Financial Operations Analyst

Financial Operations Analyst Interview Questions and Answers

Updated 6 Oct 2022

Q1. Ind as 116 and AS 17? What was in lease accounting before Ind as and after Ind as

Ans.

Ind AS 116 and AS 17 are accounting standards related to lease accounting.

Ind AS 116 is the Indian Accounting Standard for lease accounting, which was introduced in 2019.
AS 17 is the Accounting Standard for lease accounting issued by the Institute of Chartered Accountants of India (ICAI).
Before Ind AS, lease accounting in India followed AS 17, which required lessees to classify leases as either finance leases or operating leases.
Under AS 17, finance leases were capitalized on...read more

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Q2. Ind as 115 case study and journal entries of deferred revenue

Ans.

Ind AS 115 deals with revenue recognition and deferred revenue. Journal entries are made to record deferred revenue.

Ind AS 115 provides guidelines for recognizing revenue from contracts with customers.
Deferred revenue is recognized when a company receives payment for goods or services that have not yet been delivered.
Journal entries for deferred revenue involve debiting cash or accounts receivable and crediting deferred revenue.
As goods or services are delivered, deferred rev...read more

Q3. Difference between provision and accrual, prepaid and deferred, occural and accured.

Ans.

Provision is an estimated expense, accrual is a recognized expense. Prepaid is paid in advance, deferred is paid later. Occural is a typo, accrued is recognized expense.

Provision is an estimated expense that is recognized in the financial statements. Accrual is a recognized expense that has been incurred but not yet paid.
Prepaid refers to an expense that has been paid in advance, such as prepaid rent. Deferred refers to an expense that has been incurred but not yet paid, such...read more

Q4. What is derivative,types, journal entries.

Ans.

A derivative is a financial contract whose value is derived from an underlying asset or group of assets.

Types of derivatives include futures, options, swaps, and forwards.
Journal entries for derivatives depend on the type of derivative and the accounting method used.
For example, a futures contract may require a debit to the futures margin account and a credit to the cash account.
A swap may require a debit to the interest expense account and a credit to the interest payable ac...read more

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Q5. What is impairment? Pass JE

Ans.

Impairment is a reduction in the value of an asset due to a decrease in its usefulness or market value.

Impairment is a common accounting practice used to reflect the decrease in value of an asset.
It is usually caused by a decrease in the asset's usefulness or market value.
Impairment can be temporary or permanent, and it is important to assess the asset's recoverable amount before recognizing the impairment loss.
Examples of assets that can be impaired include property, plant, ...read more