10+ Ferraria metal Industries Interview Questions and Answers

Ind AS 115 is a revenue recognition standard that outlines a five step model for recognizing revenue from contracts with customers.

• Ind AS 115 is based on the principle that revenue should be recognized when goods or services are transferred to the customer at the amount the entity expects to be entitled to.

• The five step model includes: identifying the contract with the customer, identifying the performance obligations in the contract, determining the transaction price, alloca...read more

IFC stands for Incremental File Change. It is a method used in software development to track changes in files over time.

• IFC is commonly used in version control systems like Git to track changes made to files.

• It allows developers to see the history of changes, revert to previous versions, and collaborate with others on the same codebase.

• Practical examples of using IFC include committing code changes to a Git repository, creating branches, and merging code changes.

AS 9 and Ind AS 115 are accounting standards related to revenue recognition, with Ind AS 115 being more comprehensive and principles-based.

• AS 9 is the old Indian Accounting Standard related to revenue recognition, while Ind AS 115 is the new converged Indian Accounting Standard based on IFRS 15.

• AS 9 follows the percentage of completion method for revenue recognition, whereas Ind AS 115 follows a five-step model approach.

• Ind AS 115 provides more detailed guidance on how to rec...read more

The question covers various topics related to auditing and accounting.

• Schedule 3 amendments refer to changes made in the Companies Act, 2013.

• Caro 2020 is the Companies (Auditor's Report) Order, 2020 which outlines the format and content of the auditor's report.

• Stock audit involves verifying the physical existence and valuation of inventory.

• Auditing rental and housekeeping expenses involves checking the accuracy and completeness of records and ensuring compliance with accounti...read more

CARO (Companies Auditor's Report Order) has undergone major changes to enhance transparency and accountability in financial reporting.

• CARO 2020 has expanded the scope of reporting requirements for auditors.

• It now includes reporting on various additional matters such as internal financial controls, default in repayment of loans, frauds, etc.

• The threshold limits for reporting on related party transactions have been revised.

• Auditors are now required to provide specific details a...read more

Logistic regression is used for classification while linear regression is used for regression. Threshold is decided based on the problem.

• Logistic regression predicts the probability of an event occurring, while linear regression predicts a continuous outcome.

• Logistic regression uses a sigmoid function to map the predicted values between 0 and 1.

• Linear regression uses a linear equation to model the relationship between the independent and dependent variables.

• The threshold in l...read more

Ind AS 116 and AS 17M are accounting standards related to lease accounting, with Ind AS 116 being the updated version of AS 17M.

• Ind AS 116 is the updated version of AS 17M, which deals with lease accounting.

• Ind AS 116 requires lessees to recognize most leases on their balance sheets, while AS 17M allows for off-balance sheet treatment in certain cases.

• Under Ind AS 116, lessees must recognize a right-of-use asset and a lease liability for almost all leases, while AS 17M allows...read more

The evaluation metric for a problem is decided based on the specific goals and requirements of the problem.

• Consider the problem's objective: classification, regression, clustering, etc.

• Understand the business or research context to determine the most relevant metric.

• Evaluate the metric's suitability: sensitivity to class imbalance, interpretability, etc.

• Choose a metric that aligns with the problem's priorities and constraints.

• Common evaluation metrics: accuracy, precision, re...read more

My daily prime activities include managing schedules, coordinating meetings, handling correspondence, and assisting with projects.

• Creating daily to-do lists and prioritizing tasks

• Scheduling meetings and appointments

• Coordinating travel arrangements

• Handling phone calls and emails

• Assisting with project research and preparation

• Organizing files and documents

Regression statistics explain relationships between variables in a dataset.

• Regression statistics help in understanding the relationship between a dependent variable and one or more independent variables.

• It provides information on the strength and direction of the relationship.

• Common regression statistics include R-squared, coefficients, p-values, and standard errors.

• Regression analysis can be used to make predictions based on the relationships identified.

BRD focuses on business requirements, while FRD focuses on functional requirements.

• BRD (Business Requirements Document) outlines the business objectives and goals that the project aims to achieve.

• FRD (Functional Requirements Document) details the specific functions and features that the system must have to meet the business requirements.

• BRD is more high-level and focuses on the 'what' of the project, while FRD is more detailed and focuses on the 'how'.

• BRD is created before FR...read more