Finance Trainee

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Finance Trainee Interview Questions and Answers for Freshers

Updated 10 Aug 2024

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Q1. How can internal control be implemented in a company?

Ans.

Internal control can be implemented in a company through various measures such as segregation of duties, regular audits, and implementing policies and procedures.

  • Segregation of duties to prevent fraud and errors

  • Regular audits to ensure compliance with policies and procedures

  • Implementing policies and procedures to guide employees on proper conduct and processes

  • Establishing a system of checks and balances to monitor and review financial transactions

  • Training employees on interna...read more

Q2. How to calculate Cash flow from Operating Activities?

Ans.

Cash flow from operating activities is calculated by adjusting net income for non-cash items and changes in working capital.

  • Start with net income from the income statement

  • Add back non-cash expenses like depreciation and amortization

  • Adjust for changes in working capital items like accounts receivable, accounts payable, and inventory

  • Subtract any non-operating gains or losses

  • Example: Cash flow from operating activities = Net income + Depreciation - Change in accounts receivable ...read more

Q3. What is unbilled revenue.

Ans.

Unbilled revenue is revenue that has been earned but not yet invoiced to the customer.

  • Unbilled revenue is also known as accrued revenue or deferred revenue.

  • It is common in industries where services are provided over a period of time, such as consulting or software development.

  • Unbilled revenue is recorded as a liability on the balance sheet until an invoice is issued.

  • Once an invoice is issued, the unbilled revenue is recognized as revenue on the income statement.

  • For example, a...read more

Q4. Budget and types of budget

Ans.

Budget is a financial plan that outlines expected income and expenses. Types include static, flexible, and rolling budgets.

  • Budget is a financial plan that helps organizations allocate resources and achieve their goals.

  • Static budget is a fixed budget that remains unchanged regardless of actual sales or production.

  • Flexible budget adjusts to changes in sales or production levels.

  • Rolling budget is a continuous budget that is updated regularly throughout the year.

  • Other types of bu...read more

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Q5. Types of Financial Statements.

Ans.

Financial statements are documents that provide information about a company's financial performance and position.

  • Income Statement: Shows a company's revenues and expenses over a specific period of time.

  • Balance Sheet: Provides a snapshot of a company's assets, liabilities, and equity at a specific point in time.

  • Cash Flow Statement: Details the cash inflows and outflows of a company during a specific period.

  • Statement of Changes in Equity: Shows the changes in equity of a compan...read more

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Lactalis India
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