200+ Garg Logistics Interview Questions and Answers

To create a REST API with service method and database queries, follow these pointers.

• Choose a programming language and framework for your API

• Create a service layer to handle business logic

• Use database queries to retrieve and manipulate data

• Map HTTP methods to service methods

• Implement authentication and authorization

• Test your API thoroughly

Spring framework is a popular Java framework used for building web applications.

• Create a Spring project using Spring Initializr

• Define beans using annotations or XML configuration

• Inject dependencies using @Autowired or constructor injection

• Use Spring MVC for web development

• Integrate with databases using Spring Data

• Secure applications using Spring Security

• Test applications using Spring Test

• Deploy applications using Spring Boot

Adverse and qualified opinions in auditing and how to check payables and receivables.

• Adverse opinion is given when the financial statements are materially misstated and the auditor is unable to obtain sufficient evidence to support the amounts and disclosures in the statements.

• Qualified opinion is given when the financial statements are fairly presented except for a specific matter that is disclosed in the opinion.

• To check payables, review the accounts payable aging report an...read more

Spring Boot uses RestTemplate or FeignClient to connect to other microservices.

• Use RestTemplate to make HTTP requests to other microservices.

• Use FeignClient to create a client interface for other microservices.

• Configure the URL and port of the microservice in the application.properties file.

• Use @Autowired annotation to inject RestTemplate or FeignClient in the service class.

• Handle exceptions and errors when connecting to other microservices.

Filter student data from database using specific logics

• Filter students by grade level

• Filter students by gender

• Filter students by attendance record

• Filter students by GPA

• Filter students by extracurricular activities

An audit programme is a plan of action outlining the steps to be taken during an audit.

• An audit programme outlines the objectives, scope, and methodology of the audit.

• It includes a list of audit procedures to be performed.

• It also includes a timeline for the audit and the roles and responsibilities of the audit team.

• Examples of audit programmes include financial audits, operational audits, and compliance audits.

Identifying risks and controls in a process

• Identify the process and its objectives

• Identify the inputs, activities, and outputs of the process

• Identify the risks associated with each step of the process

• Identify the controls in place to mitigate the risks

• Evaluate the effectiveness of the controls

• Recommend improvements to the process and controls

• Examples: Order-to-cash process, procurement process, hiring process

The team strength for the teams I facilitated Scrum ranged from 5 to 10 members.

• Team sizes varied based on the project requirements and complexity

• Smaller teams of 5 members were more efficient for quick decision-making

• Larger teams of 10 members were beneficial for complex projects requiring diverse skill sets

I have a good level of knowledge about renewables.

• I have studied renewable energy sources such as solar, wind, hydro, and geothermal power.

• I am aware of the benefits of using renewables, such as reducing carbon emissions and promoting sustainability.

• I have also kept up to date with the latest developments and innovations in the field.

• For example, I know about the increasing use of energy storage systems to improve the reliability of renewable energy sources.

• Overall, I am conf...read more

To check application of IND AS while checking depreciation, one needs to ensure that the accounting policies and disclosures comply with the relevant standards.

• Check if the company has adopted IND AS and if it is applicable to the company

• Check if the company has followed the relevant accounting policies for depreciation as per IND AS

• Check if the company has made the required disclosures related to depreciation as per IND AS

• Compare the financial statements of the current year ...read more

P2P and O2C are two different processes in accounting. P2P stands for Procure-to-Pay and O2C stands for Order-to-Cash.

• P2P involves the process of purchasing goods or services from a vendor, receiving the goods or services, and then paying the vendor for the goods or services.

• O2C involves the process of receiving an order from a customer, fulfilling the order, and then receiving payment from the customer.

• Both processes are important for internal audit as they involve financial...read more

SIR models are used for infectious disease forecasting, incorporating compartments for susceptible, infected, and recovered individuals.

• SIR models focus on the dynamics of infectious diseases by dividing the population into compartments of susceptible, infected, and recovered individuals.

• Regular forecasting models typically do not consider the spread of infectious diseases and do not incorporate compartments for different disease states.

• SIR models allow for the estimation of ...read more

Depreciation methods and asset life are important factors in financial accounting.

