Grant Thornton Bharat Article Trainee Interview Questions and Answers

Q1. Can you explain the revenue recognition for goods?
Ans. 
Revenue recognition for goods involves recognizing revenue when goods are delivered or services are rendered.
• Revenue is recognized when the risks and rewards of ownership have been transferred to the buyer.

• Revenue is recognized at the fair value of the consideration received or receivable.

• Revenue recognition criteria include the amount of revenue can be measured reliably, it is probable that economic benefits will flow...read more
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Q1. What do you know about International tax?
Ans. 
International tax refers to the taxation of income in multiple countries, often involving complex rules and regulations.
• International tax involves determining how much tax a person or company owes in different countries based on their income and activities.

• It can be influenced by tax treaties between countries, transfer pricing rules, and foreign tax credits.

• Multinational corporations often face challenges in complying...read more
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Q2. What is Transfer Pricing?
Ans. 
Transfer pricing is the setting of prices for goods and services sold between related entities within an organization.
• Transfer pricing is used to determine the cost of goods and services transferred between different divisions or subsidiaries of a company.

• It helps in allocating profits and costs appropriately among different parts of the organization.

• Transfer pricing is important for tax purposes to ensure that transac...read more
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Q3. Why was transfer Pricing introduced?
Ans. 
Transfer pricing was introduced to prevent tax evasion and ensure fair pricing between related entities.
• To prevent tax evasion by multinational companies

• To ensure fair pricing between related entities

• To prevent profit shifting to low-tax jurisdictions

• To comply with international tax regulations such as OECD guidelines
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Q4. Recent finance amendments (budgets)
Ans. 
Recent finance amendments in budgets impact financial regulations and policies.
• Introduction of new tax laws or changes in existing tax rates

• Updates on government spending priorities and allocations

• Revisions to financial reporting standards

• Changes in import/export duties or tariffs

• Introduction of stimulus packages or economic relief measures
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Q5. Current affairs
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Test of 30 minutes of the field you choice proper paper no mcq

Q1. Basics of tax explain from basic
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Q1. Every tds sextion and rate you know
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Q1. Tell about yourself
Ans. 
I am a dedicated and hardworking individual with a passion for learning and growth.
• Completed Bachelor's degree in Accounting

• Currently pursuing CPA certification

• Previous internship experience at a Big 4 accounting firm

• Strong analytical and problem-solving skills

• Excellent communication and teamwork abilities
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Q2. Accounting standards
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Questions about logical reasoning

Q1. What is audit and diff between internal audit and stat audit
Ans. 
Audit is a systematic examination of financial records, while internal audit focuses on internal controls and processes and statutory audit is mandated by law.
• Audit is a systematic examination of financial records to ensure accuracy and compliance with regulations.

• Internal audit is conducted by employees within the organization to evaluate internal controls and processes.

• Statutory audit is an external audit mandated by...read more
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Q2. Favourite as and sa
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30 marks test where each question was of 2 marks some questions were MCQ where as some were solving

Q1. Asked information about where do I stay, from where I have done college, when can you join, have you completed your OC and it course. How many attempts etc.
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Q1. All questions were relating to As, and Sa and some questions were scenerio based.
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Q1. Difference between vlookup and hlookup
Ans. 
VLOOKUP searches for a value in the first column of a table and returns a value in the same row. HLOOKUP does the same but in the first row.
• VLOOKUP searches vertically while HLOOKUP searches horizontally

• VLOOKUP requires the lookup value to be in the first column of the table while HLOOKUP requires it to be in the first row

• VLOOKUP is more commonly used than HLOOKUP

• Example: VLOOKUP can be used to find a student's grade b...read more
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Q2. Basic excel functions
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Q1. Basic CA inter foundation questions
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Q2. Tell me about yourself
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