10+ Kumaran Fishnets Interview Questions and Answers

Depreciation entry in accounting involves allocating the cost of an asset over its useful life.

• Calculate the depreciation expense using a chosen method (straight-line, double-declining balance, units of production, etc.)

• Debit the depreciation expense account and credit the accumulated depreciation account

• Adjust the book value of the asset on the balance sheet

• Repeat the process each accounting period until the asset is fully depreciated

Implemented automation ideas include introducing automated email notifications for order status updates and setting up automated data backups.

• Introduced automated email notifications for order status updates to improve communication with customers

• Set up automated data backups to ensure data security and prevent loss

• Suggested implementing automated inventory management system to streamline operations and reduce manual errors

Accrued expenses refer to expenses that have been incurred but not yet paid.

• Accrued expenses are recorded as liabilities on the balance sheet.

• They are typically recognized at the end of an accounting period.

• Examples include accrued salaries, interest, and utilities.

• Accrued expenses are important for accurate financial reporting.

Types of reconstruction currently being undertaken include urban, environmental, and infrastructure reconstruction.

• Urban reconstruction - rebuilding of cities and towns after natural disasters or conflicts

• Environmental reconstruction - restoration of ecosystems and habitats

• Infrastructure reconstruction - repairing or upgrading of roads, bridges, and utilities

• Examples: rebuilding of New Orleans after Hurricane Katrina, restoration of coral reefs in the Great Barrier Reef

I have proposed implementing robotic process automation (RPA) for repetitive tasks, using workflow automation tools, and integrating AI for data analysis.

• Proposed implementing robotic process automation (RPA) for repetitive tasks to increase efficiency

• Suggested using workflow automation tools to streamline processes and reduce manual errors

• Recommended integrating AI for data analysis to improve decision-making and forecasting

Prepaid expenses are assets paid for in advance but not yet used, so the accounting entry involves debiting an asset account and crediting a liability account.

• Debit the Prepaid Expense account (asset account) to increase its balance

• Credit the Cash/Bank account or Accounts Payable account to decrease the balance

• As the prepaid expense is used up, it is recognized as an expense on the income statement

• Examples: Prepaid rent, insurance, supplies

Six Sigma techniques include DMAIC, Lean Six Sigma, Root Cause Analysis, and Statistical Process Control.

• DMAIC (Define, Measure, Analyze, Improve, Control) is a structured problem-solving methodology used to improve processes.

• Lean Six Sigma combines Six Sigma methods with Lean manufacturing principles to reduce waste and improve efficiency.

• Root Cause Analysis is a technique used to identify the underlying cause of a problem or defect.

• Statistical Process Control involves using...read more

SLAs are agreements between a service provider and a customer that outline the level of service expected.

• SLAs define the scope, quality, and responsibilities of the service provider.

• They include metrics such as response time, resolution time, and uptime guarantees.

• Penalties may be specified for failing to meet SLA requirements.

• Examples include a web hosting company guaranteeing 99.9% uptime or a call center promising to answer calls within 30 seconds.

Lean is a methodology focused on maximizing customer value while minimizing waste.

• Lean is about continuously improving processes to eliminate waste and increase efficiency.

• It involves identifying value from the customer's perspective and streamlining operations to deliver that value.

• Lean principles include Kaizen (continuous improvement), Just-in-Time production, and Jidoka (automation with a human touch).

• Examples of Lean tools and techniques include 5S (Sort, Set in order, S...read more

Six Sigma is a data-driven methodology used to improve processes by reducing defects and variations.

• Six Sigma aims to achieve near perfection in processes by identifying and eliminating causes of defects or errors.

• It uses statistical tools and techniques to measure and analyze process performance.

• The goal of Six Sigma is to reduce variation and improve efficiency, ultimately leading to cost savings and customer satisfaction.

• Six Sigma projects are typically led by trained prof...read more

Amortization entry is a financial accounting process of spreading the cost of an intangible asset over its useful life.

• Amortization entry is used to allocate the cost of intangible assets such as patents, copyrights, and trademarks over their useful life.

• It helps in matching the expense of the asset with the revenue it generates.

• The entry typically involves debiting amortization expense and crediting accumulated amortization.

• For example, if a patent costing $10,000 has a usef...read more

An amortization entry is a financial transaction that spreads the cost of an intangible asset over its useful life.

• Amortization entries are used to gradually reduce the value of intangible assets on the balance sheet.

• They are typically recorded as a debit to amortization expense and a credit to the intangible asset account.

• Examples of intangible assets that may require amortization entries include patents, trademarks, and copyrights.