Deloitte Tax Consultant II Interview Questions and Answers

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
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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
Ans. 
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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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 your reason for wanting to switch to foreign taxation?
Ans. 
I am interested in foreign taxation due to the opportunity to expand my knowledge and skills in a different tax system.
• Seeking new challenges and opportunities for growth

• Interested in learning about different tax laws and regulations

• Want to broaden my expertise in international taxation

• Excited about working with clients from diverse backgrounds
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Q2. What is the system of taxation in Canada?
Ans. 
Canada has a progressive tax system where individuals and corporations are taxed based on their income levels.
• Canada has federal and provincial/territorial income taxes that are levied based on a progressive tax system.

• Income tax rates increase as income levels rise, with higher income earners paying a higher percentage of tax.

• There are also consumption taxes such as the Goods and Services Tax (GST) and Harmonized Sale...read more
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Basic question accounts, coding and so on

Q1. About GST. Accounts basic concepts Taxation question
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Test of 15 questions

Q1. Tell me about yourself
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Q2. Why did you left your last job
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Learn about p and l and bakancesheet

Q1. Learn all basic account question
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Normally easy question

Q1. Tell me about your self
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Q2. Why pwc, why i hire you
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