30+ Industrial Trainee Interview Questions and Answers

GST does not cover petroleum products, alcohol, and electricity to avail ITC.

• Petroleum products

• Alcohol

• Electricity

The rate of TDS to deduct under contract payments varies depending on the nature of the contract and the payment amount.

• For individuals and HUFs, the TDS rate is 1% if the payment exceeds Rs. 50 lakhs in a financial year.

• For other entities, the TDS rate is 2% if the payment exceeds Rs. 50 lakhs in a financial year.

• If the payee does not provide their PAN, the TDS rate is 20%.

• If the payee provides a false PAN, the TDS rate is 20%.

• If the payee does not provide their Aadhaar numb...read more

VLOOKUP is a function in Excel used to search for a specific value in a table and return a corresponding value.

• Syntax: VLOOKUP(lookup_value, table_array, col_index_num, [range_lookup])

• lookup_value: the value to search for in the first column of the table

• table_array: the range of cells that contains the table

• col_index_num: the column number in the table from which to return a value

• range_lookup: optional argument that specifies whether to find an exact match or an approximate m...read more

Outstanding liability journal entry is a debit to the expense account and a credit to the liability account.

• Outstanding liability refers to the amount of money a company owes to its creditors or suppliers but has not yet paid.

• The journal entry for outstanding liability involves debiting the expense account and crediting the liability account.

• For example, if a company owes $10,000 to its supplier but has not yet paid, the journal entry would be a debit of $10,000 to the expens...read more

GST returns are periodic filings of tax returns by registered taxpayers under GST. There are various types of GST returns with different due dates.

• GSTR-1: Monthly return for outward supplies - 11th of the next month

• GSTR-3B: Monthly summary return - 20th of the next month

• GSTR-4: Quarterly return for composition scheme taxpayers - 18th of the next month after the quarter

• GSTR-5: Return for non-resident foreign taxpayers - 20th of the next month

• GSTR-6: Return for input service di...read more

Section 194C of Income Tax Act deals with TDS for contract payments.

• Section 194C applies to payments made to contractors and sub-contractors.

• TDS is deducted at a rate of 1% for individuals and HUFs, and 2% for others.

• If the payment exceeds Rs. 30,000 in a single transaction or Rs. 1,00,000 in a year, TDS is applicable.

• The TDS deducted must be deposited with the government and a TDS certificate must be issued to the payee.

CWIP stands for Capital Work in Progress. It is reported in the financial statement as a separate line item under Fixed Assets.

• CWIP represents the cost of assets that are under construction or in the process of being installed.

• It includes expenses such as labor, materials, and overheads.

• Once the asset is completed, it is transferred to the appropriate fixed asset category.

• CWIP is reported in the balance sheet as a separate line item under Fixed Assets.

• It is important to monit...read more

5S is a workplace organization method that aims to improve efficiency and productivity by maintaining cleanliness and orderliness.

• 5S stands for Sort, Set in Order, Shine, Standardize, and Sustain.

• Sort involves removing unnecessary items from the workplace.

• Set in Order involves organizing the remaining items in a logical and efficient manner.

• Shine involves cleaning and maintaining the workplace.

• Standardize involves creating and implementing standard procedures for maintaining ...read more

Convert department names to uppercase in Excel

• Select the column containing department names

• Click on the 'Home' tab in the Excel ribbon

• Click on the 'Uppercase' button in the 'Font' section

• Alternatively, use the 'UPPER' function in a new column to convert text to uppercase

Calculate GST amount from given data using Excel.

• Open Excel and enter the data in a table format

• Use the formula =Amount*(GST%)/100 to calculate GST amount

• Ensure that the cell format is set to currency

• Repeat the formula for all rows in the table

• Sum up the GST amount column to get the total GST amount

TDS stands for Tax Deducted at Source and is a mechanism to collect income tax in India.

• TDS is deducted by the payer at the time of making payment to the payee.

• The deducted amount is then deposited with the government on behalf of the payee.

• TDS is applicable on various types of payments such as salary, interest, rent, commission, etc.

• The rate of TDS varies depending on the type of payment and the income slab of the payee.

• The payee can claim credit for the TDS deducted while f...read more

Preparing a budget involves forecasting income and expenses, while analysis involves comparing actual results to the budget.

• Identify all sources of income and expenses

• Forecast income and expenses for the budget period

• Allocate funds to different categories based on priority

• Regularly monitor actual results and compare to the budget

• Adjust the budget as necessary based on actual results

Golden Rules of Accounting are basic principles to prepare financial statements.

• Debit the receiver, credit the giver

• Debit what comes in, credit what goes out

• Debit all expenses and losses, credit all incomes and gains

• These rules are used to maintain the accuracy and consistency of financial records

• For example, if a company purchases inventory on credit, the inventory account will be debited and the accounts payable account will be credited

ITC stands for Input Tax Credit in GST.

• ITC is a mechanism to avoid cascading effect of taxes.

• It allows businesses to claim credit for taxes paid on inputs used in production.

