Find Interview Questions for GSFC

Right Answer:
The main difference between provision and reserve is that a provision is an amount set aside to cover a probable future expense or loss, while a reserve is an amount set aside from profits for a specific purpose or to strengthen the financial position.

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An EA in accounting refers to an "Enrolled Agent," which is a tax advisor who is authorized by the IRS to represent taxpayers in matters related to taxes.

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NPV, or Net Present Value, is a financial metric that calculates the difference between the present value of cash inflows and the present value of cash outflows over a specific period. It helps assess the profitability of an investment or project.

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Accounting 101 is the basic understanding of how financial transactions are recorded, summarized, and reported. It involves the principles of double-entry bookkeeping, the accounting equation (Assets = Liabilities + Equity), and the preparation of financial statements like the balance sheet, income statement, and cash flow statement. It focuses on tracking income, expenses, assets, and liabilities to provide a clear picture of a business's financial health.

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Demonetization can have both positive and adverse impacts on the salaried class. It may lead to increased transparency and formalization of income, but it can also cause short-term disruptions in cash flow and spending.

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The Matching Principle in accounting states that expenses should be recorded in the same period as the revenues they help to generate. This is necessary to accurately reflect a company's financial performance and ensure that income statements provide a true picture of profitability during a specific time frame.

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The Prudence Principle emphasizes being cautious in financial reporting, ensuring that assets and income are not overstated, while liabilities and expenses are not understated. Conservatism, on the other hand, is a broader accounting approach that advises recognizing potential losses and liabilities as soon as they are foreseeable, but only recognizing gains when they are realized. In practice, both aim to avoid overestimating financial health, but prudence focuses more on caution in estimates, while conservatism emphasizes a more general approach to recognizing uncertainties.

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The Revenue Recognition Principle states that revenue should be recognized when it is earned and realizable, regardless of when cash is received. This means that businesses record revenue when they deliver goods or services, not necessarily when payment is made. Its importance lies in providing a clear and consistent method for reporting income, which helps ensure accurate financial statements and allows stakeholders to assess a company's performance effectively.

Right Answer:
The basic accounting principles every accountant should know are:

1. **Accrual Principle**: Revenue and expenses are recorded when they are earned or incurred, not when cash is exchanged.
2. **Consistency Principle**: Once an accounting method is adopted, it should be used consistently throughout unless a change is warranted.
3. **Going Concern Principle**: Assumes that a business will continue to operate indefinitely unless there is evidence to the contrary.
4. **Matching Principle**: Expenses should be matched with the revenues they help to generate in the same period.
5. **Economic Entity Assumption**: The transactions of a business must be kept separate from those of its owners or other businesses.
6. **Full Disclosure Principle**: All relevant financial information must be disclosed in the financial statements.
7. **Materiality Principle**: All significant information that could influence decisions should be disclosed, while insignificant details can be omitted.
8. **Historical Cost Principle**: Assets should be recorded at their original

Right Answer:
The Consistency Principle ensures that a company uses the same accounting methods over time, making financial statements comparable across periods. Comparability allows users to compare financial statements of different companies or periods, ensuring that similar transactions are reported in a consistent manner. Together, they enhance the reliability and accuracy of financial reporting.

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Yes, banks face significant challenges from money laundering when attracting deposits. Money laundering can lead to reputational damage, regulatory penalties, and financial losses. Banks must implement strict compliance measures and due diligence processes to detect and prevent illicit activities, which can complicate their efforts to attract legitimate deposits.

Right Answer:
The fields used for Project Planning in MS Project include:

1. Task Name
2. Duration
3. Start Date
4. Finish Date
5. Predecessors
6. Resources
7. Percent Complete
8. Work
9. Cost
10. Milestones

Right Answer:
To depict dependency in MS Project, you can link tasks by selecting the tasks you want to connect, then clicking on the "Link Tasks" button in the toolbar or using the shortcut Ctrl + F2. This creates a finish-to-start dependency by default. You can also adjust the type of dependency (finish-to-start, start-to-start, finish-to-finish, or start-to-finish) by double-clicking on the task and modifying the "Predecessors" tab.

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I am looking for new challenges and opportunities for growth that align more closely with my career goals.

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Content analysis is a research method used to systematically analyze communication content, such as texts, speeches, or media, to identify patterns, themes, and meanings.

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To develop your business through supply chain, I would focus on optimizing logistics to reduce costs, building strong relationships with suppliers for better pricing and reliability, implementing technology for better inventory management, and enhancing communication across the supply chain to improve efficiency and responsiveness to market demands.

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I would first listen to their concerns to understand their perspective, then present the benefits of the action, addressing their objections. I would also find common ground and suggest a compromise or a smaller step towards the goal to make it more acceptable for them.

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I prefer to use LinkedIn for professional networking, Twitter for industry news and trends, and Instagram for brand engagement and visual content.

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My goal is to drive business growth by identifying new opportunities, building strong relationships, and effectively managing projects to ensure successful outcomes.

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I would use scissors to cut open pizza boxes for easier access or to cut through any packaging materials.