Ernst & Young Audit Analyst Interview Questions and Answers

Q1. Swap two number without third variable and built in function in python ?
Ans. 
To swap two numbers without a third variable and built-in function in Python, use arithmetic operations.
• Use addition and subtraction to swap the numbers

• Example: a = 5, b = 10. a = a + b, b = a - b, a = a - b will swap the values
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Q2. Write a reverse of string ? str =' My name is Interviewee' --> Interviewee is name My'
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Q3. Find number of zeros in a factorial of number - > 120 - one Zero
Ans. 
The number of zeros in the factorial of 120 is one.
• To find the number of zeros in a factorial, we need to count the number of times the factorial is divisible by 10.

• In the case of 120!, there is one zero because 120! = 120 x 119 x 118 x ... x 1 has one pair of 2 and 5, which results in one zero.

• Factors of 10 in the factorial come from pairs of 2 and 5 in the multiplication.

• For example, in 10!, there are two zeros becau...read more
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Q4. Find number of incident tickets from a Incidents table by each category and order them by number of incident tickets in decreasing order?
Ans. 
To find number of incident tickets from Incidents table by each category and order them by number of incident tickets in decreasing order.
• Group the data by category

• Count the number of incident tickets for each category

• Order the results by number of incident tickets in descending order
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Q1. Managerial question and situation based questions
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The topic was- do deadline destroy creativity

Q1. 1). Tell me about yourself apart from resume.
Ans. 
I am a detail-oriented and analytical individual with a strong background in auditing and financial analysis.
• I have a Bachelor's degree in Accounting and have completed several internships in auditing firms.

• I am proficient in using auditing software and have experience in conducting financial statement analysis.

• I have excellent problem-solving skills and attention to detail, which are crucial in identifying and resolvi...read more
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Q2. 2) what is accounting
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Accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions.
• Accounting involves keeping track of financial transactions such as sales, purchases, and payments

• It includes classifying these transactions into categories such as assets, liabilities, and equity

• The information is then summarized in financial statements such as ...read more
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Q3. What is profit and loss account, financial statement and cash flow statement
Ans. 
Profit and loss account, financial statement, and cash flow statement are all important financial documents used to track a company's financial performance.
• Profit and loss account shows a company's revenues, expenses, and net income or loss over a specific period of time.

• Financial statements provide a comprehensive overview of a company's financial health, including its assets, liabilities, and equity.

• Cash flow stateme...read more
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Q4. What are different elements in cash flow statement and explain them.
Ans. 
The cash flow statement has three main elements: operating activities, investing activities, and financing activities.
• Operating activities: cash inflows and outflows from the company's core business operations, such as sales and expenses.

• Investing activities: cash inflows and outflows from investments, such as buying or selling property, plant, and equipment.

• Financing activities: cash inflows and outflows from financin...read more
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Q5. Sales and purchase account entry
Ans. 
Sales and purchase account entry
• Sales account entry records revenue generated from sales

• Purchase account entry records expenses incurred from purchases

• Both accounts are used to calculate net income or loss

• Sales account is credited and purchase account is debited
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Q6. What is Bank Reconciliation Statement and state it’s purpose
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Bank Reconciliation Statement is a document that compares the bank statement with the company's records.
• It helps to identify any discrepancies between the two records.

• It ensures that all transactions are recorded accurately.

• It helps to detect any fraudulent activities.

• It is prepared at regular intervals, usually monthly.

• Example: If a company issues a check but it has not yet cleared the bank, it will be reflected in th...read more
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