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Dipika S.
Senior audit associate at Ernst & Young for 2 years and in the finance field for 5 years
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Basic Math
TutorMe
Question:

Areas that I am well versed in

Dipika S.
Answer:

I am well versed in basis maths like fractions, integers, percentages, integers, algebra formulas, geometry etc. I have recently given my GMAT and I have a good background in Math.

Finance
TutorMe
Question:

What could be the possible role of finance in company?

Dipika S.
Answer:

Most companies require a Finance department. Depending on the industry, there are various roles that the finance team acquires. One of the roles could be 1) Budgeting reporting: This team prepared a weekly/monthly/quarterly/semi annual/annual forecast of the expected performance of the company. These forecasts are prepared on the basis of trends observed in the past. The actual performance is then compared with the budgets analysis is made as to the deviations. Standard costing is used for the same. 2) Project selection: When a company has funds but the company has to invest these funds in one of the many opportunities available, the company has to make a choice. It has to evaluate it's opportunity cost. Various tools are used to select between projects such as the net present value of the project, the profitability index, Discounted cash flows from the projects, numbers of years before recovery, computing the time value of money etc. 3) Ration analysis: There are various ratios which matter to industries. These ratios can be derived from the analysis of the financial statements. Some of the ratios which are common across most industries are gross profit, net profit, EPS, PE ratio,current ratio, working capital ratio, ROI, Return on assets etc 4) Investment division: Some industries which typically have excess cash for investment such as insurance companies have a well developed finance division. This department invests excess funds available into various avenues such as shares, debentures, derivative products, real estate and many such avenues. 5) working capital management: There has to be a cash management cycle. The cash invested in the working capital should not get exhausted. investment stratagies need to be formed in order to maintain a desired working capital ratio. current liabilities exceeding current assets at any given point in time reflects poorly on the organisation. Some other techniques include marginal costing ( analyzing the fixed costs, variable costs, break even points, shut down points etc); using and analyzing various derivative products like forward contracts, futures, options, hybrid derivatives etc; porrfolio management services and tools used to evaluate portfolios like the risks attached, the return profiles as compared to the market return etc.

Accounting
TutorMe
Question:

Explain the process of book keeping and accounting

Dipika S.
Answer:

All transactions of a financial nature. Book keeping works on a double entry system and starts with recording a double entry in a journal in a chronological order of events. Each journal entry is recorded on the basis of the rules of accounting. At the end of each month/year, there are mandatory closing entries which get posted to the journal These journal entries then get posted to the ledgers which are divided account wise. Once the ledgers are closed, the balances for the same are accumulated in the trial balance. Accounting starts with preparation of all the financial statements. These include the trading and profit and loss account. Also known as statement of comprehensive Income. This statement shows the position of revenue and costs over the period of time concerned. We then have the Balance Sheet also known as the statement of Financial position. This statement shows the position as of the date. Cash flow statements are prepared to know the movement of cash. This gives a break down of cash generated or cash spent through operations, investing activity and financing activity.

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