Orra Fine Jewellery Accountant Interview Questions and Answers

Inventory valuation is the process of assigning a monetary value to the items held in stock by a business.

• Inventory valuation methods include FIFO (First In, First Out), LIFO (Last In, First Out), and weighted average cost.

• The chosen method can impact the reported profit and taxes of a business.

• Inventory valuation helps in determining the cost of goods sold and the value of ending inventory on the balance sheet.

The tax charged for transit of gold etc. varies depending on the country and specific regulations.

• Tax rates for transit of gold can range from 0% to 10% or more

• Some countries may have specific regulations or exemptions for gold transit

• Tax rates may also depend on the quantity and value of the gold being transported

Net worth of a company is the total assets minus total liabilities, representing the value of the company's equity.

• Net worth = Total assets - Total liabilities

• It represents the value of the company's equity

• It is an important indicator of a company's financial health and stability

• Investors and stakeholders often use net worth to assess the company's value and performance