NAV Backoffice Senior Associate Interview Questions and Answers

Q1. What is k-1 and K-2 forms
Ans. 
K-1 and K-2 forms are used for fiancé(e) and dependent visas respectively in the United States.
• K-1 form is used for fiancé(e) visas and K-2 form is used for dependent visas in the US

• K-1 form allows a US citizen to bring their fiancé(e) to the US for marriage within 90 days

• K-2 form allows the dependent children of the K-1 visa holder to accompany them to the US

• Both forms require extensive documentation and background ch
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Q1. Journal entries related to deferred revenue, accrual
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Q2. Journal entries related to recording of expenses and incomes
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Assignment is accounting related

Q1. Concept of deffered accounting
Ans. 
Deferred accounting refers to recognizing revenue or expenses at a later date than when they are actually incurred.
• Deferred accounting is used to match revenue and expenses with the period in which they are actually earned or incurred.

• Common examples include prepaid expenses and unearned revenue.

• Deferred tax liabilities and assets are also examples of deferred accounting.

• It helps in accurately reflecting the financial
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Q2. Journal entries for amortization
Ans. 
Journal entries for amortization involve recording the gradual reduction in value of intangible assets over time.
• Amortization is the process of allocating the cost of intangible assets over their useful life.

• Debit the Amortization Expense account and credit the Accumulated Amortization account.

• Journal entry example: Debit Amortization Expense $1,000, Credit Accumulated Amortization $1,000.

• Amortization does not apply to
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Q3. Depreciation accounting
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Q1. Salary discussion
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Q1. About your previous work
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Q1. How will you handle situations
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Q2. Risk of material misstatement procedure
Ans. 
Risk of material misstatement procedure is a process to identify and assess the risk of errors or fraud in financial statements.
• The procedure involves understanding the entity and its environment, including internal controls.

• It also includes assessing the risks of material misstatement due to fraud or error.

• The auditor then designs and performs audit procedures to address the identified risks.

• Examples of procedures inc...read more
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Q1. Tell me something about your self
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Q2. Why KPMG and not others
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Q1. Details about IFRS 15 with examples
Ans. 
IFRS 15 is a revenue recognition standard that outlines principles for recognizing revenue from contracts with customers.
• IFRS 15 provides a single, comprehensive revenue recognition model for all contracts with customers.

• It requires entities to identify performance obligations in a contract and allocate the transaction price to each obligation based on their standalone selling prices.

• Revenue is recognized when control ...read more
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Q2. Scenario based questions
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Q3. How to test debtors more than 3 years
Ans. 
Testing debtors more than 3 years involves thorough analysis of financial records and communication with debtors.
• Review financial statements for outstanding debts older than 3 years

• Contact debtors directly to inquire about the status of the debt and attempt to collect payment

• Consider legal action if necessary to recover the debt

• Evaluate the likelihood of collecting the debt and adjust financial records accordingly
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Q1. What is toe in audit
Ans. 
Toe in audit refers to the practice of comparing the financial statements of a company with industry standards to identify any discrepancies.
• Toe in audit helps in identifying any potential errors or fraud in the financial statements.

• It involves comparing the financial ratios, performance metrics, and key indicators of a company with industry benchmarks.

• By conducting toe in audit, auditors can assess the financial healt...read more
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Q2. What is tod in audit
Ans. 
TOD in audit stands for Test of Details, which involves examining individual transactions or account balances to ensure accuracy and completeness.
• TOD is a detailed examination of specific transactions or account balances in an audit.

• It focuses on verifying the accuracy and completeness of financial information.

• Examples of TOD include testing the existence of inventory by physically counting items, or confirming account...read more
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