Automotive Stampings and Assemblies Interview Questions and Answers

Question 1

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Q1. What is Depreciation. Can an organisation change its method of Depreciation. How?

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Depreciation is the decrease in value of an asset over time. Yes, an organization can change its method of depreciation.

Depreciation is a method of allocating the cost of a tangible asset over its useful life
It is used to reflect the decrease in value of an asset over time due to wear and tear, obsolescence, or other factors
An organization can change its method of depreciation by making adjustments to its accounting policies and procedures
For example, an organization may swit...read more

Question 2

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Yes, a company can give loans to other corporates.

Companies can give loans to other corporates as a form of investment.
The terms and conditions of the loan are usually outlined in a loan agreement.
The loan can be secured or unsecured, depending on the agreement.
The interest rate and repayment schedule are also agreed upon in the loan agreement.
Examples of companies giving loans to other corporates include banks, financial institutions, and private equity firms.

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Job change is a career move that allows an individual to gain new experiences, skills, and opportunities for growth.

Job change can provide a higher salary or better benefits
Job change can offer a chance to work in a different industry or with different people
Job change can help an individual develop new skills and gain valuable experience
Job change can provide opportunities for career advancement
Job change can help an individual find a better work-life balance

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Section 2(22)(e) refers to the definition of 'Deemed Dividend' under the Income Tax Act.

It is a provision under the Income Tax Act, 1961.
It defines certain payments made by a company to its shareholders as deemed dividends.
These payments are treated as dividends for tax purposes and are taxed accordingly.
Examples of deemed dividends include distribution of accumulated profits, loans or advances given to shareholders, etc.

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Financial liabilities are obligations that a company owes to others and must be paid back in the future.

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Deferred tax is a liability or asset that arises from temporary differences between accounting and tax rules.

Deferred tax is a result of differences between the way a company accounts for income and expenses and the way it is taxed.
It can be a liability or an asset depending on whether the tax rate is higher or lower than the accounting rate.
Deferred tax liabilities arise when a company has paid less tax than it owes, while deferred tax assets arise when a company has paid mo...read more