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I appeared for an interview in Dec 2023.
Depreciation is the allocation of the cost of an asset over its useful life, accrual is recognizing revenue and expenses when they are incurred, and prepayment is paying for expenses before they are incurred.
Depreciation is a non-cash expense that reduces the value of an asset on the balance sheet over time.
Accrual accounting matches revenue and expenses to the period they are incurred, not when cash is exchanged.
Prepa...
Test of details focuses on specific transactions or account balances, while controls test the effectiveness of internal controls.
Test of details involves examining individual transactions or account balances to ensure accuracy and completeness.
Controls testing evaluates the effectiveness of internal controls in preventing or detecting errors or fraud.
Test of details may involve confirming account balances with third pa...
Audit procedures for purchase cycle and payroll involve verifying transactions, reconciling accounts, and testing internal controls.
Verify purchase orders, invoices, and payments match
Reconcile accounts payable ledger to vendor statements
Test segregation of duties in payroll processing
Review payroll register for accuracy and completeness
Confirm payroll taxes are properly withheld and remitted
Revenue recognition under IFRS involves recognizing revenue when it is earned and realizable, regardless of when cash is received.
Revenue is recognized when it is probable that economic benefits will flow to the entity and the revenue can be reliably measured.
Revenue is measured at the fair value of the consideration received or receivable.
Revenue recognition criteria include transfer of risks and rewards, no continuin...
Deferred tax is a balance sheet item that represents the tax consequences of temporary differences between accounting income and taxable income.
Deferred tax arises due to timing differences in recognizing income and expenses for tax and accounting purposes.
It is recorded on the balance sheet as a liability or asset depending on whether the tax payable is more or less than the tax expense recognized in the income statem...
I would empathize with the client, explain the situation calmly, offer solutions or alternatives, and ensure their satisfaction.
Listen to the client's concerns and acknowledge their feelings
Explain the situation calmly and objectively
Offer solutions or alternatives to address the issue
Ensure the client's satisfaction and maintain a positive relationship
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Toe in audit refers to the practice of comparing the financial statements of a company with industry standards to identify any discrepancies.
Toe in audit helps in identifying any potential errors or fraud in the financial statements.
It involves comparing the financial ratios, performance metrics, and key indicators of a company with industry benchmarks.
By conducting toe in audit, auditors can assess the financial healt...
TOD in audit stands for Test of Details, which involves examining individual transactions or account balances to ensure accuracy and completeness.
TOD is a detailed examination of specific transactions or account balances in an audit.
It focuses on verifying the accuracy and completeness of financial information.
Examples of TOD include testing the existence of inventory by physically counting items, or confirming account...
I applied via Naukri.com and was interviewed before Sep 2022. There were 3 interview rounds.
IFRS 15 is a revenue recognition standard that outlines principles for recognizing revenue from contracts with customers.
IFRS 15 provides a single, comprehensive revenue recognition model for all contracts with customers.
It requires entities to identify performance obligations in a contract and allocate the transaction price to each obligation based on their standalone selling prices.
Revenue is recognized when control ...
Testing debtors more than 3 years involves thorough analysis of financial records and communication with debtors.
Review financial statements for outstanding debts older than 3 years
Contact debtors directly to inquire about the status of the debt and attempt to collect payment
Consider legal action if necessary to recover the debt
Evaluate the likelihood of collecting the debt and adjust financial records accordingly
posted on 24 Sep 2024
I applied via Approached by Company and was interviewed before Sep 2023. There was 1 interview round.
posted on 6 Nov 2024
I applied via Referral and was interviewed before Nov 2023. There were 3 interview rounds.
Assignment is accounting related
Deferred accounting refers to recognizing revenue or expenses at a later date than when they are actually incurred.
Deferred accounting is used to match revenue and expenses with the period in which they are actually earned or incurred.
Common examples include prepaid expenses and unearned revenue.
Deferred tax liabilities and assets are also examples of deferred accounting.
It helps in accurately reflecting the financial
Journal entries for amortization involve recording the gradual reduction in value of intangible assets over time.
Amortization is the process of allocating the cost of intangible assets over their useful life.
Debit the Amortization Expense account and credit the Accumulated Amortization account.
Journal entry example: Debit Amortization Expense $1,000, Credit Accumulated Amortization $1,000.
Amortization does not apply to
I applied via Company Website and was interviewed before Dec 2021. There were 3 interview rounds.
Risk of material misstatement procedure is a process to identify and assess the risk of errors or fraud in financial statements.
The procedure involves understanding the entity and its environment, including internal controls.
It also includes assessing the risks of material misstatement due to fraud or error.
The auditor then designs and performs audit procedures to address the identified risks.
Examples of procedures inc...
posted on 21 Apr 2021
I applied via Naukri.com and was interviewed in Mar 2021. There were 5 interview rounds.
I applied via Referral and was interviewed before Feb 2023. There was 1 interview round.
Adobe Iluustrator assignment of a 4 pager layout
Address work related issues by communicating openly, seeking solutions collaboratively, and prioritizing tasks effectively.
Communicate openly with colleagues and supervisors to address any issues that arise
Seek solutions collaboratively by brainstorming with team members and seeking input from others
Prioritize tasks effectively to ensure that important issues are addressed in a timely manner
posted on 7 Feb 2022
I applied via Naukri.com and was interviewed before Feb 2021. There were 4 interview rounds.
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