Find Interview Questions for North tyneside council

Right Answer:
A cost centre is a department or function within an organization that does not directly generate revenue but incurs costs. Job costing is a method of tracking the costs associated with a specific job or project, allowing businesses to determine profitability on a per-job basis. Budget control involves monitoring and managing expenses against a budget to ensure financial goals are met. The effect of these concepts is improved financial management, better cost tracking, and enhanced decision-making for resource allocation.

Right Answer:
Working Capital Management (WCM) refers to the process of managing a company's short-term assets and liabilities to ensure it has sufficient liquidity to meet its operational expenses and short-term financial obligations. It involves optimizing the levels of inventory, accounts receivable, and accounts payable to maintain a healthy cash flow.

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In COTS (Commercial Off-The-Shelf) and GOTS (Government Off-The-Shelf) projects, Quality Assurance (QA) focuses on evaluating the vendor's product against predefined standards and ensuring compliance with regulatory requirements, while Quality Control (QC) involves testing the product for functionality and performance as per the specifications. In contrast, traditional custom development projects require more extensive QA activities, such as defining requirements and processes from scratch, and QC activities that include more tailored testing to ensure the custom solution meets specific user needs.