Find Interview Questions for San miguel corporation

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A journal is a detailed record of all financial transactions in chronological order, while ledgers are collections of accounts that summarize the transactions recorded in the journal, organized by account type.

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Vouching is the process of verifying the authenticity and accuracy of financial transactions by examining supporting documents, such as invoices, receipts, and contracts, to ensure that they are recorded correctly in the accounts.

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STT stands for Securities Transaction Tax. It is a tax levied on the purchase and sale of securities listed on stock exchanges in India. The rate of STT varies depending on the type of transaction, typically around 0.1% for equity delivery trades and 0.025% for intraday trades.

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The audit process involves several key steps:

1. **Planning**: Define the scope, objectives, and timeline of the audit.
2. **Risk Assessment**: Identify and assess risks that may affect financial statements.
3. **Fieldwork**: Gather evidence through testing transactions, reviewing documents, and conducting interviews.
4. **Evaluation**: Analyze the collected data to determine if the financial statements are accurate and comply with relevant standards.
5. **Reporting**: Prepare an audit report summarizing findings, conclusions, and recommendations.
6. **Follow-up**: Discuss the report with management and ensure any necessary actions are taken.

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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.

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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:
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.

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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 Conservatism Principle in accounting states that when faced with uncertainty, accountants should choose methods that minimize the overstatement of income or assets and the understatement of liabilities. This means recognizing expenses and liabilities as soon as possible, but revenues only when they are assured.

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An assistant accountant typically supports the accounting department by managing financial records, processing invoices, assisting with audits, and preparing financial reports. They may also handle bookkeeping tasks and ensure compliance with financial regulations.

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Yes, Tally 9.0 ERP is an accounting software that helps in managing financial transactions, inventory, and payroll, and it provides features for taxation and reporting.

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Yes, I am familiar with Tally ERP 9.

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In Tally, a cost centre is a specific department, project, or location within a business where costs can be tracked and managed separately to analyze financial performance.

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I have experience using ERP systems for managing financial data, streamlining processes, and generating reports. I am familiar with modules like accounting, inventory management, and procurement, and I have worked on implementing and customizing ERP solutions to meet business needs.

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I actively seek feedback by asking for input from colleagues and supervisors, listen carefully to their suggestions, and reflect on their comments. I prioritize constructive criticism, set specific goals for improvement, and regularly check my progress. Additionally, I maintain a growth mindset, viewing feedback as an opportunity to learn and develop my skills.

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In my previous job, I worked with a team that had a very collaborative culture, where everyone shared ideas openly. I adapted by actively participating in discussions and encouraging quieter team members to share their thoughts. Later, I joined a different team that was more structured and focused on individual tasks. I adjusted by taking more initiative in my work and providing regular updates to keep everyone informed. This flexibility helped me contribute effectively in both environments.

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I approach new technologies by first researching and understanding the basics through documentation and tutorials. I then practice using the tools in small projects or exercises to gain hands-on experience. Additionally, I seek help from colleagues or online communities when needed, and I stay adaptable by being open to learning and adjusting my approach as I gain more knowledge.

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I handle shifting priorities by staying flexible and open to change. I prioritize tasks based on the new requirements, communicate with my team to ensure everyone is aligned, and adjust my workflow to accommodate the changes while maintaining focus on project goals.

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I prioritize tasks based on urgency and importance, maintain clear communication with my team and stakeholders, and stay flexible by adjusting my plans as needed. I also set personal milestones to track progress and ensure quality remains high despite changes.

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Beams are structural elements that support loads and span between supports, typically used in buildings and bridges. Panels refer to flat sections of materials, often used in walls or ceilings, that can provide structural support or aesthetic finishes. Experience in this context usually refers to practical knowledge and skills gained through working on projects involving beams and panels.