Accounts jobs interview questions and answers part 4

1. 
   jobs interview questions and answers
2. Question 91. What Is The Meaning Of Non Performing Assets?
   Answer :
   A non performing asset is one which does not earn any income. For example you have built a house consisting of 3 floors and the whole building is occupied by your family member and does not earn any rent, then this is called as a non performing asset.
   A non performing asset is a type of asset which does not earn any income and these asset unable to cover up the investment put into it to hold.
   If dues in the form of interest and principle are not paid by borrower for the period of 90 days then the assets is called as N.P.A.
3. Question 92. Explain Non Performing Asset?
   Answer :
   An asset or account of borrower,which has been classified by a bank or financial institution as sub-standard,doubtful or loss assets as per the guidelines issued by RBI.
   An Asset/Advance is considered as non-performing in cases if interest or installment of principal or both remain unpaid for more than two quarters in a financial year.
4. Question 93. What Experience Have You Had As A Cashier?
   Answer :
   Basically , almost all times, i must be in full of concentration.
   secondly, before cash paying and cash receiving we must count and give , at in any situation.
   Finally, quick listener, and speed and accuracy maintenance is very important.
5. Question 94. What Is The Difference Between The Different Depreciation Methods?
   Answer :
   Different Methods Of Dpn .

   Straight Line Method

   Diminishing Value Method

   Annuity Method

   Depletion Method

   Written Down value Method.
6. Question 95. After Run Depreciation I Have Forget Calculate Depreciation Of One Asset Then How To Calculate Depreciation Of That Asset?
   Answer :
   If u forgot depreciation we have to follow the preliminary principal of the depreciation. That is value of asset/life time of asset*100.
7. Question 96. What Are The Various Means Of Calculating Depreciation?
   Answer :
   1. Double declining method

   2. Units of production method

   3. Straight-line method

   4. Sum of year digit method

   Depreciation Fund Method Insurance Method Annuity Method.
8. Question 97. What Is The Difference Between Debenture Holders And Creditors?
   Answer :
   Debenture holder are those who provides long term loan at specific interest rate in term of cash and creditor provides only short term credit in term of cash for purchasing of goods.
9. Question 98. What Are Fixed Asset?
   Answer :
   fixed asset are assets which gives the business future benefit.
   Fixed assets are those which are tangible in nature and is not meant for sale in the near future and from which future benefits are derived.
   Fixed Assets are those which are tangible and used for running the day to day business which are owned. As they are utilized for business, we save a part of the profit earned in the business to replace these Assets when they worn out.
10. Question 99. What Is Bep?
    Answer :
    BEP- Break Event Point: It indicates no Loss and no Profit.
    The level of activity at which, total revenues equal total costs.

    A point at which there is no profit and no loss.
11. Question 100. Describe Some Of The Methods Used To Allocate Support Costs?
    Answer :
    Headcount or number of pc's per cost center.
12. Question 101. What Are Variable Costs?
    Answer :
    Variable costs are those that are directly proportionate with the quantity of production and or directly associated with the service.
13. Question 102. What Is Marginal Cost?
    Answer :
    The marginal cost of an additional unit of output is the cost of the additional inputs needed to produce that output. More formally, the marginal cost is the derivative of total production costs with respect to the level of output.
    Marginal cost and average cost can differ greatly. For example, suppose it costs $1000 to produce 100 units and $1020 to produce 101 units. The average cost per unit is $10, but the marginal cost of the 101st unit is $20.
    The Econ Model applications Perfect Competition and Monopoly emphasize the roles of average cost and marginal cost curves. The short movie Derive a Supply Curve (40 seconds) shows an excerpt from the Perfect Competition presentation that derives a supply curve from profit maximizing behavior and a marginal cost curve.
14. Question 103. Explain Cost Sheet?
    Answer :
    Cost sheet is a statement of cost for a product for given period of time.
15. Question 104. What Is The Difference Between Cost Accounting And Financial Accounting?
    Answer :
    One of the basic differences cost accounting is helpfully in controlling the cost of production whereas financial accounting is concerned is helpfully in determining financial position of a concern .
16. Question 105. What Are Fixed Costs?
    Answer :
    The costs that are fixed irrespective of production are fixed costs. EX: Rent, Depreciation.
    Fix cost is those cost who not change in any time whether the production done or not it similar charge in every organization ex- salary of labor, supervisor factory rent insurance etc.
17. Question 106. What Is Charge back?
    Answer :
    A process in the industry where a wholesaler requests an amount that is the difference between the manufacturer's price to the wholesaler and the contract price to the resale customer.
    The actual charge back  occurs when the wholesaler sells the manufacturer's product at contract price that is below wholesaler acquisition cost (WAC).
    Especially evident in pharmaceutical industry.

    In electronic commerce, a charge back is a reversal of a credit card transaction, which is usually initiated by the card issuer as requested by the cardholder. It may also be requested by the merchant. Charge backs usually occur due to fraudulent activity on the card (real or perceived), due to customer disputes, or from other authorization issues.
18. Question 107. What Is Cmmi?
    Answer :
    Capability Maturity Model Integration (CMMI) is a process improvement approach that provides organizations with the essential elements of effective processes.
    It can be used to guide process improvement across a project, a division, or an entire organization. CMMI helps integrate traditionally separate organizational functions, set process improvement goals and priorities, provide guidance for quality processes, and provide a point of reference for appraising current processes.
19. Question 108. What Is Cmm?
    Answer :
    CMM is an internationally recognized standard for measuring the maturity of an organization's software development processes and has become the primary benchmark multinational corporations use to judge IT service providers ' abilities to deliver high quality software. Bleum is now one of only a few companies in China to be assessed SEI CMM Level 5.
    The Capability Maturity Model (CMM) was developed under the guidance of the Software Engineering Institute (SEI) of Carnegie Mellon University in the U.S. It is organized into five maturity levels with SEI CMM Level 5 being the highest. By operating at this high a CMM level, customers ' benefit from Bleum's ability to consistently deliver high quality software on schedule, which ultimately results in a lower total cost of software ownership due to less rework and easier maintenance.
20. Question 109. Explain The Information About Cost Sheets?
    Answer :
    Cost sheet consists of the direct and indirect expenses incurred in producing a given product and classifying the expenses incurred according to office, administration, selling and distribution overheads.
21. Question 110. What Is The Marginal Cost?
    Answer :
    Marginal Cost (MC):

