administration
- Sales
- Accounting
- Javascript
- ASP.Net
- Oracle
Indian Oil Corporation Interview FAQs
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Indian Oil Corporation Cost Trainee Interview Process
based on 1 interview
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Indian Oil Corporation Cost Trainee Reviews and Ratings
based on 17 reviews
Rating in categories
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298
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|  ₹14 L/yr - ₹33 L/yr |
|
Apprentice Trainee
138
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| ₹0.9 L/yr - ₹4 L/yr |
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123
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| ₹2.4 L/yr - ₹4.3 L/yr |
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115
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