Grant Thornton Bharat Interview Questions, Process, and Tips

Q1. Case study on Ind as 115. Timing of recognition as revenue of Amount provided for training employees for a specific assignment
Ans. 
Under Ind AS 115, revenue for training employees for a specific assignment should be recognized when the training services are provided.
• Revenue should be recognized over time as the training services are provided.

• The amount provided for training employees should be allocated to each period based on the progress of the training.

• The timing of revenue recognition should align with the timing of when the training services ...read more
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Q2. Ind as 116 case study
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Q3. Ind as 2 calculation of inventory cost as per fifo
Ans. 
Ind AS 2 requires inventory cost to be calculated using the FIFO method.
• Under FIFO method, the oldest costs are assigned to inventory first.

• Cost of goods sold is calculated using the oldest costs first.

• Ending inventory is valued at the most recent costs.

• Example: If a company purchases inventory at $10, $12, and $15, under FIFO method, the inventory sold will be valued at $10 first.

• Example: If the company sells 100 unit...read more
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Q4. Ind as 102 journal entries
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Ind AS 102 journal entries are used to record share-based payments in financial statements.
• Ind AS 102 requires companies to recognize share-based payments as an expense in their financial statements.

• Journal entries for share-based payments typically involve debiting an expense account and crediting either equity or liability accounts.

• For example, if a company grants stock options to employees, the journal entry would i...read more
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Q1. Questions based off resume
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Q1. Explain P2p PROCESS
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Q2. Identify fraud risks
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Basic accounting problems and concepts with simple logical reasoning questions.

Q1. If the clients annual income is Rs. 1400000 what is their tax liability?
Ans. 
Tax liability for a client with an annual income of Rs. 1400000.
• Calculate the tax liability based on the income tax slabs applicable in the country.

• Consider any deductions or exemptions that the client may be eligible for.

• Consult a tax professional or use an online tax calculator for accurate results.
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Q1. Deferred Tax Asset or Liability
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Q2. Ind as 115 revenue recognition
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Q1. Why Grant thornton?
Ans. Sir GT  is indias largest tax,assurance and advisory firm. A truly indian firm with global connections and while ho through the company's website I got to know that you are a global network of 68000 people in 147 markets with a common goal- to help people business flourish. And to be able to sit or work with these people would be a golden opportunity for me. And i also got to know that Your culture is always open, incl...read more
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Q2. Why stat audit?
Ans. 
Stat audit is important for ensuring accuracy, compliance, and transparency in financial statements.
• Stat audit helps in verifying the accuracy of financial statements and ensuring that they are free from material misstatements.

• It provides assurance to stakeholders that the financial information presented is reliable and trustworthy.

• Stat audit helps in detecting and preventing fraud, errors, and irregularities in financ...read more
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Q3. How would you receive negative comments?
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Q4. Where do you see yourself after 5 years?
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Q1. What is materiality? Difference between overall and performance materiality?
Ans. 
Materiality refers to the significance or importance of an item or event in relation to financial statements.
• Materiality is a concept used in auditing and accounting to determine the relevance of information.

• It involves assessing the impact of an item or event on the financial statements and whether it would influence the decisions of users.

• Materiality is subjective and depends on the nature and size of the entity bein...read more
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Q1. Basic discussion
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Topic - Digital Payment

Q1. What you can bring to this table?
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Q2. Excel Questions - All Lookup
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Q1. How many golf ball can fit in Apache helicopter
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Q2. How many cricket bats are used anytime in India
Ans. 
It is impossible to accurately determine the exact number of cricket bats used at any given time in India due to the vast number of players, teams, and matches taking place across the country.
• There are millions of cricket players in India, each potentially using multiple bats.

• Cricket is a popular sport in India, with matches happening at various levels from local to international.

• Different types of cricket bats are use...read more
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