Deloitte Senior Claims Associate Interview Questions and Answers

Q1. What do you mean by window dressing of balance sheet
Ans. 
Window dressing of balance sheet refers to manipulating financial statements to make a company appear more financially stable than it actually is.
• It involves using accounting tricks to improve the appearance of financial ratios and metrics.

• Examples include inflating revenue, deferring expenses, and understating liabilities.

• Window dressing is often used to impress investors or lenders, but it can be misleading and uneth...read more
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Q2. What are options
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Options are choices or alternatives that are available to a person or organization.
• Options provide flexibility and allow for decision-making.

• Examples of options include different insurance policies, investment opportunities, or career paths.

• Options can also refer to financial instruments such as stock options or futures contracts.
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Q3. Journal entry of drawings from own proprietary business
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Journal entry of drawings from own proprietary business
• Create a journal entry with the date of the transaction

• Debit the drawings account and credit the owner's equity account

• Include the amount of the drawings in the entry

• Example: On 1/1/2021, $500 was withdrawn from the business for personal use. Debit Drawings for $500 and credit Owner's Equity for $500
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Q4. What is acid test ratio
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Acid test ratio is a financial metric used to measure a company's ability to pay off its short-term liabilities with its current assets.
• Also known as quick ratio

• Formula: (Current Assets - Inventory) / Current Liabilities

• A ratio of 1 or higher is considered good

• Helps assess a company's liquidity and financial health
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Q5. Excel difference between sum sumif
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Sum adds all values in a range, while Sumif adds values based on a condition.
• Sum: =SUM(A1:A5) adds all values in range A1 to A5

• Sumif: =SUMIF(A1:A5,">3") adds values in range A1 to A5 where value is greater than 3
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