KPMG India Audit Associate Interview Questions and Answers for Freshers

Q1. Journal entry for provision for doubtful debt
Ans. 
A provision for doubtful debt is a journal entry made to account for potential losses from customers who may not pay their debts.
• Provision for doubtful debt is recorded as an expense in the income statement.

• It is created by debiting the provision for doubtful debt account and crediting the bad debt expense account.

• The provision is based on an estimate of the amount of debt that is likely to become uncollectible.

• The pro...read more
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Q2. What are subsequent events
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Subsequent events are events that occur after the balance sheet date but before the financial statements are issued.
• Subsequent events can be classified as either adjusting or non-adjusting events.

• Adjusting events provide evidence of conditions that existed at the balance sheet date and require adjustment to the financial statements.

• Non-adjusting events do not require adjustment to the financial statements but may requi...read more
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Q3. Audit of bank balance
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Q4. Assertions and procedure for audit of debtors
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Assertions and procedures for auditing debtors
• The existence assertion: ensuring that the debtors actually exist and are valid

• The completeness assertion: ensuring that all debtors are included in the financial statements

• The valuation assertion: ensuring that the debtors are valued correctly

• The rights and obligations assertion: ensuring that the company has the right to collect the debt and that the debtors have an oblig...read more
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Q5. 3 golden principles of accounting
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The 3 golden principles of accounting are: 1) Debit the receiver, credit the giver 2) Debit what comes in, credit what goes out 3) Debit expenses and losses, credit income and gains.
• Debit the receiver, credit the giver: when an asset is received, it is debited and when a liability is given, it is credited

• Debit what comes in, credit what goes out: when cash is received, it is debited and when cash is paid, it is credite...read more
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Q6. Basic audit questions and resume walkthrough
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Q1. Self knowledge and work experience
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Q2. What about yourself
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I have completed my graduation bcom computer from guntur

Q1. Basic Audit concepts
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Q2. Materiality concepts, sampling concepts and few scenario based questions
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