MYCPE ONE Associate Interview Questions, Process, and Tips

Q1. Qualification and all
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Q2. Experience In which field?
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Q1. What is income leakage?
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Income leakage refers to the loss of potential revenue due to inefficiencies or errors in financial processes.
• Income leakage can occur through uncollected payments, inaccurate billing, or inefficient expense management.

• Examples include missed billing opportunities, underpricing of products or services, and unauthorized discounts.

• Identifying and addressing income leakage can help businesses improve their financial perfo
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Q2. What is long form audit report?
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A long form audit report is a detailed document that provides a comprehensive analysis of an organization's financial statements and internal controls.
• Includes detailed information on the audit process, findings, and recommendations

• Provides a thorough assessment of the organization's financial health and compliance with regulations

• May include appendices with supporting documentation such as sample testing results

• Often ...read more
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Q3. What is materiality concept?
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Materiality concept is the principle that financial information should be reported if it could influence the economic decisions of users.
• Materiality concept states that information is material if omitting it or misstating it could influence the decisions of users of the financial statements.

• Materiality is based on the nature and amount of the item judged in the particular circumstances of its omission or misstatement.

• E...read more
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Q4. Repair and maintenance incurred increased by 100 percent compared to previous year. What could be the possible reasons for the same ?
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Possible reasons for a 100% increase in repair and maintenance costs compared to the previous year.
• Increased wear and tear on equipment or facilities

• Higher costs for materials or labor

• Delayed maintenance from previous year

• Expansion of operations or facilities

• Unforeseen breakdowns or emergencies
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Q1. Major accounting questions were there
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Q1. Self intro, basic accounting questions, taxation and costing questions
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CA Article work experience

Q1. Journal Entry for Depreciation
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Depreciation journal entry is used to record the decrease in value of an asset over time.
• Debit the depreciation expense account and credit the accumulated depreciation account

• Depreciation expense is an income statement account while accumulated depreciation is a balance sheet account

• Depreciation is calculated using different methods such as straight-line, double-declining balance, and units of production

• Example: If a c...read more
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Q2. Tax forms due dates
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Q3. When can you join the company???
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Q1. Last drawn salary
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Q2. Salary composition
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It is just an easy and does not carry any weight age to the interview process. It is fine even if we just perform average

Q1. We should explain accounting treatment for a given scenario in both cash basis and accrual basis.
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Q2. If you are a CA then ready for IFRS questions otherwise it is mostly on GL postings or journal entries of complicated situations
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Q3. Explain about Lease Accounting standard
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Lease Accounting standard refers to the guidelines for reporting leases on financial statements.
• Lease Accounting standard requires lessees to recognize assets and liabilities for all leases with terms longer than 12 months.

• It classifies leases as either finance leases (similar to owning the asset) or operating leases (similar to renting the asset).

• The standard aims to provide a more transparent view of a company's fina...read more
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Q4. Explain Defered revenue expenses with some examples?
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Deferred revenue expenses are costs that have been paid in advance but have not yet been incurred.
• Deferred revenue expenses are recorded as assets on the balance sheet until they are incurred.

• Examples include prepaid insurance, prepaid rent, and prepaid advertising.

• Once the expenses are incurred, they are then recognized as expenses on the income statement.

• Deferred revenue expenses help in matching expenses with revenu
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Q5. What is the difference between Fund flow and cash flow statements?
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Fund flow statement shows the changes in a company's financial position over a period of time, while cash flow statement shows the inflows and outflows of cash during a specific period.
• Fund flow statement focuses on changes in working capital, fixed assets, and long-term investments, while cash flow statement focuses on cash inflows and outflows.

• Fund flow statement helps in analyzing the reasons for changes in a compan...read more
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