Lifestyle Manager Internal Audit Interview Questions and Answers

Target costing is a cost management technique used to determine the maximum cost of a product based on customer demand and profit margins.

• It involves setting a target cost for a product before it is developed.

• The target cost is determined by subtracting the desired profit margin from the expected selling price.

• The cost of production is then managed to ensure that it does not exceed the target cost.

• This technique helps ...read more

Target costing derives the cost at which a product must be manufactured to generate a desired profit margin.

• Target costing is a cost management tool used in product development.

• It involves determining the maximum cost that can be incurred for a product to be profitable.

• The target cost is then derived by subtracting the desired profit margin from the expected selling price.

• The target cost is used as a benchmark for the ...read more

GST is not applicable on certain products.

• Basic groceries such as fruits, vegetables, milk, and bread

• Education services

• Healthcare services

• Public transportation

• Postal services

• Exported goods and services

Negative list of GST includes goods and services that are exempted from GST.

• Goods and services that are not subject to GST

• Examples include alcohol for human consumption, petroleum products, and electricity

• These items are not eligible for input tax credit

The Wages Bill Amendment Act is a law that regulates the payment of wages to workers in India.

• The act was first introduced in 1948 and has been amended several times since then.

• The latest amendment was made in 2017 and introduced the concept of a 'universal minimum wage'.

• The amendment also made it mandatory for employers to pay wages electronically, unless the employee requests otherwise.

• The act covers all workers in I...read more

There are several types of wages act depending on the country and region.

• Wages act varies from country to country

• In India, there are several wages act such as Minimum Wages Act, Payment of Wages Act, etc.

• In the United States, the Fair Labor Standards Act (FLSA) is the primary federal law governing wages and hours of work.

• Other countries may have their own specific wages act.

Fixed, regular, permanent, and contractual types of employment defined.

• Fixed type employment refers to a job with a predetermined end date.

• Regular type employment is a job with no predetermined end date and is ongoing.

• Permanent type employment is a job that is expected to last indefinitely.

• Contractual type employment is a job that is based on a specific contract or agreement.

• Examples of fixed type employment include se...read more

Yes, GST is applicable on electricity.

• GST is applicable on the supply of goods and services, including electricity.

• Electricity is classified as a 'goods' under GST.

• GST rates on electricity vary depending on the type of consumer and the state.

• For example, residential consumers may have a lower GST rate compared to commercial consumers.