Manasvin Consulting Interview Questions and Answers

Q1. Whats is accounting methods
Ans. 
Accounting methods refer to the rules and procedures used by companies to prepare financial statements.
• Accounting methods determine how revenue and expenses are recognized in financial statements.

• There are two main accounting methods: cash basis and accrual basis.

• Cash basis accounting records revenue and expenses when cash is actually received or paid.

• Accrual basis accounting records revenue when it is earned and expen...read more
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Q2. What is capital gain
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Capital gain is the profit that results from a sale of a capital asset, such as stocks, bonds, or real estate.
• Capital gain is the difference between the purchase price and the selling price of a capital asset.

• It is considered a taxable event by the IRS in the United States.

• Short-term capital gains are taxed at a higher rate than long-term capital gains.

• Examples of capital assets include stocks, bonds, real estate, and
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Q3. What is accrual income and accrual expense
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Accrual income and accrual expense are recognized when they are incurred, regardless of when cash is exchanged.
• Accrual income is income that has been earned but not yet received, while accrual expense is an expense that has been incurred but not yet paid.

• Accrual income and expense are recorded in the financial statements in the period in which they are earned or incurred, regardless of when the cash is actually receive...read more
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Q4. Difference between rent agreement and lease agreement
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Rent agreements are usually short-term, while lease agreements are long-term contracts.
• Rent agreements are typically month-to-month or for a fixed term, while lease agreements are usually for a longer period, such as one year or more.

• Rent agreements are more flexible and can be easily terminated with notice, while lease agreements are more binding and may have penalties for early termination.

• Rent agreements are common ...read more
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Q5. What is depreciation and how it is treated in books of accounts
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Depreciation is the allocation of the cost of an asset over its useful life in the books of accounts.
• Depreciation is a non-cash expense that reflects the decrease in value of an asset over time.

• It is treated as an operating expense on the income statement, reducing the company's net income.

• Depreciation is recorded on the balance sheet to reduce the carrying amount of the asset.

• There are different methods of calculating...read more
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Q6. Basic journal entry
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Q7. What is accounts receivables and accounts playable
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Accounts receivables are amounts owed to a company by customers for goods or services provided, while accounts payable are amounts owed by a company to suppliers for goods or services received.
• Accounts receivables represent money owed to a company by customers, typically shown as an asset on the balance sheet.

• Accounts payable represent money owed by a company to suppliers or vendors, typically shown as a liability on t...read more
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Q8. Journal entry for investment in businesses 20,000 cash and 80,000 bank loan
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Journal entry for investment in businesses with $20,000 cash and $80,000 bank loan.
• Debit the investment account for $100,000 ($20,000 cash + $80,000 bank loan)

• Credit the cash account for $20,000

• Credit the bank loan account for $80,000
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Q1. Introduction, audit, give me a one liner on audit
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Q2. Land tax rate , various journal like journal for depreciation
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Q3. Prepaid expenses comes in where
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Q4. What is p/l and b/s
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P/L stands for profit and loss, which shows the financial performance of a company over a specific period. B/S stands for balance sheet, which provides a snapshot of a company's financial position at a specific point in time.
• P/L (Profit and Loss) shows the revenue, expenses, and profits or losses of a company over a specific period.

• B/S (Balance Sheet) shows the assets, liabilities, and equity of a company at a specific...read more
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Q5. This question is not asked but it may in future - accured, deferred, amortization
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Round 1 was a technical assignment which includes aptitude test, accounting test and excel test

Q1. Basic details like tell me about yourself
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Q2. About your family and future goals.
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Q1. About financial statements
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Q2. Financial ratios
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Q3. Mutual fund vs hedge fund
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Mutual funds are managed by professionals who invest pooled funds in a diversified portfolio of securities, while hedge funds are more actively managed and use a variety of strategies to achieve high returns.
• Mutual funds are regulated by the SEC and have restrictions on trading practices, while hedge funds have more flexibility and are only available to accredited investors.

• Mutual funds are typically more suitable for ...read more
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Q4. Type of bonds and shares. And corporate actions.
Ans. 
Bonds and shares are types of securities issued by companies to raise capital. Corporate actions refer to events that impact shareholders.
• Types of bonds include government bonds, corporate bonds, and municipal bonds.

• Types of shares include common shares and preferred shares.

• Corporate actions include dividends, stock splits, mergers, acquisitions, and rights issues.
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Q1. What is Passive foreign Investment company
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Passive Foreign Investment Company (PFIC) is a foreign corporation where at least 75% of its gross income is passive or at least 50% of its assets produce passive income.
• PFIC status can have significant tax implications for U.S. taxpayers.

