BDO India LLP Consultant Interview Questions and Answers

I am a highly experienced consultant with a strong background in problem-solving and strategic planning.

• Over 10 years of experience in consulting roles

• Expertise in developing and implementing effective strategies

• Proven track record of delivering successful projects

• Strong analytical and problem-solving skills

• Excellent communication and presentation abilities

The company works in the technology industry.

• The company develops software and hardware solutions.

• They provide IT consulting services to businesses.

• Their products and services are focused on improving efficiency and productivity.

• Examples of industries they serve include finance, healthcare, and manufacturing.

IND AS 115 is a revenue recognition standard. Construction companies recognize revenue based on the progress of the construction project.

• IND AS 115 is a revenue recognition standard issued by the Institute of Chartered Accountants of India (ICAI).

• It provides guidelines on how to recognize revenue from contracts with customers.

• For construction companies, revenue recognition is based on the progress of the construction p...read more

IND AS 116 is a new accounting standard introduced to bring consistency in lease accounting.

• IND AS 116 stands for Indian Accounting Standard 116.

• It replaces the previous standard, IND AS 17, and aligns with the International Financial Reporting Standards (IFRS) 16.

• The standard was introduced to address the issue of off-balance sheet financing and provide a more accurate representation of a company's financial position.

• ...read more

Cut off refers to the point at which something is no longer included or considered.

• Cut off can refer to a deadline for submitting something, such as a job application or college application.

• It can also refer to a minimum score or requirement needed to qualify for something, such as a scholarship or program.

• In finance, cut off can refer to the point at which a transaction is no longer included in a particular accounting...read more

Yes, OCI is included in EPS calculation under IND AS.

• Under IND AS, OCI is included in the calculation of EPS.

• OCI includes gains and losses that are not recognized in the income statement.

• EPS is calculated by dividing the net profit or loss attributable to shareholders by the weighted average number of shares outstanding.

• OCI items are included in the calculation of comprehensive income, which is then used to calculate E...read more

Audit considerations for inventory include accuracy, completeness, valuation, and existence.

• Verify physical inventory counts

• Check for obsolete or damaged inventory

• Ensure proper valuation methods are used

• Confirm existence of inventory through observation or documentation

• Review inventory cutoff procedures

• Assess adequacy of inventory reserves

• Consider potential fraud or theft risks

Borrowing cost refers to the cost of borrowing money, including interest rates and fees.

• Borrowing cost includes interest rates and fees charged by lenders

• The cost of borrowing can vary depending on the type of loan and the borrower's creditworthiness

• Borrowing cost can be calculated using the annual percentage rate (APR)

• Examples of borrowing cost include mortgage interest rates, credit card interest rates, and loan orig

Foreign exchange gain/loss is accounted for by using the exchange rate at the transaction date and the settlement date.

• Foreign exchange gain/loss is the difference between the exchange rate at the transaction date and the settlement date

• For example, if a company buys goods from a foreign supplier and the exchange rate changes between the transaction date and the settlement date, there will be a gain or loss

• The gain or ...read more

Consolidation of subsidiary, associates, joint venture and calculation of goodwill and minority interest.

• Consolidation involves combining the financial statements of subsidiary, associates, and joint ventures with the parent company's financial statements.

• Goodwill is calculated as the excess of the purchase price over the fair value of the net assets acquired.

• Minority interest represents the portion of a subsidiary's n...read more

Goodwill is impaired, not amortised. Impairment of assets is a process of recognizing a decrease in the value of an asset.

• Goodwill is not amortised, but tested for impairment annually or when there is an indication of impairment.

• Impairment of assets is a process of recognizing a decrease in the value of an asset.

• If the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired.

• Impairme...read more

CARO 2020 is a set of auditing standards issued by the Institute of Chartered Accountants of India (ICAI).

• CARO stands for Companies (Auditor's Report) Order.

• CARO 2020 is applicable to all companies except small companies and one person companies.

• It requires auditors to report on various aspects such as internal financial controls, related party transactions, and corporate social responsibility.

• CARO 2020 also requires a...read more