Accounting & Finance Interview Questions |99 Questions| With Correct Answers.

What is Cost Accounting? {Ans: Cost accounting is an accounting method that aims to capture a company's costs of production by assessing the input costs of each step of production as well as fixed costs, such as depreciation of capital equipment. Management uses these cost to compare input results to output or actual results to aid company management in measuring financial performance.}IRR - What is it? - What is the IRR rule? {Ans: Internal Rate of Return - A rule when deciding whether to proceed with a project or investment. It states that if the internal rate of return (IRR) on a project or an investment is greater than the minimum required rate of return, typically the cost of capital, then the project or investment should be pursued. Conversely, if the IRR on a project or investment is lower than the cost of capital, then the best course of action may be to reject it. Example: IRR Project A = 16.61% IRR Project B = 5.23% If the company's cost of capital is 10%, management should proceed with Project A and reject Project B.}Accounting Department - What is the function of this department? {Ans: Accounting - Ensures