FAQ Financials Accounting
A) Duty of manager accounting and finance in NSIC at branch level ?
Ans. The Duty of Manager Accounting and Finance in NSC at Branch Level is listed below
- Handle day to day Accounting function
- Ensure Booking of all Voucher into the Accounting System
- Ensure day to day accounting completed in the accounting system
- Ensure all Cash balance are tally as per the physical cash balance
- Ensure the reconciliation accounts with the Head office control accounts is tally with the HO balance.
- All Sales and Sales return are accounted with day end closing
- All data related to Statutory Audit and Internal Audit is prepared before the Auditors
- Handling Audits whenever required
- To prepare Branch level Profit and Loss account and Balance Sheet for Financials Statement as per the requirement monthly , Quarterly and Annually
- Prepare Income Tax Return and Handle Scrutiny of Income tax returns whenever required.
- All MIS at Branch related activity to Management needs to be provided to Senior Management of the company.
B) A multinational company is needed to Financial Accountant?
In Today world, all Multinational Company is needed to Financial Accountant mainly to record day to day transactions of Company.
Need to Financials Accountant is very important as on date reason mention below.
- To record day to the day accounting function.
- Multination Company has various groups of Divisions across the world, and the transaction is recorded in the foreign currency.
- To convert the transaction from Local currency to the Reporting Foreign Entity, the Financials Accountant is in need in Today’s world.
- All the accounting and preparation of Trial Balance is needed for Multinational Company for which Financial Accountant to needed to make the Trail balance of Local currency and Convert the Trial Balance with the Foreign Reporting company currency.
- To prepare Profit and Loss account and Balance sheet for the Company.
- As there are many transactions in the Multinational Company and Financials Accountant knows to record and promptly get to know the company profitability.
- To regularly know the company profitability and prompt profit and loss reporting to help the management decisions.
- To MIS purpose and to generate funds for a company, the Financials Accountant is needed.
C) Can I get a job with a qualification of 2 and a diploma in accounting and finance?
Ans) You can get a job with the Qualification of 2 and Diploma in Accounting and Finance. Mainly accounting and finance and level of post available. For each of the posts, there are different levels of accounting and finance function. Each post has each level. There is data entry, basically transaction accounting function in the accounts and finance function.
Data needs to be entered continuously in the accounting function. So the qualifications of 2 with the diploma in accounting and finance will have enough knowledge to work as the executive account function.
The person with this knowledge can perform those functions properly in case of transaction recording of account and finance function.
In financing, all initial documents need to be prepared for financing with any bank or loan. So there is a lot of requirement for finance Assistance. The person can apply for this post to get a job. Many of the job sites online require the same. You can apply for the same in the job portal. I hope you can get the job by applying and successfully clearing the interview of the company.
Limitations of Financial Accounting have made the management realize the importance of cost accounting.
In Today’s world Manufacturer has a lot of requirement for information for Cost sheet of a particular product. However, the cost of particular production at Factory level, Godown level, Inventory level, and product cost at the delivery level. All these costs at different levels need to be captured.
Though the, Financial Accounting does not capture the cost of product and difference level. So the needs have made the management that the cost accounting function is important.
Process costing is a concept that is not there in financial accounting. So, however, process costing is required for the Cost Accounting of a particular product. Each of the costs at each level needs to be recorded. The manufacturing cost of the particular product can be recorded at the process costing level.
Cost Allocation at each production
Absorption costing is not in financials accounting to, and cost that needs to be allocated to each product is required to cost accounting function.
Process wasted in Manufacturing product.
The process of waste in the Manufacturing product is not recorded in the financial accounting function. However, it is recorded in the cost accounting function. Where each step of the Manufacturing of product is needed to be recorded. Also, there is a need to know how much the product waste is in manufacturing a particular product. Wasted in the cost should be allocated to the product.
The wasted cost should be recorded and allocated towards the product. After allocation, the cost of the product will be get highlighted. This will help the management to decide the pricing of any product.
My Name is Nadeem Shaikh the founder of nadeemacademy.com. I am a Qualified Chartered Accountant, B. com and M.Com. having professional and specialize experience in field of Account, Finance, and Taxation. Total experience of 20 years in providing businesses solution in Taxation, Accounting, and Finance with all statutory compliance with timely business performance Financials reports. You can contact me on [email protected] or [email protected]