10+ Ernst & Young Tax Analyst Interview Questions and Answers

The duty charged on 30 gms of gold bought in London depends on the country's tax laws and regulations.

• The duty charged on gold varies from country to country.

• It is important to consider the tax laws and regulations of the specific country in question.

• Researching the customs and import duties of the destination country is necessary to determine the duty charged on gold.

• Consulting with a tax analyst or customs expert can provide accurate information on duty charges for gold pur...read more

The product of multiplying all the numbers on a calculator.

• To find the product, multiply all the numbers displayed on the calculator.

• Include both the digits and any mathematical symbols on the calculator.

• If there are no numbers on the calculator, the product would be 0.

• If there is a decimal point on the calculator, consider it as a number.

Taxes levied on consumer products include sales tax, excise tax, and value-added tax (VAT).

• Sales tax is a tax on the sale of goods and services and is typically a percentage of the purchase price.

• Excise tax is a tax on specific goods such as tobacco, alcohol, and gasoline.

• VAT is a tax on the value added at each stage of production and distribution.

• Other taxes may include import duties, luxury taxes, and environmental taxes.

• Examples of consumer products subject to these taxes ...read more

The currency value of Dinar in INR is constantly changing due to various factors.

• The Dinar is the currency of several countries, including Iraq, Libya, and Serbia.

• The exchange rate between the Dinar and INR is influenced by factors such as political stability, economic growth, and global market trends.

• As of August 2021, 1 Iraqi Dinar is equal to approximately 0.062 INR.

Custom rates levied on imports vary by country and product.

• Custom rates are determined by the importing country's government.

• Rates can be specific (based on quantity) or ad valorem (based on value).

• Some countries have preferential rates for certain trading partners.

• Examples of products with high custom rates include tobacco and alcohol.

• Custom rates can change frequently due to trade agreements and political factors.

Tax is a mandatory financial charge imposed by the government on individuals and businesses.

• Tax is used to fund government programs and services.

• It can be levied on income, property, goods and services, and other transactions.

• Tax rates and regulations vary by country and jurisdiction.

• Examples of taxes include income tax, sales tax, property tax, and corporate tax.

• Tax evasion is illegal and can result in penalties and fines.

The golden rules of accounting are basic principles that guide the recording of financial transactions.

• The first golden rule is the principle of debit and credit.

• The second golden rule is the principle of consistency.

• The third golden rule is the principle of conservatism.

• The fourth golden rule is the principle of materiality.

• The fifth golden rule is the principle of relevance.

• The sixth golden rule is the principle of reliability.

• The seventh golden rule is the principle of com...read more

Globalization has led to environmental hazards such as pollution, deforestation, and climate change.

• Increased transportation of goods and people leads to higher emissions of greenhouse gases

• Companies often exploit natural resources in developing countries without regard for the environment

• Global trade has led to the spread of invasive species and diseases

• Increased consumption and waste generation leads to more pollution and landfills

• Deforestation for agricultural purposes and...read more

GST slab refers to the different tax rates under the Goods and Services Tax system.

• There are four GST slabs in India: 5%, 12%, 18%, and 28%

• The 5% slab is for essential items like food and healthcare products

• The 12% and 18% slabs are for goods and services like processed foods, clothing, and financial services

• The 28% slab is for luxury items like cars and tobacco products

• Some items like petroleum products and alcohol are not included in the GST system

• GST rates can be changed b...read more

Tax slab refers to the different income brackets on which different tax rates are applied.

• Tax slab is used to determine the amount of tax an individual or entity owes based on their income.

• Different tax rates are applied to different income brackets, with higher rates applied to higher income levels.

• Tax slabs vary by country and can change from year to year based on government policies.

• For example, in India, the tax slab for the financial year 2021-22 for individuals earning ...read more

The total income tax collected by the Indian government in 2023 is not available.

• Data for total income tax collected by the Indian government in 2023 is not publicly available.

• The exact amount of income tax collected can vary based on economic conditions, tax policies, and taxpayer compliance.

• Government reports or budget documents may provide information on total tax revenue collected.

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 activities, while fundflow statement includes changes in working c...read more

Tax slab rate refers to the percentage of income tax applicable to different income slabs.

• Tax slab rates vary depending on the income level of the taxpayer.

• In India, for the financial year 2021-22, the tax slab rate for individuals earning up to Rs. 2.5 lakhs is 0%, for those earning between Rs. 2.5 lakhs to Rs. 5 lakhs is 5%, and so on.

• The highest tax slab rate in India is 30% for individuals earning more than Rs. 10 crores.

• Tax slab rates may also differ for different catego...read more

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

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

Financial ratios formula are used to analyze a company's financial performance and health.

• Financial ratios are calculated using data from a company's financial statements.

• Common financial ratios include profitability ratios, liquidity ratios, and solvency ratios.

• Examples of financial ratios include return on assets (ROA), current ratio, and debt-to-equity ratio.