Olam Specialist Interview Questions, Process, and Tips

Yes, interest can be added to inventory through various means.

• Interest can be added to inventory by offering promotions or discounts to attract customers.

• Introducing new and trendy products can generate interest and increase demand for inventory.

• Creating visually appealing displays and arranging inventory in an attractive manner can attract customers.

• Providing excellent customer service and personalized recommendations...read more

Accruals are necessary for accurate financial reporting and to match expenses with revenues.

• Accruals help in recognizing expenses and revenues in the period they occur, rather than when cash is received or paid.

• They ensure that financial statements reflect the true financial position and performance of a company.

• Skipping accruals can lead to distorted financial statements and misrepresentation of financial results.

• With...read more

Trial Balance is a statement that lists all the ledger balances to ensure they are in balance.

• Trial Balance is prepared to check the accuracy of the accounting records.

• It lists all the debit and credit balances of the ledger accounts.

• If the Trial Balance doesn't balance, it indicates errors in the accounting records.

• Errors can include incorrect postings, omissions, or mistakes in calculations.

• If Trial Balance is not pr...read more

Inventory is valued based on the cost of acquiring or producing the items. Factory cost can be added to inventory.

• Inventory is typically valued using one of the following methods: First-In, First-Out (FIFO), Last-In, First-Out (LIFO), or Weighted Average Cost.

• The cost of acquiring or producing the items, including any direct costs (such as purchase price or production costs) and indirect costs (such as transportation o...read more