KPMG India Tax Assistant Interview Questions and Answers

Versant test, aptitude assessment, and Excel-related skills.

1 hour aptitude test 3 subjects were in the exam LR , accounts & English . My experience was good

40 mins where there was alot of english and 20 questions of accounts

Q1. They ask you Accounting questions again
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Q1. They ask why kpmg and stuff regarding then same
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Q1. What is deferred revenue?
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Deferred revenue is income received by a company in advance of earning it, resulting in a liability on the balance sheet.
• Deferred revenue represents a liability for the company until the goods or services are delivered to the customer.

• It is common in subscription-based businesses where customers pay upfront for services that will be provided over time.

• Once the revenue is earned, it is recognized on the income statement...read more
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Q2. Golden rules of accounting
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The golden rules of accounting are basic principles that guide the process of recording financial transactions.
• The golden rule of accounting is that for every debit entry, there must be an equal credit entry.

• There are three types of accounts: real, personal, and nominal. The golden rules differ for each type of account.

• For real accounts, the golden rule is: Debit what comes in, credit what goes out.

• For personal account...read more
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Q3. What is accrual concept
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Accrual concept is a principle of recognizing revenue and expenses when they are incurred, regardless of when cash is exchanged.
• Revenue and expenses are recorded when they are earned or incurred, not when cash is received or paid.

• This concept ensures that financial statements accurately reflect the financial position of a company.

• For example, if a company provides services in December but doesn't receive payment until ...read more
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Q4. What is quick ratio
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The quick ratio is a financial metric used to measure a company's ability to meet its short-term obligations with its most liquid assets.
• Quick ratio is calculated by dividing quick assets (cash, marketable securities, accounts receivable) by current liabilities.

• A quick ratio of 1 or higher indicates that a company has enough liquid assets to cover its short-term liabilities.

• A quick ratio below 1 may suggest that a comp...read more
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Q1. Tell me about yourself
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Q2. Mostly around your resume
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Q1. Introduce yourself
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I am a tax analyst with 5 years of experience in corporate tax planning and compliance.
• 5 years of experience in corporate tax planning and compliance

• Proficient in tax laws and regulations

• Skilled in financial analysis and reporting

• Strong attention to detail and problem-solving skills
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Q2. Journal entry of outstanding expense
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The journal entry for recording an outstanding expense involves debiting the expense account and crediting the accounts payable account.
• Debit the expense account to increase the expense amount on the income statement

• Credit the accounts payable account to show the liability owed to the vendor

• Example: Debit Rent Expense $1,000 and Credit Accounts Payable $1,000 for outstanding rent expense
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Q3. Difference between cashflow statement and fundflow statement
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Cashflow statement shows inflows and outflows of cash, while fundflow statement shows changes in financial position.
• Cashflow statement focuses on cash transactions, while fundflow statement focuses on changes in financial position.

• Cashflow statement helps in assessing liquidity, while fundflow statement helps in analyzing sources and uses of funds.

• Cashflow statement includes operating, investing, and financing activiti...read more
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Q4. Journal entry of purchase of furniture
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The journal entry for the purchase of furniture involves debiting the Furniture account and crediting the Cash or Accounts Payable account.
• Debit the Furniture account to increase the asset value

• Credit the Cash account if purchased with cash

• Credit the Accounts Payable account if purchased on credit

• Example: Debit Furniture $1,000, Credit Cash $1,000
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Q1. Introduce yourself
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I am a tax analyst with 5 years of experience in corporate tax planning and compliance.
• 5 years of experience in corporate tax planning and compliance

• Strong knowledge of tax laws and regulations

• Skilled in financial analysis and reporting

• Proficient in tax software such as TurboTax and QuickBooks
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Q2. Preferred Location
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I am open to any location that offers a challenging work environment and opportunities for growth.
• Open to relocation for the right opportunity

• Interested in locations with strong job markets

• Seeking a location with a diverse community and cultural opportunities
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Accounts,english ,maths

Q1. Accounts basics and cv based
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Q1. Just introduction
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Q1. What is tds ? How is it different from tcs
Ans. 
TDS stands for Tax Deducted at Source, while TCS stands for Tax Collected at Source. Both are types of taxes collected by the government.
• TDS is deducted by the payer at the time of making payment to the payee, while TCS is collected by the seller from the buyer at the time of sale of goods.

• TDS is applicable on various types of income like salary, interest, commission, etc., while TCS is applicable on the sale of certai...read more
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