Vee Gee Auto Components Interview Questions and Answers

Online assessment (Technical, English, Reasoning)

Q1. Difference between Balance sheet and trial balance
Ans. 
Balance sheet shows assets, liabilities, and equity at a specific point in time. Trial balance lists all ledger accounts with their balances.
• Balance sheet is a snapshot of a company's financial position at a specific point in time.

• Trial balance is a list of all ledger accounts with their balances to ensure debits equal credits.

• Balance sheet includes assets, liabilities, and equity sections.

• Trial balance is used to prep...read more
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Q2. Standard costing formula
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Standard costing formula calculates the expected cost of a product based on predetermined standards.
• Standard costing formula includes direct materials, direct labor, and overhead costs.

• It helps in comparing actual costs with standard costs to identify variances.

• Formula: Standard Cost = Standard Quantity of Inputs x Standard Price of Inputs
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Q3. Journal entries for Prepaid Accruals Depreciation with accumulated depreciation concept Provision for Bad debts DTA and DTL
Ans. 
Explanation of journal entries for Prepaid, Accruals, Depreciation, Provision for Bad debts, DTA, and DTL.
• Prepaid expenses are initially recorded as assets and then expensed over time as they are used up.

• Accruals are expenses incurred but not yet paid or revenue earned but not yet received.

• Depreciation is the allocation of the cost of a fixed asset over its useful life, with accumulated depreciation representing the to...read more
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Q4. Case study on Ind AS 115
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Q5. Preparation of balance sheet and computation of various ratios
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Preparation of balance sheet involves listing assets, liabilities, and equity. Ratios are computed using financial data from the balance sheet.
• List all assets, liabilities, and equity on the balance sheet

• Calculate various financial ratios such as current ratio, debt to equity ratio, and return on equity

• Use formulae like Current Ratio = Current Assets / Current Liabilities

• Interpret the ratios to analyze the financial he
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Q6. Accounting principles
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Q1. What is DTA and DTL
Ans. 
DTA stands for Deferred Tax Asset and DTL stands for Deferred Tax Liability.
• DTA is an asset recorded on a company's balance sheet that may be used to reduce taxable income in the future.

• DTL is a liability recorded on a company's balance sheet that represents taxes that have been accrued but not yet paid.

• DTA arises when a company has overpaid taxes or has tax deductions that exceed its taxable income.

• DTL arises when a c...read more
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Q2. Accounting entry for accumulated depreciation
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Accumulated depreciation is a contra asset account that represents the total depreciation expense taken on an asset since it was acquired.
• Accumulated depreciation is recorded on the balance sheet as a reduction from the gross amount of fixed assets to arrive at the net book value.

• The accounting entry for accumulated depreciation involves debiting the depreciation expense account and crediting the accumulated depreciati...read more
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Q3. Few resume based questions
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Q4. Standard costing formula
Ans. 
Standard costing formula calculates the expected cost of a product based on predetermined standards.
• Standard costing formula = Standard cost of direct materials + Standard cost of direct labor + Standard manufacturing overhead cost

• Standard cost of direct materials = Standard quantity of materials x Standard price per unit

• Standard cost of direct labor = Standard hours of labor x Standard rate per hour

• Standard manufactur...read more
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Q5. Difference between budgeting and forecasting
Ans. 
Budgeting involves setting financial goals and allocating resources, while forecasting predicts future financial outcomes based on past data and trends.
• Budgeting is a plan for how to allocate resources and achieve financial goals

• Forecasting predicts future financial outcomes based on past data and trends

• Budgeting is typically done on an annual basis, while forecasting can be done on a shorter or longer term basis

• Budget...read more
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Q6. Meaning of variance analysis
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Variance analysis is a technique used to identify and analyze the difference between planned financial outcomes and actual results.
• Variance analysis helps in understanding the reasons for deviations from budgeted or expected figures.

• It involves comparing actual financial performance with budgeted or standard performance.

• Common types of variances include price variance, quantity variance, and mix variance.

• Variance analy...read more
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Q1. Basic question on the tool I use in previous company and ask question on the components of it.
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Q1. More on what is my role and managerial round.
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Q1. 2 hour long interview with a panel of 4. Possibly every single question that can be asked and repeatedly same things. They tried understanding the process and functions elaborately way too much which was ...read more
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Q1. Everything was already asked. But they need to drench and waste time of the candidate and themselves so they set up another round of technical to ask the same questions again and again.
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Process planning refers to the methodical approach of determining the best possible way to manufacture a product or deliver a service by considering various aspects such as resources, timelines, and methodologies involved in production or execution.

Q1. Explain about previous process
Ans. 
Implemented a new chemical process to increase efficiency and reduce waste.
• Researched and analyzed current process to identify areas for improvement

• Designed and tested new process using simulation software

• Collaborated with production team to implement changes and monitor results

• Achieved 20% increase in production output and 15% reduction in waste

• Continuously monitored and optimized process for further improvements
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Q2. Explain about my work experience
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Q3. Explain about my work standard
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Q4. Explain about my managing method
Ans. 
I utilize a combination of project management tools and communication strategies to effectively manage my team and projects.
• I prioritize tasks based on deadlines and importance

• I regularly communicate with team members to ensure everyone is on the same page

• I use project management software such as Trello or Asana to track progress and assign tasks

• I adapt my management style to fit the needs and preferences of individual
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Q5. Explain about my working style
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The Aptitude Test session accesses mathematical and logical reasoning abilities

Q1. What is Vlookup
Ans. 
Vlookup is a function in Excel used to search for a value in a table and return a corresponding value from another column.
• Vlookup stands for 'Vertical Lookup'

• It is commonly used in Excel to search for a value in the leftmost column of a table and return a value in the same row from a specified column

• Syntax: =VLOOKUP(lookup_value, table_array, col_index_num, [range_lookup])

• Example: =VLOOKUP(A2, B2:D10, 3, FALSE) - searc...read more
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Q2. Some IF else Question in Excel
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Q3. What does your day in your previous organization look like?
Ans. 
My day in my previous organization involved analyzing large datasets, creating reports, and presenting findings to stakeholders.
• Reviewing and cleaning large datasets to ensure accuracy

• Creating visualizations and reports to communicate insights

• Collaborating with team members to identify trends and patterns

• Presenting findings to stakeholders in meetings or presentations
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Q4. Could you share the technical skills you possess?
Ans. 
I possess strong technical skills in data analysis, including proficiency in programming languages, statistical analysis, and data visualization tools.
• Proficient in programming languages such as Python, R, SQL

• Skilled in statistical analysis and data modeling techniques

• Experience with data visualization tools like Tableau, Power BI

• Knowledge of machine learning algorithms and techniques
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Q5. Can you explain what a Pivot Table is?
Ans. 
A Pivot Table is a data summarization tool used in spreadsheet programs to analyze, summarize, and present data in a tabular format.
• Pivot tables allow users to reorganize and summarize selected columns and rows of data to obtain desired insights.

• Users can easily group and filter data, perform calculations, and create visualizations using pivot tables.

• Pivot tables are commonly used in Excel and other spreadsheet program...read more
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Q6. Find the Highest-paid employee in each department along with their salary and department name.
Ans. 
To find the highest-paid employee in each department, we need to group employees by department and then select the employee with the highest salary in each group.
• Group employees by department

• Find the employee with the highest salary in each group

• Retrieve the employee's name, salary, and department name
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