Preview Questions Financial Controller | Role Specific Skill

Question 1: What is the key purpose of a statement of comprehensive income in financial reporting?

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It provides a breakdown of all expenses and taxes incurred

It summarizes the financial performance of the company

It highlights only net income and excludes other comprehensive income

It shows the total comprehensive income, including all revenues and expenses, whether realized or unrealized

Question 2: How do you calculate and report net working capital in a hospitality company?

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Net working capital is calculated by adding current liabilities to fixed assets

Net working capital is determined by evaluating long-term investment returns

Net working capital is determined by subtracting long-term liabilities from short-term assets

Net working capital is calculated by subtracting current liabilities from current assets

Question 3: How should a Financial Controller address compliance with tax laws related to international guests who stay at a hotel?

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Ignore tax laws for international guests assuming they won't be audited

Ensure accurate tax reporting for both domestic and international guests, including VAT, sales taxes, and any specific tax obligations for foreign guests

Report taxes based on average guest spending without verifying origin

Charge a standard tax rate regardless of the guest's location

Question 4: How does the accrual accounting method affect the preparation of financial reports?

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It requires that revenues and expenses be recorded when they are earned or incurred, not when cash is exchanged

It only recognizes revenue when cash is received and expenses when paid

It recognizes income and expenses based on cash transactions only

It allows for the immediate recognition of all revenue and expenses

Question 5: How do you ensure effective collaboration between the finance and operations teams in a hotel?

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By keeping the finance team separate from operations to focus on their core tasks

By scheduling regular cross-departmental meetings to align goals and expectations

By delegating all operational tasks to the operations team while finance focuses on reporting

By minimizing interaction and relying on direct communication with department heads

Question 6: How would you ensure that your team is consistently aligned with the broader strategic goals of the hotel's financial operations?

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By focusing on financial tasks and ignoring broader operational goals

By setting clear goals, regularly reviewing progress, and aligning financial objectives with operational priorities

By conducting quarterly reviews and adjusting goals for each department

By aligning team members' goals only with their individual performance