Finance Specialist Interview Questions and Answers

SEZ is a geographical region with special economic laws, while STPI is a scheme for IT companies to get tax benefits.

• SEZ stands for Special Economic Zone, which is a designated geographical region with special economic laws and incentives to promote foreign investment and exports.

• STPI stands for Software Technology Parks of India, which is a scheme for IT companies to set up their operations in designated areas and receive tax benefits.

• SEZs can be set up for various industrie...read more

Depreciation is the decrease in value of an asset over time due to wear and tear, obsolescence, or other factors.

• Depreciation is a method used in accounting to allocate the cost of an asset over its useful life.

• It is recorded as an expense on the income statement and reduces the value of the asset on the balance sheet.

• Examples of assets that can depreciate include buildings, vehicles, machinery, and computer equipment.

• Depreciation can be calculated using various methods such ...read more

O2C cycle is the process of receiving and fulfilling customer orders, while P2P cycle is the process of procuring goods and services from vendors.

• O2C cycle involves order entry, order processing, order fulfillment, and payment collection.

• P2P cycle involves requisition, purchase order creation, goods receipt, invoice receipt, and payment processing.

• Both cycles are important for the smooth functioning of a business and involve multiple departments such as sales, procurement, fi...read more

Financial statements are reports that provide an overview of a company's financial performance, while variance analysis compares actual results to budgeted or expected results.

• Financial statements include balance sheet, income statement, and cash flow statement

• Balance sheet shows assets, liabilities, and equity at a specific point in time

• Income statement shows revenues, expenses, and profit over a period of time

• Cash flow statement shows cash inflows and outflows

• Variance analy...read more