Deloitte Indirect Tax Executive Interview Questions and Answers for Experienced

Q1. What do you know about regression, classification. Explain deep learning
Ans. 
Regression and classification are machine learning techniques. Deep learning is a subset of machine learning.
• Regression is used to predict continuous values while classification is used to predict discrete values.

• Deep learning is a neural network-based approach to machine learning that involves multiple layers of processing.

• Deep learning is used in image recognition, natural language processing, and speech recognition.

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It was a written aptitude test

Q1. Asked basic accounting questions and current Tax law changes
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Q2. Journal entry for depreciation of an asset
Ans. 
Depreciation of an asset is recorded in a journal entry to allocate the cost of the asset over its useful life.
• Debit the Depreciation Expense account to recognize the expense

• Credit the Accumulated Depreciation account to reduce the asset's carrying amount

• Include the date, description of the asset, amount of depreciation, and any relevant calculations

• Journal entry should follow the double-entry accounting system
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Q3. Golden rules of accounting
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Golden rules of accounting are basic principles that guide the process of recording financial transactions.
• The three golden rules of accounting are: Debit what comes in, Credit what goes out; Debit the receiver, Credit the giver; Debit expenses and losses, Credit income and gains.

• These rules help ensure accurate recording of financial transactions and maintain the balance in the accounting equation.

• For example, when a ...read more
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Q4. Journal entry for purchase of an asset
Ans. 
Journal entry for purchase of an asset involves debiting the asset account and crediting the cash or accounts payable account.
• Debit the asset account for the cost of the asset

• Credit the cash or accounts payable account for the same amount

• Include a description of the asset purchased in the journal entry

• Ensure the entry follows the double-entry accounting system
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