Ernst & Young Advanced Analyst Interview Questions and Answers

To check cash & bank balance more than 30 in nos., use bank statements & cash receipts.

• Check bank statements for balances over 30

• Review cash receipts for amounts over 30

• Add up all balances and receipts to get total balance

Yes, there can be more than 10 performance obligations.

• The number of performance obligations is determined by the specific facts and circumstances of each contract.

• Examples of contracts with more than 10 performance obligations include construction contracts, software development contracts, and long-term service contracts.

• The key is to identify distinct goods or services that are promised to the customer in the contract.

• Each distinct good or service should be accounted for as...read more

Record your ROU asset by identifying and measuring it, determining its useful life, and calculating its depreciation.

• Identify the ROU asset and determine its value

• Measure the ROU asset and determine its useful life

• Calculate the depreciation of the ROU asset over its useful life

• Record the ROU asset on the balance sheet and update it regularly

Ind AS 115 is a new revenue recognition standard for accounting purposes.

• Ind AS 115 replaces the previous revenue recognition standards in India.

• It provides a single, comprehensive framework for revenue recognition across all industries.

• The standard requires companies to recognize revenue when control of goods or services is transferred to the customer.

• It also requires companies to disclose more information about their revenue streams and contracts.

• Examples of industries affe...read more

Cost cutting methods involve identifying and reducing unnecessary expenses to increase profitability.

• Conduct a thorough analysis of expenses to identify areas where costs can be reduced

• Negotiate with suppliers for better pricing or discounts

• Implement energy-efficient practices to reduce utility costs

• Reduce employee turnover by offering competitive salaries and benefits

• Outsource non-core functions to reduce overhead costs

• Implement technology solutions to automate processes and...read more

CARO 2020 has introduced significant changes in reporting requirements for auditors.

• CARO 2020 has increased the threshold for reporting on related party transactions from Rs. 10 lakh to Rs. 50 lakh.

• Auditors are now required to report on the adequacy and effectiveness of internal financial controls.

• CARO 2020 has introduced a new reporting requirement for companies that have not filed their annual returns or financial statements for a continuous period of three years.

• Auditors a...read more