Deloitte Tax Assistant Interview Questions and Answers

1 hour aptitude test 3 subjects were in the exam LR , accounts & English . My experience was good

Q1. Differnce between ltcg and STCG
Ans. 
LTCG is tax on profits from assets held for over a year, while STCG is tax on profits from assets held for less than a year.
• LTCG is taxed at a lower rate than STCG.

• LTCG is applicable on assets held for more than a year, while STCG is applicable on assets held for less than a year.

• LTCG is calculated by subtracting the purchase price from the selling price, while STCG is calculated by subtracting the purchase price from ...read more
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Q2. What is Ltcg and Stcg
Ans. 
LTCG stands for Long Term Capital Gains and STCG stands for Short Term Capital Gains.
• LTCG is the profit earned from the sale of an asset held for more than a year.

• STCG is the profit earned from the sale of an asset held for less than a year.

• LTCG is taxed at a lower rate than STCG.

• Example: Selling a stock after holding it for 2 years would result in LTCG, while selling it after 6 months would result in STCG.
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Questions releated to reasoning

Cash vs UPI time:-15 min members:-10,

Q1. Tell me about yourself
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Q2. What is financial statement
Ans. 
A financial statement is a document that provides an overview of a company's financial performance and position.
• Financial statements include the balance sheet, income statement, and cash flow statement.

• They are prepared by companies to communicate their financial information to stakeholders.

• Financial statements help in assessing the profitability, liquidity, and solvency of a company.

• They are used by investors, credito...read more
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Q3. What is GAAP? and how its help us as a tax consultant
Ans. 
GAAP stands for Generally Accepted Accounting Principles. It is a set of standard accounting rules and guidelines.
• GAAP provides a framework for preparing financial statements and ensures consistency and comparability in financial reporting.

• As a tax consultant, understanding GAAP helps in accurately interpreting financial statements and identifying taxable income.

• GAAP also helps in determining the appropriate tax treatm...read more
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Q1. What is deferred revenue?
Ans. 
Deferred revenue is income received by a company in advance of earning it, resulting in a liability on the balance sheet.
• Deferred revenue represents a liability for the company until the goods or services are delivered to the customer.

• It is common in subscription-based businesses where customers pay upfront for services that will be provided over time.

• Once the revenue is earned, it is recognized on the income statement...read more
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Q2. Golden rules of accounting
Ans. 
The golden rules of accounting are basic principles that guide the process of recording financial transactions.
• The golden rule of accounting is that for every debit entry, there must be an equal credit entry.

• There are three types of accounts: real, personal, and nominal. The golden rules differ for each type of account.

• For real accounts, the golden rule is: Debit what comes in, credit what goes out.

• For personal account...read more
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Q3. What is accrual concept
Ans. 
Accrual concept is a principle of recognizing revenue and expenses when they are incurred, regardless of when cash is exchanged.
• Revenue and expenses are recorded when they are earned or incurred, not when cash is received or paid.

• This concept ensures that financial statements accurately reflect the financial position of a company.

• For example, if a company provides services in December but doesn't receive payment until ...read more
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Q4. What is quick ratio
Ans. 
The quick ratio is a financial metric used to measure a company's ability to meet its short-term obligations with its most liquid assets.
• Quick ratio is calculated by dividing quick assets (cash, marketable securities, accounts receivable) by current liabilities.

• A quick ratio of 1 or higher indicates that a company has enough liquid assets to cover its short-term liabilities.

• A quick ratio below 1 may suggest that a comp...read more
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Q1. Introduce yourself
Ans. 
I am a tax analyst with 5 years of experience in corporate tax planning and compliance.
• 5 years of experience in corporate tax planning and compliance

• Proficient in tax laws and regulations

• Skilled in financial analysis and reporting

• Strong attention to detail and problem-solving skills
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Q2. Journal entry of outstanding expense
Ans. 
The journal entry for recording an outstanding expense involves debiting the expense account and crediting the accounts payable account.
• Debit the expense account to increase the expense amount on the income statement

• Credit the accounts payable account to show the liability owed to the vendor

• Example: Debit Rent Expense $1,000 and Credit Accounts Payable $1,000 for outstanding rent expense
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Q3. Difference between cashflow statement and fundflow statement
Ans. 
Cashflow statement shows inflows and outflows of cash, while fundflow statement shows changes in financial position.
• Cashflow statement focuses on cash transactions, while fundflow statement focuses on changes in financial position.

• Cashflow statement helps in assessing liquidity, while fundflow statement helps in analyzing sources and uses of funds.

• Cashflow statement includes operating, investing, and financing activiti...read more
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Q4. Journal entry of purchase of furniture
Ans. 
The journal entry for the purchase of furniture involves debiting the Furniture account and crediting the Cash or Accounts Payable account.
• Debit the Furniture account to increase the asset value

• Credit the Cash account if purchased with cash

• Credit the Accounts Payable account if purchased on credit

• Example: Debit Furniture $1,000, Credit Cash $1,000
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Q1. Introduce yourself
Ans. 
I am a tax analyst with 5 years of experience in corporate tax planning and compliance.
• 5 years of experience in corporate tax planning and compliance

• Strong knowledge of tax laws and regulations

• Skilled in financial analysis and reporting

• Proficient in tax software such as TurboTax and QuickBooks
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Q2. Preferred Location
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I am open to any location that offers a challenging work environment and opportunities for growth.
• Open to relocation for the right opportunity

• Interested in locations with strong job markets

• Seeking a location with a diverse community and cultural opportunities
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Q1. Tell me about yourself
Ans. 
I am a detail-oriented Tax Associate with a strong background in accounting and tax law.
• Graduated with a degree in Accounting

• Completed internships at accounting firms

• Experience preparing tax returns for individuals and businesses

• Familiar with tax laws and regulations

• Strong analytical and problem-solving skills
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Q2. Basic accounting questions
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Q1. General question
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