• Depreciation methods include straight-line, double-declining balance, and units of production.

• Asset life varies by category, such as buildings, vehicles, and equipment.

• The useful life of a building may be 40 years, while a vehicle may have a useful life of 5 years.

• Depreciation is important for accurately reporting the value of assets on financial statements.

To build automation capability, I will focus on identifying areas for automation, selecting appropriate tools, and training the team.

• Conduct a thorough analysis of the organization's processes to identify areas for automation

• Select appropriate automation tools based on the identified areas

• Train the team on the selected tools and provide ongoing support

• Develop a roadmap for automation implementation and prioritize tasks based on impact and feasibility

• Collaborate with stakehold...read more

Questions related to income tax, deductions, bank reconciliation, financial ratios, and formulas.

• Tax slab determines the rate at which an individual or entity is taxed based on their income.

• Head of income tax is the person responsible for overseeing the collection of income tax.

• Exemption is a portion of income that is not subject to tax, while deduction is an expense that can be subtracted from taxable income.

• Deduction limit in 80C is Rs. 1.5 lakh and in 80TTA is Rs. 10,000.

• B...read more

I am an experienced Associate with knowledge in audit assertions, materiality, benchmarking in audit, and revenue recognition as per Ind AS.

• Audit assertions are the representations made by management regarding the financial statements.

• There are five main audit assertions: existence, completeness, valuation or allocation, rights and obligations, and presentation and disclosure.

• For example, existence assertion ensures that the recorded assets and liabilities actually exist.

• Mate...read more

Accounts Receivable audit involves verifying the accuracy and completeness of the recorded transactions.

• Verify the existence of the receivables by sending confirmations to customers.

• Check the accuracy of the recorded amounts by comparing them to supporting documents.

• Review the aging of the receivables to identify any potential issues with collection.

• Assess the adequacy of the allowance for doubtful accounts.

• Test the completeness of the recorded transactions by reviewing cutof...read more

Materiality level is set based on the significance of financial information to users of financial statements.

• Consider the size and nature of the item or error

• Assess the impact on financial statements and key ratios

• Evaluate the effect on users' decisions

• Use professional judgment and consider relevant laws and regulations

• Document the rationale for materiality level chosen

Management representation letter is a written statement from management to auditors confirming the accuracy of financial information.

• It is a letter from management to auditors

• It confirms the accuracy of financial information

• It is a standard part of the audit process

• It is used to provide evidence of management's responsibility for financial statements

• It may include information on internal controls and potential fraud

• Examples of information included in the letter are bank balan...read more

I have worked on various projects, including RFPs and EOIs. I am familiar with different types of RFPs, including fixed cost RFPs.

• I have experience working on projects that involve responding to RFPs and EOIs.

• I am familiar with different types of RFPs, such as open RFPs, closed RFPs, and sealed RFPs.

• I have worked on fixed cost RFPs, where the budget is predetermined and the vendor must work within that budget.

• EOI stands for Expression of Interest, which is a document used to ...read more

BRD stands for Business Requirements Document which outlines the business solution for a project. It is different from FRD which focuses on functional requirements.

• BRD defines the business solution and the business needs that drive the project.

• BRD includes information on business objectives, scope, stakeholders, risks, assumptions, constraints, and success criteria.

• FRD focuses on the functional requirements of the system, detailing how the system should behave.

• FRD includes de...read more

Capacity planning involves analyzing current and future resource needs to ensure optimal performance and efficiency.

• Assess current resource utilization and performance levels

• Forecast future demand based on historical data and growth projections

• Identify potential bottlenecks or areas of inefficiency

• Allocate resources accordingly to meet demand without over-provisioning

• Regularly review and adjust capacity plans as needed

Sprint planning involves setting goals, prioritizing tasks, estimating effort, and assigning work for the upcoming sprint.

• Discuss goals and objectives for the sprint with the team

• Prioritize the backlog items based on importance and dependencies

• Estimate the effort required for each task using story points or other metrics

• Assign tasks to team members based on their skills and availability

• Create a sprint backlog detailing the tasks to be completed during the sprint

There are four types of audit opinion: Unqualified, Qualified, Adverse, and Disclaimer.

