Crowe Horwath Associate Consultant Interview Questions and Answers

Taxation and accountancy question
medium level not easy

Q1. Deferred tax 3 question
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Q2. Bad debts and provisions casestudy based questions
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Q3. Ind AS fixed assets depreciation
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Q4. Finalization of BOA
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Q1. Behavioural, attitude, skill,communication
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Q1. Accounting based qns
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Q1. They have asked from my domain .. and it was a good round.
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Q2. Pingfed Oath ldap related questions
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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
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Q2. How would you recognise revenue of Bundled services?
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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
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Q1. Difference b/w Capital exp and revenue exp
Ans. 
Capital expenses are for long-term assets while revenue expenses are for day-to-day operations.
• Capital expenses are for acquiring or improving long-term assets like buildings or equipment.

• Revenue expenses are for day-to-day operations like salaries, rent, and utilities.

• Capital expenses are usually depreciated over time while revenue expenses are fully expensed in the period incurred.
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Q2. What is bank reconciliation
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Bank reconciliation is the process of comparing a company's records to its bank statement to ensure they match.
• Bank reconciliation helps identify discrepancies between the company's records and the bank statement.

• It involves comparing transactions, such as deposits and withdrawals, in the company's records to those in the bank statement.

• Any differences found during the reconciliation process need to be investigated and...read more
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Q3. Gst journal entry
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Q4. What is Deferred revenue expenditure
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Deferred revenue expenditure refers to expenses that are incurred in one accounting period but are recognized as assets and expensed over a period of time.
• Deferred revenue expenditure is recorded as an asset on the balance sheet and gradually expensed over the period of benefit.

• Examples include expenses incurred for setting up a new business, advertising costs, and research and development expenses.

• It helps in matching...read more
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Q5. Is accounting profit and tax profit are same if not what is the key difference
Ans. 
Accounting profit and tax profit are not the same. The key difference lies in the treatment of certain expenses and income.
• Accounting profit is based on the principles of accounting and includes all revenues and expenses recorded in financial statements.

• Tax profit is used for calculating taxes owed to the government and may have adjustments for tax purposes, such as depreciation and interest expenses.

• Key differences in...read more
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Q6. What is deemed dividend and what is block of assets
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Deemed dividend is a distribution of profits by a company that is not actually paid out, while block of assets refers to a group of assets treated as a single unit for tax purposes.
• Deemed dividend is a distribution of profits by a company to its shareholders, even if no actual dividend is declared or paid out.

• Block of assets refers to a group of assets that are treated as a single unit for the purpose of calculating de...read more
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Q7. Name 5 deduction
Ans. 
Five common deductions include medical expenses, charitable donations, mortgage interest, student loan interest, and state and local taxes.
• Medical expenses: Costs related to healthcare, such as doctor visits, prescriptions, and medical equipment.

• Charitable donations: Contributions to qualified organizations, such as churches or non-profits.

• Mortgage interest: Interest paid on a mortgage for a primary or secondary reside...read more
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Q8. How would you do a tax reconciliation
Ans. 
Tax reconciliation involves comparing financial records with tax returns to ensure accuracy.
• Gather all financial records and tax returns for the period in question

• Identify any discrepancies between the two sets of records

• Adjust the financial records to match the tax returns, or vice versa

• Document any changes made during the reconciliation process

• Ensure all adjustments are properly accounted for in the final reconciliat
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Q9. What is LTCA and STCA
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LTCA stands for Long-Term Capital Asset and STCA stands for Short-Term Capital Asset.
• LTCA refers to assets held for more than 36 months, while STCA refers to assets held for 36 months or less.

• Gains from LTCA are taxed at a lower rate compared to gains from STCA.

• Examples of LTCA include real estate, stocks held for more than 3 years, while examples of STCA include stocks held for less than 3 years.
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Q10. How would you do a scrutiny and what if there is any difference
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Q11. Questions about my resume certification, family and work experience
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Q12. Name the disallowed expenses in a tax return
Ans. 
Disallowed expenses in a tax return
• Personal expenses

• Gifts and donations

• Political contributions

• Illegal activities

• Fines and penalties

• Life insurance premiums

• Health club dues

• Hobby expenses
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Maths accountancy excel test

Q1. Basic accounting questions
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Q2. Formula of cogs
Ans. 
COGS stands for Cost of Goods Sold, and the formula to calculate it is Opening Inventory + Purchases - Closing Inventory.
• COGS = Opening Inventory + Purchases - Closing Inventory

• Opening Inventory: The value of inventory at the beginning of the accounting period

• Purchases: The cost of inventory purchased during the accounting period

• Closing Inventory: The value of inventory at the end of the accounting period

• Example: Openi...read more
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Q3. Bank reconciliation
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Q4. Trial balance related
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Q5. Accounting entries
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Q1. How you got to know about us?
Ans. 
Through a job search website
• Browsing job search websites

• Saw job posting on LinkedIn

• Referred by a friend who saw the job posting
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Q2. Tell something interesting about you
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I have traveled to over 20 countries and can speak 4 languages fluently.
• I love exploring new cultures and trying different cuisines

• I have lived in Europe, Asia, and North America

• I am fluent in English, Spanish, French, and Mandarin

• Traveling has broadened my perspective and enriched my life experiences
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Q3. Apart from self intro say something interesting about you?
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Q1. Why you want to join
Ans. 
I am passionate about the industry and believe I can contribute positively to the team.
• Passionate about the industry and eager to learn and grow

• Believe my skills and experience align well with the company's goals

• Excited about the opportunity to work with a talented team and make a meaningful impact
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Q2. How you would be beneficial
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I would be beneficial by bringing a strong work ethic, excellent communication skills, and a proven track record of success.
• Strong work ethic - consistently meeting deadlines and exceeding expectations

• Excellent communication skills - ability to effectively communicate with team members and clients

• Proven track record of success - previous achievements and positive feedback from supervisors
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