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10+ Advance Decorative Laminates Private Limited Interview Questions and Answers

Updated 20 Jan 2025

Q1. If there is credit in BRS from unknown source,so how will you identify this

Ans.

To identify credit in BRS from unknown source, analyze transaction details, check for missing invoices or receipts, and investigate further.

  • Review transaction details in BRS for any clues or references to the unknown source

  • Check for missing invoices or receipts that could potentially explain the credit

  • Investigate further by reaching out to relevant departments or vendors for clarification

  • Compare the credit amount with other transactions to look for patterns or anomalies

  • Docume...read more

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Q2. How do you categorize open item in BRS

Ans.

Open items in BRS are categorized based on their nature and status, such as outstanding checks, deposits in transit, bank errors, etc.

  • Categorize open items as per their nature, such as outstanding checks, deposits in transit, bank errors, etc.

  • Assign status to open items like reconciled, unreconciled, in progress, etc.

  • Keep track of any discrepancies or issues related to open items for further investigation.

  • Regularly update and reconcile open items to ensure accuracy in the ban...read more

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Q3. How do you reconcile a particular ledger

Ans.

Reconciling a ledger involves comparing and adjusting the balances to ensure they match.

  • Gather all relevant financial documents and records

  • Compare the transactions in the ledger with the corresponding entries in the bank statement

  • Identify any discrepancies or errors

  • Adjust the balances by making corrections or journal entries

  • Ensure that the ending balances match after reconciliation

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Q4. What is Intercompany reconciliation

Ans.

Intercompany reconciliation is the process of ensuring that transactions between different entities within the same company are accurately recorded and balanced.

  • It involves comparing and matching transactions between intercompany accounts to identify and resolve any discrepancies.

  • Common discrepancies include differences in amounts, timing, or recording errors.

  • The goal is to ensure that the financial statements of each entity accurately reflect the transactions and balances wi...read more

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Q5. Rent paid for 3 months journal entry

Ans.

Rent paid for 3 months journal entry involves debiting Rent Expense and crediting Cash or Accounts Payable.

  • Debit Rent Expense account for the total rent amount paid for 3 months

  • Credit Cash account if rent is paid in cash or Accounts Payable if rent is paid on credit

  • Include the dates of the rent payments in the journal entry

  • Ensure the journal entry is balanced with debits equaling credits

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Q6. What is bank reconciliation

Ans.

Bank reconciliation is the process of comparing a company's records to its bank statement to ensure they match.

  • Bank reconciliation involves comparing the company's internal financial records with the bank statement to identify any discrepancies.

  • It helps in identifying errors, fraud, or missing transactions.

  • Adjustments are made to the company's records to reconcile the differences between the two sets of data.

  • Common items in a bank reconciliation include outstanding checks, de...read more

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Q7. What do you understand by deferred tax asset/ liability?

Ans.

Deferred tax asset/liability is the difference between tax payable and tax paid in a period due to timing differences.

  • Deferred tax asset arises when tax paid is more than tax payable in a period due to timing differences.

  • Deferred tax liability arises when tax payable is more than tax paid in a period due to timing differences.

  • It is calculated using the tax rate that is expected to apply in the period when the asset/liability is realized or settled.

  • Examples of timing differenc...read more

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Q8. Which financial statement according to you is the most important.

Ans.

The most important financial statement is the income statement as it shows a company's profitability over a period of time.

  • The income statement shows a company's revenues, expenses, and net income, providing insight into its financial performance.

  • Investors and analysts often use the income statement to assess a company's profitability and growth potential.

  • Comparing income statements from different periods can help identify trends and potential areas for improvement.

  • Key metric...read more

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Q9. What are the disclosures under Ind AS 116?

Ans.

Ind AS 116 requires disclosures related to leases.

  • Disclosure of lease liabilities and right-of-use assets

  • Information about lease terms, payments, and options

  • Details of variable lease payments and lease incentives

  • Information about leases that have not yet commenced

  • Details of significant leasing arrangements

  • Disclosure of the impact of Ind AS 116 on financial statements

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Q10. Experience in Record to report

Ans.

Experience in Record to report involves reconciling financial data from various sources to ensure accuracy and compliance.

  • Experience in preparing financial statements and reports

  • Ability to analyze and reconcile data from different systems

  • Knowledge of accounting principles and regulations

  • Experience in identifying and resolving discrepancies

  • Proficiency in using accounting software and tools

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Q11. Any process improvement

Ans.

Implemented automated reconciliation process resulting in 50% reduction in errors

  • Identify bottlenecks in current reconciliation process

  • Implement automation tools to streamline data matching

  • Regularly review and update reconciliation procedures

  • Provide training to staff on new processes and tools

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Q12. Greatest achievement till date

Ans.

My greatest achievement till date is successfully leading a team to implement a new reconciliation system, resulting in a 20% increase in efficiency.

  • Led a team to implement a new reconciliation system

  • Achieved a 20% increase in efficiency

  • Received recognition from senior management for the successful project completion

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Q13. What are financial statements?

Ans.

Financial statements are formal records of the financial activities and position of a business, person, or other entity.

  • Financial statements include the balance sheet, income statement, and cash flow statement.

  • They provide information on the financial performance, financial position, and cash flows of an entity.

  • Balance sheet shows assets, liabilities, and equity at a specific point in time.

  • Income statement shows revenues, expenses, and profits over a period of time.

  • Cash flow ...read more

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Q14. What are the types of risk

Ans.

Types of risks include strategic, operational, financial, compliance, and reputational risks.

  • Strategic risk: Risks related to the organization's long-term goals and objectives.

  • Operational risk: Risks arising from internal processes, systems, or people.

  • Financial risk: Risks related to financial markets, investments, or funding.

  • Compliance risk: Risks associated with failing to comply with laws, regulations, or industry standards.

  • Reputational risk: Risks that can damage the orga...read more

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Q15. What is secondary risk

Ans.

Secondary risk is a risk that arises as a result of implementing a risk response plan.

  • Secondary risks are risks that are not initially identified but emerge as a result of implementing risk response plans.

  • These risks can be caused by the chosen mitigation strategy or by the impact of the primary risk itself.

  • It is important to monitor and manage secondary risks to prevent them from becoming major issues.

  • Examples include implementing a new software system to address a security ...read more

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Q16. What is risk appetite

Ans.

Risk appetite refers to the level of risk an organization is willing to accept in pursuit of its objectives.

  • Risk appetite is determined by the organization's tolerance for risk and its overall strategic goals.

  • It helps in setting boundaries for risk-taking activities and decision-making processes.

  • Different organizations have different risk appetites based on their industry, size, and risk management culture.

  • For example, a financial institution may have a low risk appetite due ...read more

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Q17. What does accrual means

Ans.

Accrual refers to the recognition of revenues and expenses when they are incurred, regardless of when cash is exchanged.

  • Accrual accounting matches revenues with expenses in the same accounting period

  • It provides a more accurate representation of a company's financial position

  • Accruals are recorded as adjusting journal entries at the end of an accounting period

  • Examples include accrued interest, salaries payable, and accounts receivable

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Q18. What is the Ctc expected

Ans.

The expected Ctc is dependent on the job role and company policies.

  • Ctc stands for Cost to Company and includes all the expenses incurred by the company for an employee.

  • The expected Ctc varies based on the job role, experience, skills, and location.

  • Company policies also play a crucial role in determining the Ctc.

  • For example, a software engineer in a startup may have a lower Ctc than a software engineer in a multinational corporation.

  • Similarly, a sales executive in a metro city...read more

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