Finance FAQs

Explain the Before an audit processes?
► Make sure the authority of the audit team is established - this will increase the cooperation from auditees. ► Decide what areas of the company will be audited and the frequency of the audits. Prepare a yearly audit schedule and d...... More »
What is CMMI?
Capability Maturity Model Integration (CMMI) is a process improvement approach that provides organizations with the essential elements of effective processes. It can be used to guide process improvement across a project, a division, or an en...... More »
What is statutory audit?
It is a compulsory audit done by a CA. Finance Audit conduct by the CA to compliance the legal requirements of monitory issues. ...... More »
What is CMM?
CMM is an internationally recognized standard for measuring the maturity of an organization's software development processes and has become the primary benchmark multinational corporations use to judge IT service providers ' abilities to d...... More »
What is the difference between billable and non-billable expenses?
Billable expenses are the expenses incurred by you on behalf of your customer in performing duties / service and supply. These expenses are recoverable from your customer by way of billing. Non-billable expenses are the expenses incurred...... More »
Tell me about your experience in cost accounting?
Referring any books or questions wont give any experience, here experience, i think means, the level or the grade of Cost A/C works done etc. ...... More »
What is the difference between Expenses and Expenditure?
The difference between expenses and expenditure. Expense is the outflow from a profit oriented organization while expenditure is the outflow from non-profit organization. ...... More »
Explain some of the methods used to allocate support costs?
Headcount or number of pc's per cost center. ...... More »
What is the marginal cost?
Marginal Cost (MC): The marginal cost of an additional unit of output is the cost of the additional inputs needed to produce that output. More formally, the marginal cost is the derivative of total production costs with respect to the level o...... More »
What are the advantages of free market economy?
There are many advantages to a free market economy. They range from the moral issues to the practical issues. We will deal mainly with the practical ones. Unprecedented innovation - Free markets are wrought with inventions and the capit...... More »