• ITC can be claimed only if the supplier has filed their GST returns.

• ITC cannot be claimed for personal or non-business expenses.

• For example, if a manufacturer buys raw materials worth Rs. 10,000 and pays Rs. 1,800 as GST, they can claim ITC of Rs. 1,800 and reduce their tax liability.

• ITC can be claimed fo...read more

Kaizen is a Japanese term meaning continuous improvement.

• Kaizen involves making small, incremental changes to improve processes and increase efficiency.

• It is a key principle of the Toyota Production System and is widely used in manufacturing and other industries.

• Kaizen encourages employee involvement and empowerment, as they are often the ones who identify areas for improvement.

• Examples of kaizen include reducing waste, improving quality, and streamlining processes.

• Kaizen is ...read more

I approach difficult software problems by breaking them down, using debugging tools, seeking help from colleagues, and testing solutions.

• Break down the problem into smaller parts to identify the root cause

• Use debugging tools like breakpoints, logging, and profiling to track down issues

• Collaborate with colleagues or online communities for fresh perspectives and solutions

• Test potential solutions systematically to verify effectiveness

Multithreading is the ability of a CPU to execute multiple threads concurrently, allowing for improved performance and responsiveness.

• Multithreading allows multiple threads to run concurrently within the same process.

• Each thread has its own stack and program counter, but shares the same memory space.

• Multithreading can improve performance by utilizing multiple CPU cores efficiently.

• Examples of multithreading include web servers handling multiple client requests simultaneously ...read more

High quality of Industrial Training involves hands-on experience, mentorship, practical skills development, and exposure to real-world industry practices.

• Hands-on experience in working with industry-specific tools and equipment

• Mentorship from experienced professionals in the field

• Practical skills development through real-world projects and tasks

• Exposure to industry best practices and current trends

• Opportunities for networking and building professional relationships

• Feedback an...read more

AS refers to Accounting Standards issued by ICAI, while IND AS refers to Indian Accounting Standards converged with IFRS.

• AS are the accounting standards issued by the Institute of Chartered Accountants of India (ICAI) for financial reporting in India.

• IND AS are the Indian Accounting Standards converged with the International Financial Reporting Standards (IFRS).

• AS are mandatory for certain entities in India, while IND AS are applicable to specific classes of companies.

• AS are ...read more

To change the date format to D-MM-YYYY, use the format function in the programming language of your choice.

• Use the format function to specify the desired format

• In Python: date.strftime('%d-%m-%Y')

• In JavaScript: date.toLocaleDateString('en-GB', {day: 'numeric', month: 'numeric', year: 'numeric'})

• In SQL: CONVERT(VARCHAR(10), date, 105)

Assessing credit worthiness involves analyzing financial statements, credit history, industry trends, and management capabilities.

• Review financial statements such as balance sheets, income statements, and cash flow statements to assess profitability, liquidity, and solvency.

• Evaluate credit history by checking payment records, outstanding debts, and credit scores.

• Consider industry trends and economic conditions that may impact the company's ability to repay debts.

• Assess manage...read more

Here are five famous chefs:

• Gordon Ramsay - Known for his fiery personality and Michelin-starred restaurants

• Julia Child - Pioneer of French cuisine in America and author of 'Mastering the Art of French Cooking'

• Jamie Oliver - British chef and TV personality, known for his advocacy of healthy eating

• Anthony Bourdain - Renowned chef, author, and TV host, famous for his culinary adventures

• Massimo Bottura - Italian chef and owner of Osteria Francescana, one of the world's best resta...read more

Yes, I found that the company's inventory management system was inefficient.

• Identified inefficiencies in inventory management system

• Suggested implementation of new system to improve efficiency

• Assisted in implementation and training of new system

Cycle time is the time taken to complete a process or task from start to finish.

• It is a measure of efficiency and productivity.

• It can be calculated by dividing the total production time by the number of units produced.

• Reducing cycle time can lead to cost savings and increased customer satisfaction.

• Examples include the time it takes to manufacture a product, process an order, or complete a service.

A vernier caliper is a measuring tool used to measure the internal and external dimensions of an object with high accuracy.

• Consists of two jaws, one fixed and one movable

• Has a main scale and a vernier scale for precise measurements

• Can measure up to 6 inches or 150 millimeters

• Used in industries such as engineering, machining, and metalworking

I possess strong analytical skills and adaptability, but I sometimes struggle with time management under pressure.

• Strength: Strong analytical skills - I excel at breaking down complex problems and finding effective solutions, as demonstrated in my project work.

• Strength: Adaptability - I quickly adjust to new environments and challenges, which helped me thrive during my internship in a fast-paced setting.

• Weakness: Time management - I occasionally find it challenging to priorit...read more

ARR stands for Accounting Rate of Return, which is a financial ratio used to evaluate the profitability of an investment.

• ARR is calculated by dividing the average accounting profit by the initial investment.

• Formula: ARR = Average Accounting Profit / Initial Investment

• ARR is expressed as a percentage.

• ARR helps in determining the profitability of an investment project.