McKinsey & Company General Accountant Interview Questions and Answers

Q1. Tell me your self
Ans. 
I am a detail-oriented accountant with 5 years of experience in financial reporting and analysis.
• I have a Bachelor's degree in Accounting from XYZ University.

• I am proficient in using accounting software such as QuickBooks and SAP.

• I have experience preparing monthly financial statements and analyzing variances.

• I am skilled in budgeting and forecasting.

• I have excellent communication and interpersonal skills.
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Q2. What is currently CTC
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Current CTC refers to the total salary package of an employee including all benefits and allowances.
• CTC includes salary, bonuses, benefits, and allowances

• It does not include deductions like taxes or insurance premiums

• Example: An employee's CTC is $60,000 per year
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Apitude test and recently news

Q1. INCOME TAX , GST
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Q1. TDS, STATUTORY AUDIT
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Q1. Journal entries for rent, prepaid rent and outstanding rent.
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Q2. Difference between depreciation and amortisation.
Ans. 
Depreciation is the decrease in value of tangible assets over time, while amortisation is the decrease in value of intangible assets over time.
• Depreciation applies to tangible assets like buildings, machinery, and vehicles.

• Amortisation applies to intangible assets like patents, copyrights, and trademarks.

• Depreciation is calculated based on the useful life of the asset.

• Amortisation is calculated based on the estimated u...read more
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Q3. What is prudence concept?
Ans. 
Prudence concept is an accounting principle that requires caution and conservatism in financial reporting.
• It suggests that a company should not overstate its assets or income and should not understate its liabilities or expenses.

• It is also known as conservatism principle.

• It helps in avoiding over-optimism and overstatement of financial position.

• For example, if a company has a doubtful debt, it should be recorded as an ...read more
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Q4. What is accrual concept?
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Accrual concept is a method of accounting where revenues and expenses are recognized when earned or incurred, regardless of when payment is received or made.
• Accrual concept is based on the matching principle, which means that expenses should be matched with the revenues they helped generate.

• Under accrual accounting, revenue is recognized when it is earned, even if payment has not been received yet.

• Similarly, expenses a...read more
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Q5. Explain matching concept.
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Matching concept is an accounting principle that requires expenses to be recognized in the same period as the related revenues.
• Expenses should be matched with the revenues they helped generate

• It ensures accurate financial reporting

• It helps in determining the profitability of a business

• For example, if a company sells a product in January, the cost of producing that product should be recognized as an expense in January a
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Q6. What formulas and functions have you used at your previous organisation in excel?
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Q1. Is hybrid work model ok for you?
Ans. 
Yes, I am comfortable with the hybrid work model.
• I have experience working remotely and in-office

• I am adaptable and can manage my time effectively

• I am comfortable with using technology to communicate with team members

• I understand the importance of maintaining a work-life balance
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Q2. Why did you leave your previous organisation?
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Q1. Explain in detail about accounts
Ans. 
Accounts refer to the financial records of an organization that track its transactions and financial position.
• Accounts are used to record financial transactions such as sales, purchases, and expenses.

• They help in tracking the financial position of an organization by maintaining records of assets, liabilities, and equity.

• Accounts are classified into different categories such as revenue, expenses, assets, liabilities, an...read more
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Q2. Explain about gst and it's pro's and cons
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GST is a value-added tax levied on goods and services in India.
• Pro's: Simplifies tax structure, reduces tax evasion, promotes ease of doing business

• Cons: Initial implementation challenges, increased compliance burden for small businesses

• Example: GST replaced multiple indirect taxes like VAT, service tax, excise duty, etc.

• Example: GST has different tax rates for different goods and services, ranging from 0% to 28%

• Exampl...read more
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Q1. Tell me abour your self
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Q2. Eexperience and background
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Q1. Why should we hire you
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Q2. What are your areas of expertise
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Q1. Depreciation calculation
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Q2. Other work and experience related
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Q3. Tds rates, nature of revenues
Ans. 
TDS rates vary based on the nature of revenues, such as salary, interest, rent, etc.
• TDS rates are determined by the government and vary depending on the type of income

• For example, TDS on salary income is deducted at different rates compared to TDS on interest income

• Nature of revenues can include salary, interest, rent, commission, etc.

• It is important for an Executive Accountant to be familiar with the different TDS rat
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Interaction between two person, share their knowledge, skills and relevant qualifications for the position.

Aptitude test is to test the candidates IQ level and their grasping power towards organizations... Using tricky mathematics to test candidates knowledge.