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I applied via Referral and was interviewed in Aug 2022. There was 1 interview round.
AR stands for Accounts Receivable. Journal entries related to it are transactions that record the amount owed to a company by its customers.
AR is a type of asset account that represents money owed to a company by its customers
Journal entries related to AR include recording sales on credit, receiving payments from customers, and writing off bad debts
Example: Recording a sale on credit would involve debiting AR and credi...
Journal entry for services worth 1,00,000 with 10% TDS deducted
Debit the TDS account with 10,000
Credit the vendor account with 90,000
Credit the TDS payable account with 10,000
If a company becomes insolvent, the entry should be recorded as a loss in the financial statements.
Insolvency occurs when a company is unable to pay its debts and liabilities.
The entry to record insolvency typically involves recognizing a loss on the balance sheet.
The specific accounts affected will depend on the nature of the insolvency and the company's accounting policies.
For example, if a company becomes insolvent ...
If bad debt is recovered, the entry should be a reversal of the original bad debt write-off entry.
Create a journal entry to reverse the original bad debt write-off entry
Debit the bad debt recovery account for the amount recovered
Credit the accounts receivable account for the same amount
If any interest or fees were charged on the bad debt, those should be credited to the income account
If the bad debt was previously writ...
I applied via Recruitment Consulltant and was interviewed in Aug 2024. There were 3 interview rounds.
Passive Foreign Investment Company (PFIC) is a foreign corporation where at least 75% of its gross income is passive or at least 50% of its assets produce passive income.
PFIC status can have significant tax implications for U.S. taxpayers.
Taxpayers must report PFIC investments on Form 8621.
PFIC rules are complex and may require specialized tax advice.
Examples of PFICs include certain foreign mutual funds and holding co
Form 5471 is a tax form used by certain U.S. persons who are shareholders in certain foreign corporations.
Required to be filed by U.S. persons who are officers, directors, or shareholders in certain foreign corporations
Provides information on the foreign corporation's financial activities and ownership structure
Helps the IRS prevent tax evasion through controlled foreign corporations
Different filing requirements based ...
I applied via Naukri.com and was interviewed in Nov 2024. There was 1 interview round.
Best practices for handling complex accounting situations involve thorough research, clear communication, and attention to detail.
Thoroughly research accounting standards and regulations related to the situation
Communicate with relevant stakeholders to gather necessary information and ensure understanding
Document all steps taken and decisions made to maintain a clear audit trail
Seek guidance from experts or consultants...
I applied via Naukri.com and was interviewed in Jul 2024. There were 4 interview rounds.
BDO India LLP interview questions for popular designations
I am currently responsible for overseeing the daily operations of a team, managing budgets, and developing strategic plans.
Overseeing daily operations of team
Managing budgets
Developing strategic plans
The budget of the project I managed was $1.5 million.
The budget for the project was carefully planned and monitored to ensure all expenses were accounted for.
We allocated funds for various aspects of the project such as personnel, equipment, and materials.
I worked closely with the finance team to track expenses and make adjustments as needed to stay within budget.
An example of a major expense was the purchase of new so
Get interview-ready with Top BDO India LLP Interview Questions
I applied via Referral and was interviewed in Dec 2024. There was 1 interview round.
I was interviewed in Sep 2024.
Assertion is a claim or statement made by management regarding the financial statements.
Assertions are made by management to ensure the accuracy and completeness of financial statements.
There are different types of assertions such as existence, completeness, valuation, rights and obligations, etc.
For example, the assertion of existence would state that all reported assets and liabilities actually exist.
Auditors test th...
Materiality is the concept of determining the significance or importance of an item or event in relation to financial statements.
Materiality helps auditors decide what information to focus on during an audit
It is based on the size, nature, and circumstances of an item or event
Materiality is subjective and can vary depending on the context
For example, a small error in a company's financial statements may not be consider...
Different types of audit opinions include unqualified, qualified, adverse, and disclaimer.
Unqualified opinion: clean opinion, no material misstatements found
Qualified opinion: some limitations or scope restrictions, but overall financial statements are fairly presented
Adverse opinion: significant material misstatements found, financial statements are not fairly presented
Disclaimer opinion: auditor unable to form an opi...
I applied via Naukri.com and was interviewed in Aug 2024. There was 1 interview round.
I have used various financial analysis tools such as Excel, Bloomberg Terminal, and Tableau in my previous roles.
Excel for financial modeling and data analysis
Bloomberg Terminal for market research and analysis
Tableau for data visualization and reporting
Amendments on Caro refer to changes made to the Companies (Auditor's Report) Order, which outlines the format and content of auditor's reports for companies.
Amendments on Caro are made by the Ministry of Corporate Affairs to ensure compliance with changing regulations and standards.
These amendments may include updates to reporting requirements, disclosure of key audit matters, or changes in the format of the auditor's ...
The duration of BDO India LLP interview process can vary, but typically it takes about less than 2 weeks to complete.
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