• Taxpayers must report PFIC investments on Form 8621.

• PFIC rules are complex and may require specialized tax advice.

• Examples of PFICs include certain foreign mutual funds and holding co
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Q2. What is Form 5471
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Form 5471 is a tax form used by certain U.S. persons who are shareholders in certain foreign corporations.
• Required to be filed by U.S. persons who are officers, directors, or shareholders in certain foreign corporations

• Provides information on the foreign corporation's financial activities and ownership structure

• Helps the IRS prevent tax evasion through controlled foreign corporations

• Different filing requirements based ...read more
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Q3. Questions on Form 1040
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Q1. Questions on form 1040
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Q2. Questions on what type of structure in tax would I select to work in BDO
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Q1. Questions on form 1040 & everything was covered
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Q2. Questions on Form 5471
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Q3. Questions on form 962
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Q1. What is index and types of index
Ans. 
An index is a data structure that improves the speed of data retrieval operations in a database.
• Types of indexes include clustered index, non-clustered index, unique index, and composite index.

• Indexes can be created on one or multiple columns in a table.

• Indexes help in quickly locating data without having to scan the entire table.

• Examples of indexes are primary key indexes, foreign key indexes, and secondary indexes.
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Q2. What is SCD and its type
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SCD stands for Slowly Changing Dimension, which is a concept used in data warehousing to track changes in data over time.
• SCD Type 1: Overwrites old data with new data, losing historical information.

• SCD Type 2: Keeps multiple versions of the same record, each with a different timestamp.

• SCD Type 3: Maintains separate columns for current and previous values, limiting historical data tracking.

• SCD Type 4: Uses separate hist...read more
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Q3. Tell me the process of data pipeline
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Data pipeline is a series of processes that collect, transform, and load data from various sources to a destination for analysis.
• Data ingestion: Collecting data from various sources like databases, APIs, logs, etc.

• Data processing: Cleaning, transforming, and enriching the data to make it usable for analysis.

• Data storage: Storing the processed data in a data warehouse, data lake, or other storage solutions.

• Data analysis...read more
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Not convenient with GD

E mail writing and research related questions

Q1. Related questions regarding mail writing, excel
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Q1. Discussion with hr regarding with JD and work
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Be sure what you write

Q1. Tell me about yourself
Ans. 
I am a tax consultant with 5 years of experience helping clients navigate complex tax laws and maximize their deductions.
• I have a Bachelor's degree in Accounting from XYZ University.

• I am proficient in tax preparation software such as TurboTax and QuickBooks.

• I have successfully helped clients save thousands of dollars by identifying overlooked deductions.

• I stay up-to-date on the latest tax laws and regulations to provid
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Q2. Why do you want to work in this company
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I am drawn to your company's reputation for providing top-notch tax consulting services and opportunities for professional growth.
• Impressed by the company's track record of successful tax consulting projects

• Excited about the potential for career advancement and skill development

• Interested in working with a team of experienced professionals in the field
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Q1. IS Codes for Bill certification.
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Q1. Salary negotiation
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Q1. What are assertions
Ans. 
Assertions are claims or statements made by management regarding the financial statements.
• Assertions are made by management about the accuracy, completeness, and validity of the financial statements.

• There are different types of assertions such as existence, completeness, valuation, rights and obligations, etc.

• Auditors use these assertions to assess the risk of material misstatement in the financial statements.

• For examp...read more
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Q2. What is materiality
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Materiality is the concept of determining the significance or importance of an item or event in relation to financial statements.
• Materiality is a threshold used to assess whether an item is significant enough to impact decision-making by users of financial statements.

• It is based on both quantitative and qualitative factors, such as the size of the item, nature of the item, and potential impact on stakeholders.

• Materiali...read more
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Q3. How would you check cash and bank balances
Ans. 
To check cash and bank balances, I would perform bank reconciliations, verify deposits and withdrawals, and review bank statements.
• Perform bank reconciliations to ensure the balance in the company's books matches the bank statement

• Verify deposits and withdrawals by comparing them to supporting documentation such as deposit slips and checks

• Review bank statements for any discrepancies or unauthorized transactions

• Investig...read more
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Q4. Explain revenue recognition
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Revenue recognition is the process of recording revenue in the financial statements when it is earned, regardless of when the cash is received.
• Revenue is recognized when it is realized or realizable and earned.

• The amount of revenue to be recognized is based on the consideration received or expected to be received in exchange for goods or services.

• Revenue recognition principles may vary based on the industry and specifi...read more
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Q1. Industry specific questions
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Q2. Ind as 116 accounting
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