Grant Thornton
10+ AmBoxDemo-KolkataHQ Interview Questions and Answers
Q1. what is the purpose of financial statements and what encloses in f.s and what is purpose of trial balances
Financial statements provide a snapshot of a company's financial health, including assets, liabilities, and equity. Trial balances ensure accuracy of financial records.
Financial statements serve to provide stakeholders with an overview of a company's financial performance and position.
Components of financial statements include balance sheet, income statement, cash flow statement, and statement of changes in equity.
Balance sheet shows assets, liabilities, and equity at a speci...read more
Q2. what is depreciation and %s of some product does land get depriciated journal entries
Depreciation is the allocation of the cost of a tangible asset over its useful life. Land does not depreciate.
Depreciation is a non-cash expense that reflects the decrease in value of an asset over time.
It is calculated using methods such as straight-line, double declining balance, or units of production.
Land is not depreciated because it is considered to have an indefinite useful life.
Journal entries for depreciation involve debiting Depreciation Expense and crediting Accumu...read more
Q3. what do you understand by audit?
Audit is a systematic examination of financial records, statements, or operations to ensure accuracy and compliance with laws and regulations.
Audit involves reviewing financial records, statements, or operations
It aims to ensure accuracy, compliance with laws and regulations, and identify any discrepancies or fraud
Auditors gather evidence, analyze data, and report findings to stakeholders
Types of audits include financial audit, operational audit, compliance audit, and forensi...read more
Q4. tell me some ratios with examples
Ratios are used to analyze financial performance and efficiency of a company.
Profit Margin: Net income divided by total revenue, shows how much profit a company makes for every dollar of sales.
Current Ratio: Current assets divided by current liabilities, measures a company's ability to pay its short-term obligations.
Debt-to-Equity Ratio: Total debt divided by total equity, indicates the proportion of debt used to finance a company's assets.
Return on Investment (ROI): Net prof...read more
Q5. what is the purpose of audit
The purpose of audit is to provide an independent assessment of an organization's financial statements or processes to ensure accuracy, compliance, and efficiency.
Ensuring accuracy of financial statements
Evaluating compliance with laws and regulations
Identifying areas for improvement in processes and controls
Providing assurance to stakeholders
Detecting and preventing fraud or errors
Enhancing transparency and accountability
Examples: financial audit, operational audit, complian...read more
Q6. What is a bank reconciliation statement?
A bank reconciliation statement is a document that compares the balance in a company's bank account with the balance shown on the bank statement.
It helps identify any discrepancies between the two balances, such as outstanding checks or deposits in transit.
The statement typically includes adjustments for items like bank fees, interest earned, and errors.
The goal of a bank reconciliation statement is to ensure the accuracy of the company's financial records and bank transactio...read more
Q7. Calculate the tax liability if the income is 1400000
Tax liability for income of 1400000 needs to be calculated.
Determine the tax bracket based on the income level
Calculate the tax amount based on the tax rates for each bracket
Consider any deductions or credits that may apply
Q8. golden rule of accounting
The golden rule of accounting states that debit what comes in and credit what goes out.
Debit what comes in and credit what goes out
Assets = Liabilities + Equity
Helps maintain the balance in financial statements
Q9. How would the goods become cheaper after GST Comes into force
GST can lead to cheaper goods through the elimination of cascading taxes and increased efficiency in the supply chain.
GST eliminates the cascading effect of taxes, where taxes are levied on top of taxes, resulting in higher prices.
Under GST, input tax credits can be claimed, allowing businesses to reduce their tax liability and pass on the benefits to consumers.
GST simplifies the tax structure and reduces compliance costs, which can lead to cost savings for businesses and ult...read more
Q10. What is an audit statement?
An audit statement is a formal declaration of the findings and conclusions of an audit process.
An audit statement summarizes the results of an audit, including any discrepancies or areas of concern.
It is typically issued by the auditor or auditing firm to the client or relevant stakeholders.
The statement may include recommendations for improvement or corrective actions.
Examples of audit statements include financial audit reports, compliance audit findings, and internal contro...read more
Q11. Are you able to handle pressure. Giveexample
Yes, I am able to handle pressure. I thrive in high-pressure situations and always deliver my best work.
I have experience working on tight deadlines and managing multiple projects simultaneously
I remain calm and focused under pressure, allowing me to make sound decisions
An example of handling pressure was during a project deadline where I had to work long hours to ensure its completion
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