Wipro Assistant Manager Finance & Accounts Interview Questions and Answers

Budgeting is the process of creating a plan to manage income and expenses over a specific period of time.

• Involves estimating income and expenses

• Setting financial goals

• Monitoring actual performance against the budget

• Adjusting the budget as needed

• Common types include operating budgets, capital budgets, and cash budgets

Forecasting is the process of making predictions about future trends based on past and present data.

• Forecasting involves analyzing historical data to identify patterns and trends

• Different methods such as qualitative and quantitative analysis can be used for forecasting

• Common techniques include time series analysis, regression analysis, and econometric modeling

• Forecasting helps businesses make informed decisions and pla...read more

Revenue recognition is the process of recording revenue in a company's financial statements when it is earned.

• Revenue is recognized when it is realized or realizable and earned, regardless of when cash is received.

• It is important to match revenues with expenses in the period they are incurred to accurately reflect the financial performance of a company.

• Different industries may have specific guidelines for revenue recog...read more

Assets are recognized in the balance sheet to reflect the company's resources and their value, while depreciation is recorded to allocate the cost of assets over their useful life.

• Assets are recognized in the balance sheet to show the company's resources and their value.

• Depreciation is recorded to allocate the cost of assets over their useful life.

• Recognizing assets and depreciating them helps in accurately reflecting ...read more

Contingent liabilities are potential liabilities that may arise in the future depending on the outcome of certain events.

• Contingent liabilities are not recorded on the balance sheet but disclosed in the footnotes.

• They are dependent on a future event occurring or not occurring.

• Examples include lawsuits, warranties, and guarantees.

• If the contingent liability is probable and the amount can be estimated, it should be recor

Provision is an amount set aside in financial statements to cover anticipated future expenses or losses.

• Provision is a liability that is recognized on the balance sheet.

• It is used to account for potential future expenses or losses that are uncertain but likely to occur.

• Examples of provisions include bad debt provisions, warranty provisions, and restructuring provisions.

Experienced finance executive with a strong background in financial analysis and strategic planning.

• Over 10 years of experience in finance roles

• Expertise in financial modeling and forecasting

• Proven track record of driving profitability and growth

• Strong leadership and communication skills

• Previously worked as a Finance Manager at XYZ Company

Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions of a business.

• Accounting involves recording financial transactions such as sales, purchases, and expenses.

• It includes summarizing the financial data into financial statements like balance sheets and income statements.

• Accounting also involves analyzing the financial information to provide insights for decision-making.

• Rep...read more

Management fee is typically calculated as a percentage of assets under management.

• Management fee is usually calculated as a percentage of the total assets under management.

• The percentage can vary depending on the investment firm and the type of assets being managed.

• For example, a management fee of 1% means that the investor pays 1% of their total assets as a fee each year.

• Management fees are typically charged annually ...read more

Types of derivatives include options, futures, forwards, and swaps.

• Options: Contracts that give the holder the right, but not the obligation, to buy or sell an asset at a specified price before or on a specified date.

• Futures: Contracts that obligate the buyer to purchase an asset or the seller to sell an asset at a predetermined future date and price.

• Forwards: Similar to futures, but customized contracts traded over-th...read more

Types of insurance include health, life, auto, home, and disability insurance.

• Health insurance covers medical expenses

• Life insurance provides financial protection to beneficiaries in case of death

• Auto insurance covers damages and liabilities related to vehicles

• Home insurance protects against damages to the home and belongings

• Disability insurance provides income replacement in case of disability