KPMG Global Services Associate2 Interview Questions, Process, and Tips

Q1. What is the golden rule of accounting?
Ans. 
The golden rule of accounting states that for every debit there must be an equal credit.
• The golden rule of accounting is also known as the double-entry accounting system.

• It ensures that the accounting equation (Assets = Liabilities + Equity) remains balanced.

• For every transaction recorded, there must be at least one debit and one credit entry.

• Example: If cash is received, the Cash account is debited and another account...read more
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Q2. What are the different methods of depreciation?
Ans. 
Different methods of depreciation include straight-line, double declining balance, units of production, and sum-of-the-years-digits.
• Straight-line method: Allocates an equal amount of depreciation each year.

• Double declining balance method: Accelerates depreciation in the early years of an asset's life.

• Units of production method: Depreciation is based on the actual usage of the asset.

• Sum-of-the-years-digits method: Accel...read more
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Q3. What is the journal entry for accrued expenses?
Ans. 
Accrued expenses are recorded with a debit to an expense account and a credit to a liability account.
• Debit the expense account to recognize the expense

• Credit the accrued liability account to show the obligation

• Example: Debit Salaries Expense, Credit Salaries Payable
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Q4. What are the details of deductions under sections 80C and 80D of the Income Tax Act?
Ans. 
Deductions under sections 80C and 80D of the Income Tax Act allow taxpayers to reduce their taxable income by investing in specified avenues or paying for health insurance premiums.
• Section 80C allows deductions for investments in instruments such as PPF, EPF, NSC, ELSS, life insurance premiums, etc.

• The maximum deduction under section 80C is Rs. 1.5 lakh per financial year.

• Section 80D allows deductions for health insura...read more
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Q5. What is the process for claiming a deduction for rent paid under income tax?
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To claim a deduction for rent paid under income tax, one must meet certain criteria and follow specific steps.
• Ensure the rent paid is for a property used for business purposes or as a residence

• Keep records of rent payments, such as receipts or lease agreements

• File the appropriate tax forms, such as Schedule A for itemized deductions

• Be aware of any limitations on rent deductions based on income level or other factors
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Q1. Salary discussion
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Online Assessment with basic language and aptitude content.

Q1. Questions Based on Experience provided in Resume or CV.
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Q2. Questions on team management.
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A standard English exam to assess language proficiency.

Q1. What is audit assertions
Ans. 
Audit assertions are claims made by management regarding the accuracy of financial statements.
• Audit assertions include existence, completeness, valuation, rights and obligations, and presentation and disclosure.

• They help auditors assess the risk of material misstatement in financial statements.

• For example, existence assertion ensures that assets and liabilities actually exist.

• Completeness assertion ensures that all tra...read more
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Q2. What is revenue recognition 5 step model as per ind as 115
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The revenue recognition 5 step model as per Ind AS 115 involves identifying the contract, identifying performance obligations, determining the transaction price, allocating the transaction price to the performance obligations, and recognizing revenue as the performance obligations are satisfied.
• Identify the contract: Determine if there is an agreement between two or more parties that creates enforceable rights and obli...read more
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