Nangia & Co. LLP Associate Interview Questions and Answers

Q1. How you got to know about us?
Ans. 
Through a job search website
• Browsing job search websites

• Saw job posting on LinkedIn

• Referred by a friend who saw the job posting
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Q2. Tell something interesting about you
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I have traveled to over 20 countries and can speak 4 languages fluently.
• I love exploring new cultures and trying different cuisines

• I have lived in Europe, Asia, and North America

• I am fluent in English, Spanish, French, and Mandarin

• Traveling has broadened my perspective and enriched my life experiences
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Q3. Apart from self intro say something interesting about you?
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Q1. Why you want to join
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I am passionate about the industry and believe I can contribute positively to the team.
• Passionate about the industry and eager to learn and grow

• Believe my skills and experience align well with the company's goals

• Excited about the opportunity to work with a talented team and make a meaningful impact
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Q2. How you would be beneficial
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I would be beneficial by bringing a strong work ethic, excellent communication skills, and a proven track record of success.
• Strong work ethic - consistently meeting deadlines and exceeding expectations

• Excellent communication skills - ability to effectively communicate with team members and clients

• Proven track record of success - previous achievements and positive feedback from supervisors
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Q1. What is AR and the Journal entries related to it
Ans. 
AR stands for Accounts Receivable. Journal entries related to it are transactions that record the amount owed to a company by its customers.
• AR is a type of asset account that represents money owed to a company by its customers

• Journal entries related to AR include recording sales on credit, receiving payments from customers, and writing off bad debts

• Example: Recording a sale on credit would involve debiting AR and credi...read more
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Q2. Company ABC Ltd was provided services worth 1,00,000 and 10% TDS deducted, what should be the Journal entry
Ans. 
Journal entry for services worth 1,00,000 with 10% TDS deducted
• Debit the TDS account with 10,000

• Credit the vendor account with 90,000

• Credit the TDS payable account with 10,000
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Q3. If it becomes Insolvent what should be the entry.
Ans. 
If a company becomes insolvent, the entry should be recorded as a loss in the financial statements.
• Insolvency occurs when a company is unable to pay its debts and liabilities.

• The entry to record insolvency typically involves recognizing a loss on the balance sheet.

• The specific accounts affected will depend on the nature of the insolvency and the company's accounting policies.

• For example, if a company becomes insolvent ...read more
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Q4. In case the Bad debt is recovered what should be the entry
Ans. 
If bad debt is recovered, the entry should be a reversal of the original bad debt write-off entry.
• Create a journal entry to reverse the original bad debt write-off entry

• Debit the bad debt recovery account for the amount recovered

• Credit the accounts receivable account for the same amount

• If any interest or fees were charged on the bad debt, those should be credited to the income account

• If the bad debt was previously writ...read more
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Q1. Explain about ASC 842
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Q2. Explain ASC 606 five steps
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Basics Questions About Financial knowledge and reasoning.

Q1. Tell me About Yourself. Previous Experiences.
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Q2. Define Contingent Liability.
Ans. 
Contingent Liability is a potential obligation that may arise from past events and whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events.
• It is a liability that is not yet certain but may become certain in the future

• It arises from past events

• It depends on the occurrence or non-occurrence of one or more uncertain future events

• Examples include pending lawsuits, warran
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Q1. Describe about Yourself.
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Q2. Why do you want to join BDO?
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Q3. Why You? and describe previous Experiences
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Q4. How do you Contribute to BDO?
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