Deputy Chief Financial Officer Interview Preparation Guide
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Deputy Chief Financial Officer Frequently Asked Questions by expert members with experience in Deputy Chief Financial Officer. These questions and answers will help you strengthen your technical skills, prepare for the new job test and quickly revise the concepts

48 Deputy Chief Financial Officer Questions and Answers:

1 :: What is the scope of uniform costing?

Uniform costing method can be advantageously applied:
★ In single organisation having number of branches.
★ In a number of firms in the same industry who are inter connected through trade association.
★ In industries which are similar such as cotton, gas and electricity.
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2 :: Explain uniform costing?

Uniform costing is the application of the same accounting and costing principles, methods or procedures uniformly by various undertakings in the same industry. It is a particular technique which applies the usual accounting methods like standard costing, marginal costing, and budgetary control.
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3 :: What are the main duties and responsibilities of a finance executive?

Recurring Duties:
★ Deciding the financial needs
★ Raising the funds required
★ Allocation of funds
★ Fixed assets management
★ Working capital management
★ Allocation of Income
★ Control of Funds
★ Evaluation of Performance
★ Corporate Taxation

Other duties:
To prepare annual accounts, carrying out internal audit, safeguarding securities, present financial reports to top management. Etc.

Non recurring Duties:
★ Preparation of financial plan at the time of company promotion
★ Financial adjustments in times of liquidity crisis
★ Valuation of the firm at the time of acquisition and merger etc.
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4 :: What is internal structure of a finance department in medium and large businesses?

There is no standard pattern for the organization of finance function. In general, internal structure of finance department can take following form:

★ Board of directors
★ Executive Committee
Vice President(Production)
Vice President(Finance)

-> Financial Controller
★ Accounting and Costing
★ Annual Reporting
★ Internal Auditing
★ Budgeting
★ Statistics and Finance
★ Record Keeping

-> Treasurer
★ Receivables management
★ Taxes and Insurance
★ Cost management
★ Securities
★ Banking Relations
★ Real Estates
★ Dividend Distribution
★ Vice President(Marketing)
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5 :: What you feel motivates you?

When an interview question about your motivation is asked it' designed to determine whether you have the right motivation to be a good fit for the company and the position offered.
Make sure you make you describe your motivation in manner that's relevant to the job.
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6 :: Can you persuade others to see your point of view?

In the finance industry financial professionals often have to persuade influential people to count on their expertise, follow their advice, and use their services.

Your interviewer will want to make sure you are able to determine the best approach to achieve what you want by influencing clients.
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7 :: Example of a recent win-win situation you successfully negotiated?

Think carefully before you answer, because the object of this question is to explore whether you are capable of communication information and whether you have the ability to communicate in a way that will gain the acceptance and agreement you are seeking.
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8 :: How you approach teamwork and what your plan would be to adapt so you could effectively work with the team?

Finance interviewers are looking for team players who can build strong relationships and play an integral role in the team's success.
In the financial industry it's imperative that you can successfully work in a team environment, and that you are highly adaptable.
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9 :: Explain Cash System of Accounting?

This system records only cash receipts and payments. This system assumes that there are no credit transactions. In this system of accounting, expenses are considered only when they are paid and incomes are considered when they are actually received. This system is used by the organizations which are established for non profit purpose. But this system is considered to be defective in nature as it does not show the actual profits earned and the current state of affairs of the organization.
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10 :: What are biggest opportunities and the biggest challenges that financial professionals face in today's market?

Make sure the interviewer knows you understand the current economic times, the financial sectors issues relating to reputation issues, regulatory changes, cost reduction, industry innovations, and credit availability. If you want to increase your likelihood of getting the position, give this question the attention it deserves.
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