10+ Fiserv Interview Questions and Answers

Audit of assets in multi-location audit involves planning, coordination, and communication.

• Plan the audit approach and scope for each location

• Coordinate with local teams and assign responsibilities

• Ensure consistency in audit procedures and documentation

• Communicate effectively with all stakeholders

• Use technology to streamline the process

• Perform physical verification of assets at each location

• Reconcile the asset records with the financial statements

• Identify and report any discr...read more

Internal audit is an independent review of a company's operations, while external audit is a review by an independent third party.

• Internal audit is conducted by the company's own employees

• External audit is conducted by an independent third party

• Internal audit focuses on evaluating and improving the effectiveness of internal controls and risk management processes

• External audit focuses on providing an opinion on the accuracy and completeness of financial statements

• Internal audi...read more

The Calculate function in Power BI can use up to 2 filter conditions.

• The Calculate function can have a maximum of 2 filter conditions specified within it.

• Filter conditions can be used to modify the context in which calculations are performed.

• For example, Calculate(SUM(Sales), ProductCategory = 'Electronics', Year = 2021) uses 2 filter conditions.

There are three main types of filters in Power BI: visual-level filters, page-level filters, and report-level filters.

• Visual-level filters apply only to the specific visual they are set on

• Page-level filters apply to all visuals on a specific page

• Report-level filters apply to all visuals in the entire report

Bad debt is recorded as an expense in the income statement and as a reduction in accounts receivable in the balance sheet.

• Bad debt is an expense incurred when a customer fails to pay their debt

• The accounting entry for bad debt involves debiting the bad debt expense account and crediting the accounts receivable account

• The bad debt expense account is reported in the income statement while the accounts receivable account is reported in the balance sheet

• Example: If a company has ...read more

Real estate firms recognize revenue based on the completion of the project and transfer of control to the buyer.

• Revenue is recognized when the risks and rewards of ownership are transferred to the buyer

• Percentage of completion method is used to recognize revenue over time

• Revenue from sale of land is recognized at the time of sale

• Revenue from long-term contracts is recognized using the cost-to-cost method

• Revenue from lease agreements is recognized over the lease term

Audit assertions are claims made by management regarding the accuracy and completeness of financial statements.

• Audit assertions are used by auditors to assess the risk of material misstatement in financial statements.

• There are five types of assertions: existence, completeness, accuracy, valuation, and rights and obligations.

• Existence: assets and liabilities exist at a given date. Completeness: all transactions and balances are recorded. Accuracy: amounts and other data are ac...read more

My expectation is to contribute effectively to the team, learn and grow professionally, and eventually progress to a higher role.

• Contribute effectively to the team by sharing knowledge and skills

• Learn and grow professionally through training and mentorship

• Progress to a higher role by consistently delivering high-quality work

M3 of the 1065 refers to the third member's capital account in a partnership tax return form.

• M3 is a section in Form 1065 where the partnership reports the tax basis capital accounts of its partners.

• It includes adjustments for income, deductions, contributions, distributions, and other items that affect the partners' tax basis.

• The M3 schedule reconciles the partners' capital accounts from the beginning to the end of the tax year.

• Partnerships use M3 to track the tax consequenc...read more

Consultants in banking provide expert advice and solutions to financial institutions to improve their operations and achieve their goals.

• Consultants analyze banking processes and identify areas for improvement.

• They develop strategies and recommendations to optimize efficiency and reduce costs.

• Consultants assist in implementing new technologies and systems to enhance banking operations.

• They provide guidance on regulatory compliance and risk management.

• Consultants may also supp...read more