Cost and Management Accountant Interview Questions and Answers

Explanation of BOM, its use, role of cost accountant in industry, and marginal costing.

• BOM stands for Bill of Materials, which is a list of all the raw materials, components, and sub-assemblies required to manufacture a product.

• It helps in determining the cost of production and managing inventory levels.

• Cost accountants play a crucial role in analyzing and controlling costs in the manufacturing process.

• Marginal costing is a technique used to determine the cost of producing an...read more

Ind AS 115 is relevant to revenue recognition

• Ind AS 115 is a new revenue recognition standard introduced by the Institute of Chartered Accountants of India (ICAI)

• It provides a single, comprehensive framework for revenue recognition across all industries

• It replaces the previous revenue recognition standards, including Ind AS 18 and Ind AS 11

• It requires companies to recognize revenue when control of goods or services is transferred to the customer, rather than when risks and re...read more

Ind AS 115 replaced AS 9.

• Ind AS 115 is the new revenue recognition standard in India.

• It replaced AS 9, which was the previous standard for revenue recognition.

• Ind AS 115 is based on the IFRS 15 standard.

• It provides a single, comprehensive framework for revenue recognition across all industries.

• The new standard requires companies to recognize revenue when control of goods or services is transferred to the customer.

• It also requires more extensive disclosures about revenue recog...read more

Ind AS 115 is a new revenue recognition standard that replaces existing revenue recognition standards.

• Ind AS 115 provides a single, comprehensive revenue recognition model for all contracts with customers.

• It requires companies to recognize revenue when control of goods or services is transferred to the customer.

• The standard also requires companies to disclose more information about their revenue recognition policies and the nature of their contracts with customers.

• Ind AS 115 ...read more

I have 3 years of experience in SAP implementation and customization.

• Implemented SAP modules such as FI, CO, MM, and SD.

• Customized SAP reports and forms using ABAP programming language.

• Trained end-users on SAP functionalities and provided support.

• Worked on SAP upgrades and system maintenance.

• Collaborated with cross-functional teams to ensure successful SAP implementation.