    The marginal cost of an additional unit of output is the cost of the additional inputs needed to produce that output. More formally, the marginal cost is the derivative of total production costs with respect to the level of output.
    Marginal cost and average cost can differ greatly. For example, suppose it costs $1000 to produce 100 units and $1020 to produce 101 units. The average cost per unit is $10, but the marginal cost of the 101st unit is $20.
    The Econ Model applications Perfect Competition and Monopoly emphasize the roles of average cost and marginal cost curves. The short movie Derive a Supply Curve (40 seconds) shows an excerpt from the Perfect Competition presentation that derives a supply curve from profit maximizing behavior and a marginal cost curve.
22. Question 111. Explain Some Of The Methods Used To Allocate Support Costs?
    Answer :
    Headcount or number of pc's per cost center.
23. Question 112. What Is The Difference Between Expenses And Expenditure?
    Answer :
    The difference between expenses and expenditure. Expense is the outflow from a profit oriented organization while expenditure is the outflow from non-profit organization.
24. Question 113. Tell Me About Your Experience In Cost Accounting?
    Answer :
    Referring any books or questions wont give any experience, here experience, i think means, the level or the grade of Cost A/C works done etc.
25. Question 114. Wat Is Bep In Cost Accounting?
    Answer :
    The level of activity at which total revenues equal total costs.
    A point at which there is no profit and no loss.
26. Question 115. What Are The Variable Costs?
    Answer :
    Variable costs are those that are directly proportionate with the quantity of production and or directly associated with the service.
    Variable costs are the costs that change depending on how many products you sell or how many services you provide.
27. Question 116. What Is The Cost Sheet?
    Answer :
    Cost sheet is a statement of cost for a product for given period of time.
28. Question 117. What Is Difference Between Cost Accounting And Financial Accounting?
    Answer :
    The difference between "cost accounting" and "financial accounting are terms refer to the accounting techniques used internally by a company's management to determine the costs of running the business and help in decision making. For example, reports that compare budgeted to actual expenses are commonly used to monitor the successful management of a specific department or store within a larger enterprise.
29. Question 118. What Is Cost Accounting?
    Answer :
    This can be described as the process of accumulating, measuring, analyzing, interpreting and reporting cost information that is both useful and relevant to the internal and external stakeholders of a business entity. External stakeholders are those who have a vested financial interest in a business or company. For example banks (loans), financial houses (mortgages), investors (investments), etc. Internal stakeholders are the business or company directors, managers, division heads, etc.
    One of the many benefits of cost accounting is that it turns data into information, knowledge and wisdom about a business entity's operations that is useful for:

    ► measuring performance

    ► reducing or managing costs

    ► determining the fees or prices for goods and services

    ► deciding to authorize, modify or discontinue a program or activity.
30. Question 119. What Are The Basic Principles Of An Internal Audit Control system?
    Answer :
    The basic principles of financial internal control are explained below:Financial and accounting operations must be separated that is the handling of cash and the recording of the movement thereof should be done by different persons. Responsibility for the performance of the job must be clearly stated so that there may be no room for doubt or confusion subsequently.
    Too much confidence should not be pinned in one individual. Nearly all frauds have been committed by trusted officials or employees. It is interesting to note that frauds have occurred owing to their being trusted. Relation principle relating to transfer of an employee from one job to another should be the inflexible guiding rule. This is an effective safeguard against collusion and is recognized as an important canon of sound organization.
    Mechanization of the work wherever feasible and practicable should be resorted to, mechanical devices such as cash register, recording time clocks, calculation machines should be introduced. A system of control accounts should elegantly be fitted in the book keeping system.
    The work should be so arranged that work done by one employee should be properly checked by independent employee. Such continuous and constant checking goods moral control and the errors and the frauds cannot go undetected.
31. Question 120. Whats Are The Importance Of Evaluating An Internal Audit Department?
    Answer :
    Significance of Internal Auditing:
    Internal auditing refers to an assessment activity managed within a corporation as a check to the entity. Its main function is to monitor control within the corporation.
    The task of internal auditing is determined by organization itself, and its goals differ from those of the external auditor who is appointed to report independently.
    The depth and goals of internal auditing vary widely and depend on the volume and structure of the body and the requirements of its administration. Ordinarily, the importance of internal auditing can be seen by one or more of the following:
    ► Implementing and monitoring of sufficient internal control. That is the duty of management that demands proper attention on a permanent basis. Internal auditors are ordinarily assigned definite task by management for reviewing controls, monitoring their function and suggesting improvements for them.

    ► Inspection of monetary and operational information. This may include review of the means used to recognize, determine, categorize and report such information and definite inquiry into individual items as well as in depth testing of balances, transactions and procedures.

    ► Review of the economy, effectiveness and efficiency of operations including non-financial controls of the corporation.

    ► Review of fulfillment of laws, regulations and other external requirements and compliance with administration policies and commands.