Find Interview Questions for Connect first credit union

Right Answer:
I have a degree in Accounting and over five years of experience in financial reporting and analysis. I have worked in both corporate and public accounting environments, where I developed strong skills in bookkeeping, tax preparation, and financial statement preparation.

Right Answer:
VAT (Value Added Tax) is a consumption tax on the value added to goods and services. CST (Central Sales Tax) is levied on sales of goods between states in India. TDS (Tax Deducted at Source) is a tax collected at the source of income, applicable to various payments like salaries and interest. PF (Provident Fund) is a retirement savings scheme where both employer and employee contribute. PT (Professional Tax) is a tax on professions, trades, and employment. Income Tax is a tax on an individual's or entity's income. BRS (Bank Reconciliation Statement) is a document that matches the cash balance on a company's books to the corresponding amount on its bank statement. The heads of a balance sheet typically include Assets, Liabilities, and Equity.

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Management accounting involves the process of preparing management reports and accounts that provide accurate and timely financial and statistical information to managers for decision-making purposes.

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1. Verify the invoice details against the purchase order.
2. Check that the goods or services were received as described.
3. Confirm that the invoice is mathematically correct.
4. Ensure that the invoice is approved by the appropriate department or person.
5. Review for any discrepancies or issues.
6. Ensure that the invoice complies with company policies and procedures.

Right Answer:
Accounts Payable refers to the money a company owes to its suppliers or vendors for goods and services received but not yet paid for. It is a liability on the balance sheet and represents short-term debts that need to be settled within a specific period, usually within a year. Managing accounts payable involves tracking invoices, ensuring timely payments, and maintaining good relationships with suppliers.

Right Answer:
To ensure that the Materiality Principle is applied in financial statements, I assess the significance of financial information by considering its impact on decision-making for users. I focus on disclosing information that could influence the economic decisions of stakeholders, ensuring that all relevant data is included while omitting trivial details.

Right Answer:
The Going Concern Principle assumes that a business will continue to operate for the foreseeable future, which affects financial reporting by requiring assets and liabilities to be valued based on their ongoing use rather than liquidation values. This principle ensures that financial statements reflect the company's ability to continue its operations, impacting how revenues and expenses are recognized.

Right Answer:
The Cost Principle states that assets should be recorded and valued at their original purchase cost, not their current market value. This means that the value of an asset on the balance sheet reflects the amount paid for it, which influences how assets are reported and affects financial statements.

Right Answer:
The Historical Cost Principle states that assets should be recorded and reported at their original purchase price, rather than their current market value. This principle is relevant in financial reporting as it provides consistency and reliability in financial statements, allowing users to compare financial information over time without the influence of market fluctuations.

Right Answer:
The Substance Over Form Principle means that the economic reality of a transaction should be reflected in financial statements, rather than just its legal form. This means recognizing the true nature of the transaction, such as treating a lease as a purchase if it effectively transfers ownership rights, ensuring that financial reporting accurately represents the underlying economic situation.

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The interest earned is Rs. 3575.

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Yes, the Union Budget 2017-18 is considered taxpayer-friendly because it introduced measures like increased tax slabs for individuals, reduced corporate tax rates for small businesses, and a focus on digital transactions, which aimed to simplify the tax structure and promote transparency.

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The difference in their times taken to reach the destination would be 30 minutes.

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Bank reconciliation is the process of comparing and matching the balances in an organization's accounting records to the corresponding information on a bank statement. This ensures that the records are accurate and helps identify any discrepancies.

Right Answer:
T sits to the right of U.

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The factors that affect working capital requirement include:

1. **Nature of Business**: Different industries have varying working capital needs.
2. **Business Cycle**: Economic conditions can influence sales and inventory levels.
3. **Seasonality**: Seasonal fluctuations in demand can impact inventory and cash flow.
4. **Credit Policy**: The terms offered to customers can affect accounts receivable.
5. **Inventory Management**: Levels of inventory held can influence cash tied up in stock.
6. **Supplier Terms**: Payment terms with suppliers can affect cash outflows.
7. **Sales Volume**: Higher sales typically require more working capital.
8. **Operational Efficiency**: Efficient operations can reduce the need for working capital.
9. **Market Conditions**: Competitive pressures can impact pricing and sales.
10. **Growth Rate**: Rapid growth may require additional working capital to support expansion.

Right Answer:

A company can meet its fund needs through:

• Equity Capital: Issuing shares to investors

• Debt Capital: Borrowing via loans, bonds, or debentures

• Internal Funds: Retained earnings and reserves

• Trade Credit: Credit from suppliers

• Grants and Subsidies: From government or agencies

• Venture Capital and Angel Investors: For startups and growing firms

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Optimum cash balance is maintained by forecasting cash flows, analyzing cash needs, setting a target cash balance, and regularly monitoring and adjusting cash reserves to ensure sufficient liquidity while minimizing idle cash.

Right Answer:
Non-fund based lending refers to financial services provided by banks or financial institutions that do not involve the direct disbursement of funds. Instead, it includes guarantees, letters of credit, and other forms of credit support that facilitate transactions without providing cash upfront.

Right Answer:
I am looking for new challenges and opportunities for growth that align with my career goals.