If your interview process is lacking strategic thought, you’re likely to miss out on valuable insight — both positive and negative — on your finance candidates. This approach — or lack thereof — could lead to making the wrong hires and future retainment issues. Posting a variety of particular questions will help you uncover the passion, cultural fit, work ethic, and problem-solving abilities of your potential finance hires.

  1. What are the two most basics financial statements prepared by the companies?

Financial statements are prepared in two forms:

Balance Sheet is a position statement as it refers to a particular date. It is also referred to as Statement of Sources and Application of Funds. It informs about the various sources used by the organization which is technically known as liabilities to raise the funds which are referred as assets.

Profitability Statement also is known as Profit and Loss Account. It is a period statement as it refers to a particular period. www.iibmindia.in

  1. What is working capital?

By definition, working capital is current assets minus current liabilities. The working capital figure shows a financial manager how much of an organization’s cash is tied up in items such as accounts receivables and inventory. It also indicates how much cash is going to be required to pay off short-term debt and obligations over the next year.

  1. What is the difference between costing and cost accounting?

Costing is the process of ascertaining costs whereas cost accounting is the process of recording various costs in a systematic manner, in order to prepare statistical date to ascertain cost.

  1. What is cost accountancy? What are the objects of Cost Accountancy?

Cost accountancy is the application of costing and cost accounting principles, methods, and techniques to the science, art and practice of cost control and the ascertainment of profitability as well as the presentation of information for the purpose of managerial decision-making.