BDO RISE Private Limited Interview Questions, Process, and Tips

Q1. What are assertions
Ans. 
Assertions are claims or statements made by management regarding the financial statements.
• Assertions are made by management about the accuracy, completeness, and validity of the financial statements.

• There are different types of assertions such as existence, completeness, valuation, rights and obligations, etc.

• Auditors use these assertions to assess the risk of material misstatement in the financial statements.

• For examp...read more
Answered by AI
Add your answer
Q2. What is materiality
Ans. 
Materiality is the concept of determining the significance or importance of an item or event in relation to financial statements.
• Materiality is a threshold used to assess whether an item is significant enough to impact decision-making by users of financial statements.

• It is based on both quantitative and qualitative factors, such as the size of the item, nature of the item, and potential impact on stakeholders.

• Materiali...read more
Answered by AI
Add your answer
Q3. How would you check cash and bank balances
Ans. 
To check cash and bank balances, I would perform bank reconciliations, verify deposits and withdrawals, and review bank statements.
• Perform bank reconciliations to ensure the balance in the company's books matches the bank statement

• Verify deposits and withdrawals by comparing them to supporting documentation such as deposit slips and checks

• Review bank statements for any discrepancies or unauthorized transactions

• Investig...read more
Answered by AI
Add your answer
Q4. Explain revenue recognition
Ans. 
Revenue recognition is the process of recording revenue in the financial statements when it is earned, regardless of when the cash is received.
• Revenue is recognized when it is realized or realizable and earned.

• The amount of revenue to be recognized is based on the consideration received or expected to be received in exchange for goods or services.

• Revenue recognition principles may vary based on the industry and specifi...read more
Answered by AI
Add your answer

Q1. Industry specific questions
Add your answer
Q2. Ind as 116 accounting
Add your answer

Q1. How would you identify a Finance Lease? (5 pointers)
Ans. 
A finance lease is a type of lease where the lessee has substantially all the risks and rewards of ownership.
• The lease term is for the major part of the economic life of the asset

• The present value of the minimum lease payments is equal to or more than the fair value of the asset

• The asset is expected to be used by the lessee for the major part of its economic life

• The lease agreement includes an option to purchase the as...read more
Answered by AI
Add your answer
Q2. How would you recognise revenue of Bundled services?
Ans. 
Recognizing revenue of bundled services involves allocating the total revenue to each service based on their standalone selling prices.
• Identify the standalone selling prices of each service included in the bundle.

• Allocate the total revenue based on the relative fair value of each service.

• Recognize revenue for each service as it is delivered or as the customer consumes the service.

• Ensure that the revenue recognition com...read more
Answered by AI
Add your answer

Aptitude test duration 1 and half an hour

Q1. Why do you choose your career in accounting
Ans. 
I chose a career in accounting because of my strong analytical skills and passion for numbers.
• I have always been good with numbers and enjoy working with financial data

• I am detail-oriented and organized, which are important skills in accounting

• I believe accounting offers a stable and rewarding career path with opportunities for growth and advancement
Answered by AI
View 1 more answer
Q2. Why should we hire you
Ans. 
I am a dedicated and hardworking individual with a strong desire to learn and grow in this field.
• I have a strong work ethic and am willing to put in the effort to succeed

• I am eager to learn new skills and take on new challenges

• I am a team player and work well with others, contributing positively to the team dynamic
Answered by AI
View 1 more answer

Q1. What is brs and reasons
Ans. 
BRS stands for Bank Reconciliation Statement, which is a statement prepared to reconcile the balance as per the bank statement with the balance as per the company's books.
• BRS helps in identifying discrepancies between the bank statement and the company's records.

• It ensures that all transactions are accurately recorded and accounted for.

• Common reasons for differences in BRS include outstanding checks, deposits in transi...read more
Answered by AI
Add your answer
Q2. What is accruals
Ans. 
Accruals are expenses incurred but not yet paid or revenues earned but not yet received.
• Accruals are used to match expenses and revenues to the period in which they are incurred or earned.

• They are recorded as adjusting entries in the financial statements.

• Examples include accrued salaries, accrued interest, and accrued taxes.

• Accruals help provide a more accurate representation of a company's financial position.

• Accrual a
Answered by AI
Add your answer
Q3. Journal entries
Add your answer
Q4. What do you know about bdo
Ans. 
BDO is a global accounting and advisory firm providing services in audit, tax, and consulting.
• BDO is one of the largest accounting firms in the world.

• They offer services in audit, tax, and advisory.

• BDO has offices in over 160 countries.

• The firm serves clients in various industries such as healthcare, technology, and financial services.
Answered by AI
Add your answer
Q5. Vlookup in excel
Ans. 
VLOOKUP is a function in Excel used to search for a value in a table and return a corresponding value from another column.
• VLOOKUP stands for 'Vertical Lookup'

• Syntax: =VLOOKUP(lookup_value, table_array, col_index_num, [range_lookup])

• Example: =VLOOKUP(A2, B2:D10, 3, FALSE) - searches for the value in cell A2 in the range B2:D10 and returns the value in the 3rd column

• The last parameter [range_lookup] can be TRUE (approxim
Answered by AI
Add your answer
Q6. 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: 1. Debit the receiver, Credit the giver 2. Debit what comes in, Credit what goes out 3. Debit expenses and losses, Credit income and gains

• These rules help maintain the balance in the accounting equation: Assets = Liabilities + Equity

• For example, when a company receives cas...read more
Answered by AI
Add your answer

Q1. What is your salary Expectations?
Ans. 
I am looking for a competitive salary that reflects my skills and experience.
• Research industry standards for apprentice trainee salaries

• Consider cost of living in the area

• Factor in any additional benefits or perks offered by the company
Answered by AI
Add your answer
Q2. Would you know which role you are applying for in this company?
Ans. 
Yes, I am applying for the role of Apprenticeship Trainee in this company.
• I am aware that I am applying for the role of Apprenticeship Trainee.

• I have researched the responsibilities and requirements of the role.

• I am confident in my ability to excel in this position.
Answered by AI
Add your answer

30 aptitude questions in 30 minutes

1 topic was given to discuss

Q1. Questions on brd
Add your answer

Q1. Job roles and responsibilities
Add your answer
Q2. Question based on project
Add your answer