Marks & Spencer Interview Questions and Answers

Provisions in a contract, how to treat them

• Provision 1: Termination clause - clearly outline conditions for termination and consequences

• Provision 2: Indemnification clause - specify who is responsible for legal costs in case of a lawsuit

• Provision 3: Confidentiality clause - detail how sensitive information should be handled and protected

Procurement is the process of obtaining goods or services from external sources.

• Involves sourcing, negotiating, and purchasing goods or services

• Focuses on obtaining the best quality at the best price

• Examples include purchasing office supplies, hiring contractors for a project

Supply chain management involves the coordination and optimization of all activities involved in the production and distribution of goods and services.

• Involves planning, sourcing, making, delivering, and returning products

• Focuses on efficiency, cost reduction, and customer satisfaction

• Utilizes technology and data analytics to improve processes

• Examples: inventory management, transportation logistics, supplier relationships

The golden rules of accounting are fundamental principles that guide the recording of financial transactions.

• The first golden rule is the Personal Account rule, which states that debit the receiver and credit the giver.

• The second golden rule is the Real Account rule, which states that debit what comes in and credit what goes out.

• The third golden rule is the Nominal Account rule, which states that debit all expenses and losses and credit all incomes and gains.

Golden rules of accounts include maintaining accurate records, ensuring proper depreciation methods, and optimizing P2P processes.

• Maintain accurate records of all financial transactions

• Ensure proper depreciation methods are used to accurately reflect asset values

• Optimize P2P processes to improve efficiency and reduce costs

• Examples: using electronic invoicing, implementing automated approval workflows

Accrual concept is a method of accounting where revenues and expenses are recognized when earned or incurred, regardless of when payment is received or made.

• Accrual accounting recognizes revenue when it is earned, not when payment is received

• Expenses are recognized when they are incurred, not when payment is made

• Accrual concept is used to match revenues and expenses in the same accounting period

• Example: A company provides services in December but does not receive payment unti...read more