EY Global Delivery Services ( EY GDS) Project Coordinator Interview Questions and Answers for Experienced

Q1. I have appeared for statutory audit interview in January 2021. Questions were based on Ind AS 116 115 EPS, Inventory , CARO, IFC, Controls Etc. Articleship experience in detail.( All type of worked carried...read more
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Q1. Basic Accounting Journal Entries
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Q2. Basic audit questions
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Q1. Journal entries related to deferred revenue, accrual
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Q2. Journal entries related to recording of expenses and incomes
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Assignment is accounting related

Q1. Concept of deffered accounting
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Deferred accounting refers to recognizing revenue or expenses at a later date than when they are actually incurred.
• Deferred accounting is used to match revenue and expenses with the period in which they are actually earned or incurred.

• Common examples include prepaid expenses and unearned revenue.

• Deferred tax liabilities and assets are also examples of deferred accounting.

• It helps in accurately reflecting the financial
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Q2. Journal entries for amortization
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Journal entries for amortization involve recording the gradual reduction in value of intangible assets over time.
• Amortization is the process of allocating the cost of intangible assets over their useful life.

• Debit the Amortization Expense account and credit the Accumulated Amortization account.

• Journal entry example: Debit Amortization Expense $1,000, Credit Accumulated Amortization $1,000.

• Amortization does not apply to
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Q3. Depreciation accounting
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Q1. Salary discussion
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