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

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.

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 ...read more

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...read more

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...read more

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...read more