20+ PwC Associate Consultant Interview Questions and Answers

India is implementing various renewable energy schemes such as solar parks, wind power projects, and hydroelectric power projects.

• Solar parks with a capacity of 40 GW are being set up across the country

• Wind power projects with a capacity of 60 GW are being implemented

• Hydroelectric power projects with a capacity of 60 GW are being developed

• Kisan Urja Suraksha evam Utthaan Mahabhiyan (KUSUM) scheme for solar pumps and grid-connected solar power projects

• Pradhan Mantri Kisan Urja...read more

SAP uses various criteria to clear GRIR line items.

• SAP matches the invoice and purchase order information with the GRIR line item.

• SAP considers the age of the GRIR line item and clears the oldest items first.

• SAP can also use specific clearing rules set up by the user.

• If there are multiple open items, SAP may use the FIFO (first in, first out) method to clear them.

• SAP can also use the LIFO (last in, first out) method to clear items.

• If there are still open items, SAP may requir...read more

Tax jurisdiction in SAP determines the tax laws and regulations applicable to a particular business transaction.

• It is used to determine the tax codes and rates for a transaction

• It is based on the location of the company code and the customer/vendor

• It can be set up at various levels such as country, state, city, etc.

• It is important for compliance with tax laws and regulations

• Example: A company based in the US selling to a customer in Canada would have different tax jurisdictio...read more

Major observations of p2p with financial impact

• Increased efficiency in transactions due to direct peer-to-peer interactions

• Reduced costs as intermediaries are eliminated from the process

• Greater transparency and security in transactions

• Potential for disintermediation in various industries

• Challenges with regulation and legal frameworks

• Examples: Bitcoin, Ethereum, Airbnb, Uber

A clearing account is a temporary account used to hold funds until they can be transferred to their final destination.

• Clearing accounts are commonly used in banking and accounting.

• They are used to hold funds until they can be transferred to their final destination.

• Clearing accounts are often used in international transactions to ensure that funds are properly transferred between different currencies.

• Examples of clearing accounts include suspense accounts, transit accounts, an...read more

5 key points to consider when drafting standard operating procedures

• Clearly define the purpose and scope of the SOP

• Ensure the SOP is written in a clear and concise manner

• Include step-by-step instructions for each process

• Specify roles and responsibilities of individuals involved

• Regularly review and update the SOP to reflect any changes in processes

Reverse a string without using in built function

• Iterate through the string from end to start and append each character to a new string

• Alternatively, swap characters from start and end of the string until reaching the middle

There are approximately 15,000 vada pav stalls in Mumbai.

• Consider the population of Mumbai and the popularity of vada pav as a street food.

• Estimate the number of stalls per area in the city.

• Factor in the demand for vada pav during peak hours and locations like train stations.

• Take into account the number of tourists and locals who consume vada pav regularly.

Revenue audit involves verifying financial records to ensure accuracy and compliance with accounting standards.

• Reviewing sales invoices and receipts

• Checking for proper revenue recognition

• Comparing revenue to budget and prior periods

• Analyzing revenue by product, customer, and region

• Testing internal controls over revenue

• Confirming revenue with customers and third parties

• Investigating any unusual fluctuations or discrepancies

During my article trainee period, I worked on various software applications including accounting software, tax software, and audit software.

• Accounting software

• Tax software

• Audit software

Developed a custom object for tracking employee training and certifications.

• Created custom fields to track training completion and expiration dates.

• Implemented validation rules to ensure data accuracy.

• Built custom reports and dashboards for management visibility.

• Integrated with HRIS system for automated updates.

• Provided training to end-users on new functionality.

FI entries for GR IR

• FI entries refer to financial accounting entries

• GR IR stands for Goods Receipt Invoice Receipt

• FI entries for GR IR are the accounting entries related to the receipt of goods and the corresponding invoice

• These entries are recorded in the general ledger accounts

• Examples of FI entries for GR IR include debiting the inventory account and crediting the accounts payable account

Dealing with difficult clients and resolving conflicts in a professional manner.

• Remaining calm and composed during heated discussions

• Active listening to understand the client's concerns

• Finding mutually beneficial solutions through negotiation

• Seeking guidance from senior colleagues when necessary

Machine learning is a branch of artificial intelligence that involves developing algorithms and models that enable computers to learn from and make predictions or decisions based on data.

• Machine learning involves training algorithms to recognize patterns in data and make predictions or decisions without being explicitly programmed.

• Common machine learning techniques include supervised learning, unsupervised learning, and reinforcement learning.

• Examples of machine learning appl...read more

Deep learning is a subset of machine learning that uses neural networks to learn from large amounts of data.

• Utilizes neural networks to learn complex patterns in data

• Requires large amounts of data for training

• Used in various applications such as image and speech recognition

• Examples include convolutional neural networks (CNNs) and recurrent neural networks (RNNs)

Contingent liability is a potential liability that may occur in the future depending on the outcome of a specific event.

• Contingent liabilities are not recorded on the balance sheet but disclosed in the notes to the financial statements.

• They are dependent on a future event, such as a lawsuit outcome or a product warranty claim.

• If the event occurs, the company will have to fulfill the obligation and recognize the liability.

• Examples include pending lawsuits, guarantees on loans,...read more

Polymorphism in Java allows objects of different classes to be treated as objects of a common superclass.

• Polymorphism is achieved through method overriding and method overloading.

• Method overriding allows a subclass to provide a specific implementation of a method that is already provided by its superclass.

• Method overloading allows multiple methods with the same name but different parameters to coexist in the same class.

• Polymorphism helps in achieving flexibility and extensibi...read more

The p value is a statistical measure that helps determine the significance of results in hypothesis testing.

• The p value is the probability of obtaining results as extreme as the observed results, assuming the null hypothesis is true.

• A p value of less than 0.05 is typically considered statistically significant, indicating that the null hypothesis can be rejected.

• A p value greater than 0.05 suggests that the results are not statistically significant, and the null hypothesis can...read more

Undervaluation of liabilities refers to the situation where a company underestimates the amount of money it owes to creditors or other parties.

• Undervaluation of liabilities can lead to financial instability and potential legal issues.

• Common examples include underestimating the amount of debt owed or not properly accounting for future obligations like pension liabilities.

• Companies may engage in undervaluation of liabilities to make their financial position appear stronger than...read more