Find Interview Questions for Seaoil philippines, inc.

Right Answer:
Bills receivable are written promises from customers to pay a specific amount of money at a future date, typically for goods or services provided on credit.

Right Answer:
1. **Purchase Requisition**: Department identifies a need and submits a requisition.
2. **Purchase Order Creation**: Procurement reviews and creates a purchase order (PO).
3. **PO Approval**: PO is sent for approval based on company policy.
4. **Order Placement**: Approved PO is sent to the supplier.
5. **Goods/Services Receipt**: Supplier delivers goods/services; receiving department verifies and records receipt.
6. **Invoice Receipt**: Supplier sends an invoice for the delivered goods/services.
7. **Invoice Verification**: Accounts Payable matches the invoice with the PO and receiving report.
8. **Payment Processing**: Once verified, payment is scheduled and processed.
9. **Record Keeping**: All documents (PO, invoice, receipt) are filed for record-keeping and audits.
10. **Payment Completion**: Payment is made to the supplier, and transaction is recorded in the accounting system.

Right Answer:
Excise tax is a tax imposed on the manufacture, sale, or consumption of goods within a country, typically applied to specific products like alcohol, tobacco, and fuel. Service tax, on the other hand, is a tax levied on the services provided by service providers to consumers.

The main difference is that excise tax applies to goods, while service tax applies to services.

Right Answer:
A Parked Report is a document in accounting that allows users to temporarily save a transaction for review or approval before it is officially posted to the financial system.

Right Answer:
The Economic Entity Assumption states that a business's financial activities must be kept separate from its owners' personal financial activities. This ensures that the financial statements reflect only the business's performance and position, providing clear and accurate information for decision-making.

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:
Accounting principles, such as the Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS), guide how assets, liabilities, and equity are recognized, measured, and reported on the balance sheet. They ensure consistency, reliability, and comparability in financial reporting, affecting how items are classified, valued, and presented.

Right Answer:
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.

Right Answer:
The Accrual Principle states that revenue and expenses should be recorded when they are earned or incurred, regardless of when cash is actually received or paid. This differs from cash accounting, where transactions are recorded only when cash changes hands.

Right Answer:
Accounting software is used to manage financial transactions, track income and expenses, generate financial reports, automate bookkeeping tasks, and ensure compliance with accounting standards.

Right Answer:
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.

Right Answer:
Core Banking refers to the services provided by a network of bank branches that allow customers to conduct their banking activities, such as deposits, withdrawals, and loan management, from any branch within the network, typically supported by centralized software systems.

Right Answer:
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.

Right Answer:
Yes, I can navigate accounting software efficiently.

Right Answer:
Q alone can complete the work in 36 days.

Right Answer:
The two most basic financial statements prepared by companies are the Income Statement and the Balance Sheet.

Right Answer:
The total amount that Rajan paid as interest is Rs. 1710.

Right Answer:
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.

Right Answer:
A perpetual inventory system is a method of tracking inventory levels in real-time, updating records continuously as sales and purchases occur. Its aims are to provide accurate inventory data, improve stock management, reduce discrepancies, and enhance decision-making regarding inventory control.

Right Answer:
Factoring is a financial transaction where a business sells its accounts receivable (invoices) to a third party (the factor) at a discount in exchange for immediate cash.

The procedure for factoring typically involves the following steps:
1. The business identifies its accounts receivable to be factored.
2. The business applies to a factoring company and submits the invoices.
3. The factoring company evaluates the creditworthiness of the business's customers.
4. Upon approval, the factoring company advances a percentage of the invoice value (usually 70-90%).
5. The factoring company collects the payment from the customers when the invoices are due.
6. Once the customers pay, the factoring company releases the remaining balance to the business, minus a fee for the service.