Rio Tinto Interview Questions, Process, and Tips for Experienced

The life cycle of an asset refers to the stages it goes through from acquisition to disposal.

• Acquisition: The asset is obtained and put into use.

• Utilization: The asset is used for its intended purpose.

• Maintenance: Regular maintenance and repairs are performed to ensure optimal performance.

• Depreciation: The asset loses value over time due to wear and tear.

• Disposal: The asset is either sold, scrapped, or otherwise dispos...read more

Depreciation is for tangible assets like buildings and machinery, while amortization is for intangible assets like patents and copyrights.

• Depreciation is the allocation of the cost of tangible assets over their useful life.

• Amortization is the allocation of the cost of intangible assets over their useful life.

• Depreciation is typically used for assets like buildings, machinery, and vehicles.

• Amortization is typically used...read more

Asset under construction refers to assets that are being constructed or developed but are not yet completed and ready for use.

• Assets under construction are not yet in use and are still being developed or built.

• These assets are typically recorded as a separate category on the balance sheet until they are completed and ready for use.

• Examples include buildings, machinery, and infrastructure projects that are still in the

Asset revaluation is the process of adjusting the value of assets on a company's balance sheet to reflect their current market value.

• Asset revaluation is typically done to ensure that the assets are not carried on the balance sheet at a value that is significantly different from their current market value.

• Revaluation can result in an increase or decrease in the value of assets, which can impact the company's financial ...read more

The accounting cycle is the process of recording, summarizing, and analyzing financial transactions of a business.

• The accounting cycle typically includes steps such as journalizing transactions, posting to the general ledger, preparing trial balances, adjusting entries, preparing financial statements, and closing entries.

• P2P cycle refers to the procure-to-pay process, which involves purchasing goods or services, receiv...read more