Question { GE, 8139 }

What cost-cutting measures have you implemented?

Answer

Unwanted cost cutting measures are very important not only
during recession period but also required for normal course
of business.

We have followed measures:
-Removed number land line phone connection provided on
sharing basis i.e. 1 each to 4 employees.
-Re-fixing mobile allowance to lower limit.
-Switching off the lights during the lunch time.
-Switching off the ACs every 2 hours once for next 2 hours.
-Cut down the unwanted travels.
If it is business call then meeting to be conducted on VC to
extent possible.
-Reducing the undesired stocks.
-Re-negotiated prices with vendor.

Question { BPO, 40770 }

what is the finalisation of balancesheet and how it can be
made

Answer

1) Ensure all the incomes and expenses are booked 2) Ensure
provisions are made for income receivable and expenses
payable for the period of the financial year 3) Provide
depreciation on fixed assets 4) Closing stock valuation 5)
In case of partnership firm there is a limit for interest to
partners, remuneration to partners. 6) Check the GP ratio
whether matching with the previous year, if there much
variation, it should be justified. Netprofit ratio may
change depending upon the administrative expenses. But there
should be a proper justification if there variation in GP ratio.