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Deloitte Interview Questions and Answers

Updated 5 Feb 2024
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Q1. 8) What is the Bank Reconciliation Statement? Explain with a practical example?

Ans.

Bank Reconciliation Statement is a document that matches the bank balance with the company's balance.

  • It is used to identify any discrepancies between the two balances.

  • It includes items such as outstanding checks, deposits in transit, and bank fees.

  • A practical example would be comparing the company's records of deposits and withdrawals with the bank statement to ensure accuracy.

  • Any differences found are then investigated and resolved.

  • The end result is a reconciled balance that...read more

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Q2. 9) When an Asset increases it must be debited or credited?

Ans.

When an asset increases, it must be debited.

  • Debit increases assets and credit decreases assets.

  • Assets include cash, accounts receivable, inventory, property, and equipment.

  • For example, if a company purchases a new machine, the asset account for machinery will be debited to increase it.

  • This is based on the accounting equation: Assets = Liabilities + Equity.

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Q3. 10) When equity decreases it must be debited or credited?

Ans.

Equity decreases must be debited.

  • Equity is a credit balance account, so when it decreases, it must be debited to reduce the credit balance.

  • Debiting equity reduces the owner's or shareholder's equity in the business.

  • Examples of equity decreasing transactions include paying dividends, recording losses, or issuing treasury stock.

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Q4. 11) What is the difference between operating expenses and COGS?

Ans.

Operating expenses are costs incurred in running a business, while COGS are expenses directly related to producing goods or services.

  • Operating expenses include salaries, rent, utilities, and marketing expenses.

  • COGS include the cost of raw materials, labor, and manufacturing overhead.

  • Operating expenses are recorded on the income statement, while COGS is deducted from revenue to calculate gross profit.

  • Operating expenses are usually fixed costs, while COGS can vary with producti...read more

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Q5. 12) Difference between petty cash book and cash book?

Ans.

Petty cash book is used for small cash transactions while cash book is used for all cash transactions.

  • Petty cash book is used for small cash transactions like buying office supplies or paying for small expenses.

  • Cash book is used for all cash transactions including receipts and payments.

  • Petty cash book is maintained by a petty cashier while cash book is maintained by the main cashier.

  • Petty cash book is usually a single column book while cash book can be single or double column...read more

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Q6. 7) What is Audit?

Ans.

Audit is a systematic and independent examination of financial statements, records, operations, and performance of an organization.

  • Audit is a process of evaluating an organization's financial and operational activities.

  • It involves examining financial statements, records, and transactions to ensure accuracy and compliance with laws and regulations.

  • Auditors provide an independent opinion on the fairness and reliability of an organization's financial statements.

  • There are differe...read more

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