KPMG Global Services Senior Associate 1 Interview Questions and Answers

Q1. Can you tell me about IFRS 15
Ans. 
IFRS 15 is a revenue recognition standard that outlines a single comprehensive model for entities to use in accounting for revenue.
• IFRS 15 replaces all existing revenue recognition guidance under IFRS

• It provides a five-step model for recognizing revenue

• The five steps are: identify the contract, identify the performance obligations, determine the transaction price, allocate the transaction price, and recognize revenue w...read more
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Q2. How to audit cost of sales
Ans. 
Auditing cost of sales involves verifying the accuracy and completeness of expenses related to producing and selling goods or services.
• Reviewing invoices and receipts for direct materials, labor, and overhead costs

• Comparing actual costs to budgeted or standard costs

• Testing the accuracy of inventory valuation and cost of goods sold calculations

• Evaluating the effectiveness of internal controls over cost of sales

• Analyzing...read more
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1.1.1 Maths
1.1.2 English
1.1.3 Logical Reasoning
1.2 Objective Business Case
1.3 Video Round (guesstimates + behavioural)

1.1 Case Study - 2 page solid case study with multiple calculative and descriptive questions (similar to DILR of CAT but easier and business oriented)
1.2 Case Debrief - questions on 1.1

Q1. Basic interests, hobby, why ZS, Guesstimates, Puzzles
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Q1. Different types of options
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Q2. Different case study
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They asked only basic Accounting related que & ans.

Q1. Explain th P to P cycle
Ans. 
The P to P cycle refers to the Procure to Pay cycle, which is the process of obtaining and paying for goods and services.
• The cycle starts with the need for a product or service, followed by the selection of a supplier.

• Next, a purchase order is created and sent to the supplier.

• Upon receiving the goods or services, an invoice is generated and sent to the buyer for payment.

• Finally, the buyer processes the payment to the s...read more
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Q2. Explain 2,3 way invoie matching process
Ans. 
Invoice matching process involves comparing purchase orders, invoices, and receiving reports to ensure accuracy.
• 1. Match the invoice to the purchase order to ensure the correct items and quantities were billed.

• 2. Match the invoice to the receiving report to confirm that the goods were received as stated on the invoice.

• 3. Resolve any discrepancies between the three documents to ensure accurate payment.

• Example: If a comp...read more
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Q1. What is reconciliation
Ans. 
Reconciliation is the act of restoring harmony or agreement between parties who were previously in conflict or disagreement.
• Reconciliation involves acknowledging past wrongs or misunderstandings

• It requires open communication and a willingness to forgive

• Reconciliation often involves compromise and finding common ground

• Examples include reconciling with a friend after an argument or reconciling financial records to ensure
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Q2. What options why it is used
Ans. 
Options are used to provide choices or alternatives in decision-making processes.
• Options help in making informed decisions by considering different possibilities

• They allow for flexibility and adaptability in changing circumstances

• Options can be used in negotiations to reach a mutually beneficial agreement
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Reasoning, english, maths

Cricket and mentalvhealth

Q1. Number of traffic lights in delhi
Ans. 
The number of traffic lights in Delhi is estimated to be around 1,000 to 1,500.
• Delhi is a densely populated city with a high number of intersections, hence the need for a large number of traffic lights.

• The exact number of traffic lights may vary due to ongoing construction, maintenance, and changes in traffic patterns.

• Traffic lights are essential for regulating traffic flow and ensuring road safety in a busy city like
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Q1. What projects have you completed in your current org?
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