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Deloitte Interview Questions and Answers
Q1. 8) What is the Bank Reconciliation Statement? Explain with a practical example?
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
Q2. 9) When an Asset increases it must be debited or credited?
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.
Q3. 10) When equity decreases it must be debited or credited?
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.
Q4. 11) What is the difference between operating expenses and COGS?
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
Q5. 12) Difference between petty cash book and cash book?
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
Q6. 7) What is Audit?
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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Interview Process at Deloitte
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