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

Yes, the subtotal of values given in the excel sheet can be calculated using formulas.

• Use the SUM function to add up a range of cells

• Use the SUBTOTAL function to add up a range of cells while ignoring hidden rows

• Make sure to select the correct range of cells for accurate subtotals

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

MAT is Minimum Alternate Tax which is a tax levied on companies that have zero or low tax liabilities.

• MAT is applicable to companies that have claimed deductions and exemptions, resulting in zero or low tax liabilities.

• MAT rate is 18.5% of book profits.

• MAT credit can be carried forward for up to 15 years.

• MAT reporting is done in the financial statement under the head 'Provisions and Contingencies'.

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

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

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

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

Yes, there are several industrial chemistry works in Cuddalore.

• Cuddalore Chemicals Limited is a major chemical manufacturing company in the area

• Tamil Nadu Petroproducts Limited also has a plant in Cuddalore

• Several other small and medium scale chemical industries are present in the region

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

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

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.

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

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

My favorite Ind AS is Ind AS 115, Revenue from Contracts with Customers.

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

• It outlines the principles that an entity should apply to measure and recognize revenue.

• The standard also requires enhanced disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers.

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.

Component approach is a software development methodology where the system is divided into smaller components that can be developed and tested independently.

• Components are independent and reusable units of software

• Each component has well-defined interfaces for communication with other components

• Components can be developed, tested, and maintained separately

• Example: React.js uses a component-based architecture for building user interfaces

Canberra is the capital of Australia.

• Canberra is located in the Australian Capital Territory.

• It was chosen as the capital in 1908.

• Sydney and Melbourne were both contenders for the capital city.

• Canberra is home to many important government buildings and institutions.

My area of interest is in data analysis and machine learning.

• I have experience in programming languages such as Python, R, and SQL.

• I have worked on projects involving data cleaning, visualization, and predictive modeling.

• I am interested in exploring new algorithms and techniques in machine learning.

• I enjoy solving complex problems using data-driven approaches.