• Unqualified opinion means the financial statements are fairly presented.

• Qualified opinion means there are some issues but they do not affect the overall fairness of the financial statements.

• Adverse opinion means the financial statements are not fairly presented.

• Disclaimer opinion means the auditor is unable to express an opinion due to lack of information or other limitations.

• Examples: Unqu...read more

The cost of assets is shown on the balance sheet, with market value disclosed in the notes if listed.

• Cost of assets is typically shown on the balance sheet under the relevant category

• If assets are listed on a stock exchange, their market value may be disclosed in the notes to the financial statements

• Market value may fluctuate and is not always the same as cost

PwC's core values include teamwork, excellence, and leadership. They strive to meet current and future expectations through innovation and collaboration.

• PwC values teamwork, excellence, and leadership

• They prioritize innovation and collaboration to meet current and future expectations

• PwC aims to provide quality service to clients and contribute to society

• They prioritize diversity and inclusion in their workforce

• PwC encourages continuous learning and development for their emplo...read more

Futures and options are financial derivatives that allow investors to hedge risk or speculate on price movements. Futures are standardized contracts traded on exchanges, while options give the holder the right, but not the obligation, to buy or sell an asset at a specified price.

• Futures are standardized contracts traded on exchanges, where parties agree to buy or sell an asset at a predetermined price on a future date.

• Options give the holder the right, but not the obligation,...read more

Cut off dates for cash receipts, materiality, and assertions are important for financial reporting.

• Cut off date for cash receipts is the date until which cash receipts are recorded in the financial statements.

• Materiality refers to the significance of an item or transaction in the financial statements.

• Assertions are statements made by management regarding the accuracy and completeness of the financial statements.

• Cut off dates, materiality, and assertions are important for ensu...read more

Cashflow statements show how cash is generated and used, while balance sheets show the financial position of a company at a specific point in time.

• Cashflow statements explain changes in cash balances over a period, while balance sheets provide a snapshot of assets, liabilities, and equity at a specific date.

• Both cashflow statements and balance sheets are essential financial statements used by investors, creditors, and management to assess the financial health of a company.

• The...read more

Sampling types include random, stratified, cluster, convenience, and quota sampling.

• Random sampling involves selecting participants randomly from the population.

• Stratified sampling involves dividing the population into subgroups and selecting participants from each subgroup.

• Cluster sampling involves selecting groups or clusters from the population and then selecting participants from within those clusters.

• Convenience sampling involves selecting participants who are easily acc...read more

Server side rendering is implemented by pre-rendering the initial state of a web page on the server before sending it to the client.

• Use a server-side rendering framework like Next.js or Nuxt.js

• Create components that can be rendered on the server using Node.js or other server-side technologies

• Optimize the server-side rendering process to improve performance

A data analytics project involves collecting, processing, analyzing, and visualizing data to gain insights and make informed decisions.

• Identify the problem or question to be answered

• Collect relevant data from various sources

• Clean and preprocess the data to ensure accuracy and consistency

• Analyze the data using statistical and machine learning techniques

• Visualize the results to communicate insights and findings

• Iterate and refine the analysis as needed

• Present the findings and re...read more

Kanban is another popular framework apart from Scrum.

• Kanban focuses on visualizing work, limiting work in progress, and maximizing flow.

• It is more flexible than Scrum as it does not have fixed time boxes like sprints.

• Kanban is often used in continuous delivery environments where work items have varying priorities and deadlines.

P-value is a measure that helps determine the strength of evidence against a null hypothesis in statistical testing.

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

• A low p-value (typically less than 0.05) indicates strong evidence against the null hypothesis.

• Conversely, a high p-value suggests that the observed results are likely to occur even if the null hypothesis is true.

• It is used in hypothesis testi...read more

Audit risk is the risk that an auditor may issue an incorrect opinion on the financial statements.

• It is the risk that the auditor may fail to detect material misstatements in the financial statements.

• It can be caused by errors or fraud in the financial statements.

• The auditor must assess and respond to the audit risk in order to plan and perform an effective audit.

