Questions in: Corporate/Business Roles

Right Answer:
IRR, or Internal Rate of Return, is the discount rate that makes the net present value (NPV) of a project or investment equal to zero. It represents the expected annual rate of return on an investment.

Right Answer:
Impairment of assets occurs when the carrying value of an asset exceeds its recoverable amount, indicating that the asset is no longer worth its recorded value on the balance sheet.

Right Answer:
We revalue assets to reflect their current market value, ensure accurate financial reporting, comply with accounting standards, and provide a more realistic view of a company's financial position.

Right Answer:
Tax matters involving Income Tax and Service Tax refer to the assessment, compliance, and reporting of taxes owed by individuals and businesses based on their income and services provided. Income Tax is levied on earnings, while Service Tax is charged on services rendered. Internal auditors review these tax matters to ensure accurate reporting and compliance with tax laws.

Right Answer:
Costing basics refer to the methods and processes used to determine the total costs associated with producing a product or providing a service. This includes direct costs like materials and labor, as well as indirect costs like overhead. Common costing methods include job costing, process costing, and activity-based costing.

Right Answer:
A budget is a financial plan that outlines expected income and expenses over a specific period, helping to manage resources and achieve financial goals.

Right Answer:
I have [insert number] years of experience in accounts and finance, including MIS and budgeting.

Right Answer:
To query for TDA (Tax Deducted at Source), Service Tax, and VAT (Value Added Tax), you can use the following SQL structure:

```sql
SELECT
transaction_id,
tax_type,
amount
FROM
tax_records
WHERE
tax_type IN ('TDA', 'Service Tax', 'VAT');
```

This query retrieves the transaction ID, tax type, and amount for records related to TDA, Service Tax, and VAT from the `tax_records` table.

Right Answer:
Cost refers to the value of resources used to produce goods or services, including expenses such as materials, labor, and overhead. It is essential for determining pricing, profitability, and financial planning.

Right Answer:
Budgeting is the process of estimating and planning for future income and expenses to achieve specific financial goals.

Right Answer:
Yes, I can visit any restaurant.

Right Answer:
The percentage deducted in FP (Fixed Price) contracts typically ranges from 10% to 20%, depending on the specific terms agreed upon.

Right Answer:
I am interested in your company because of its strong reputation in the industry, commitment to innovation, and focus on customer satisfaction. I admire your values and believe my skills align well with your goals, allowing me to contribute effectively to your team.

Right Answer:
Cost accounting is a method used to track, record, and analyze costs associated with a company's operations. It helps in budgeting, controlling costs, and making informed financial decisions.

Right Answer:
Budgeting for accounts involves estimating future financial needs and allocating resources accordingly. It includes setting spending limits, forecasting revenues, and monitoring expenses to ensure financial goals are met.

Right Answer:
The General Ledger is a complete record of all financial transactions of a company, organized by accounts. It serves as the main accounting record, summarizing all financial data for reporting and analysis, including assets, liabilities, equity, revenues, and expenses.

Right Answer:
Leverage social media, create engaging content, network with influencers, utilize free online tools, participate in community events, and focus on word-of-mouth referrals.

Right Answer:
Job Order Costing.

Right Answer:
Contribution margin is the difference between sales revenue and variable costs. It represents the amount available to cover fixed costs and generate profit.

Right Answer:
My biggest frustration has been dealing with communication breakdowns within the team, which can lead to misunderstandings and delays in project completion.