B S R & Co Llp Interview Questions, Process, and Tips

Q1. What are Golden rules of accounting?
Ans. 
Golden rules of accounting are basic principles that guide the process of recording financial transactions.
• The three golden rules of accounting are: Debit what comes in, Credit what goes out; Debit the receiver, Credit the giver; Debit expenses and losses, Credit income and gains.

• These rules help ensure that financial transactions are accurately recorded and classified in the accounting system.

• For example, when a compa...read more
Answered by AI
Add your answer
Q2. What are financial statements?
Ans. 
Financial statements are formal records of the financial activities and position of a business, organization, or individual.
• Financial statements include the balance sheet, income statement, and cash flow statement.

• They provide information on the financial performance, financial position, and cash flows of an entity.

• Balance sheet shows assets, liabilities, and equity at a specific point in time.

• Income statement shows re...read more
Answered by AI
Add your answer

Q1. General discussion.
Add your answer

Q1. What is depreciation?
Ans. 
Depreciation is the allocation of the cost of a tangible asset over its useful life.
• Depreciation is a non-cash expense that reduces the value of an asset over time.

• It reflects the wear and tear, obsolescence, or decrease in value of the asset.

• Common methods of calculating depreciation include straight-line, double declining balance, and units of production.

• Example: A company purchases a delivery truck for $50,000 with ...read more
Answered by AI
Add your answer
Q2. Does land depreciate?
Ans. 
Land does not depreciate in value over time.
• Land is considered to have an indefinite useful life and therefore does not depreciate.

• Unlike buildings or machinery, land does not wear out or become obsolete.

• The value of land can fluctuate based on factors such as location, demand, and zoning regulations.
Answered by AI
Add your answer
Q3. Tell me about yourself.
Add your answer
Q4. Golden rule of accounting.
Ans. 
The golden rule of accounting states that debit what comes in and credit what goes out.
• Debit what comes in and credit what goes out

• Assets = Liabilities + Equity

• Revenue increases equity, expenses decrease equity
Answered by AI
Add your answer
Q5. Question on cash flow statement.
Add your answer
Q6. What do you understand by audit?
Ans. 
Audit is a systematic examination of financial records, statements, or operations to ensure accuracy and compliance with laws and regulations.
• Audit involves reviewing financial records, statements, or operations of an organization.

• The purpose of an audit is to ensure accuracy, reliability, and compliance with laws and regulations.

• Auditors use various techniques such as sampling, testing, and analysis to gather evidence...read more
Answered by AI
Add your answer

They give you the topic and give you 2min to think on it

Q1. Journal entries
Add your answer
Q2. Basic accounting questions
Add your answer

Q1. Tell me about yourself
Ans. 
I am a detail-oriented professional with a strong background in auditing and data analysis.
• I have a Bachelor's degree in Accounting and Finance

• I have experience working as an Audit Intern at XYZ Company

• I am proficient in using data analysis tools such as Excel and Tableau

• I have strong analytical skills and attention to detail
Answered by AI
Add your answer
Q2. Can you travel long
Ans. 
Yes, I am able to travel long distances for work if required.
• I have experience traveling for work in my previous roles

• I am comfortable with long flights or drives

• I am willing to travel for audits as needed
Answered by AI
Add your answer

Q1. How to you perform analytics review of a financial statement ?
Ans. 
Performing analytics review of a financial statement involves analyzing key financial ratios, trends, and variances to assess the financial health of a company.
• Start by calculating key financial ratios such as liquidity, profitability, and solvency ratios.

• Compare the current financial statement with previous periods to identify trends and changes.

• Analyze variances between actual and budgeted figures to understand the r...read more
Answered by AI
Add your answer
Q2. How to you identify opportunities for automation in the audit engagement
Ans. 
Identifying opportunities for automation in audit engagements involves analyzing repetitive tasks, manual processes, and areas with high risk of errors.
• Analyze the audit process to identify repetitive tasks that can be automated, such as data entry or report generation

• Look for manual processes that are time-consuming and prone to errors, such as reconciliations or data validation

• Identify areas with high risk of errors,...read more
Answered by AI
Add your answer