Olam 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

Permits are documents that authorize specific work activities and ensure compliance with safety regulations.

• Types of permits include hot work permits, confined space permits, excavation permits, and electrical permits.

• Hot work permits are required for any work involving open flames or heat sources.

• Confined space permits are required for work in enclosed spaces with limited entry and exit points.

• Excavation permits are r...read more