• The level of audit risk depends on the nature of the business, the complexity of the transactions, and the quality...read more

Change management process involves planning, implementing, and monitoring changes to achieve desired outcomes.

• Identify the need for change

• Plan and communicate the change

• Implement the change

• Monitor and evaluate the change

• Make adjustments as necessary

• Examples: software updates, organizational restructuring, policy changes

Memoizing a component involves caching the result of a function to improve performance.

• Use a memoization library like reselect or useMemo hook in React to cache the result of a function.

• Memoization helps avoid unnecessary re-computation by storing the result of expensive function calls.

• Example: In React, you can memoize a component using useMemo hook to prevent re-rendering unless the dependencies change.

Pricing procedure setup is the configuration of pricing elements in SAP system.

• Pricing procedure is a set of condition types that determine the price of a product or service.

• It involves defining access sequences, condition tables, and condition types.

• The pricing procedure is assigned to a sales document type.

• Example: A pricing procedure for a product can include condition types for base price, discounts, taxes, and freight charges.

Key audit matters are significant areas of the audit that require the most attention and have the highest risk of material misstatement.

• Revenue recognition

• Impairment of assets

• Valuation of inventory

• Going concern

• Related party transactions

• Taxation

• Litigation and claims

• Acquisitions and disposals

• Pensions and other post-employment benefits

• Financial instruments

• Business continuity and disaster recovery

• IT systems and controls

Attributes for user access provisioning and deprovisioning

• Clear and defined roles and responsibilities

• Automated processes for faster provisioning and deprovisioning

• Regular reviews and audits to ensure access is appropriate

• Segregation of duties to prevent conflicts of interest

• Proper documentation and tracking of access requests and approvals

Unrecorded liabilities can be tested through analytical procedures, inquiry, and review of contracts and agreements.

• Analyze historical data and trends to identify any unusual fluctuations or inconsistencies that may indicate unrecorded liabilities.

• Inquire with management about any potential liabilities that may not have been recorded in the financial statements.

• Review contracts, agreements, and other relevant documentation to identify any obligations that have not been record...read more

Pods are needed in 3rd party processes to ensure isolation and scalability of the application components.

• Pods provide a way to group containers together and manage them as a single unit.

• They ensure that each container has its own IP address and can communicate with other containers in the same pod.

• Pods also provide a way to scale the application horizontally by adding more pods.

• For example, in a microservices architecture, each service can be deployed in its own pod for isola...read more

Materiality refers to the significance or importance of information in relation to a decision or financial statement.

• Materiality is a concept used in accounting and auditing.

• It helps determine what information is important enough to be included in financial statements.

• Materiality is subjective and depends on the context and audience.

• For example, a $1,000 error in a company with millions in revenue may not be material, but the same error in a small business could be significan...read more

VDOM stands for Virtual Document Object Model. useMemo is a React hook used for memoizing expensive calculations.

• VDOM is a virtual representation of the actual DOM in memory, used for efficient rendering in React

• useMemo is used to memoize expensive calculations in React components to avoid unnecessary re-renders

• Example: useMemo(() => calculateExpensiveValue(a, b), [a, b])

Type of audit report and type of audit procedures

• The type of audit report depends on the auditor's opinion on the financial statements

• There are four types of audit reports: unqualified, qualified, adverse, and disclaimer

• The type of audit procedures depends on the nature of the audit engagement

• Audit procedures can include inquiry, observation, inspection, and confirmation

• The auditor must select appropriate audit procedures to obtain sufficient and appropriate audit evidence

ICFR is applicable for all companies to ensure accurate financial reporting and prevent fraud.

• ICFR stands for Internal Control over Financial Reporting

• Required by Sarbanes-Oxley Act for publicly traded companies

• Helps prevent financial misstatements and fraud

• Involves processes, controls, and monitoring to ensure accuracy of financial statements

KFF stands for Key Flexfield in Asset Module. It is used to capture additional information about assets.

• KFFs are customizable fields that allow users to define additional attributes for assets.

• They can be used to track specific information such as location, department, or cost center.

• KFFs can be configured based on the organization's requirements to capture relevant data for reporting purposes.

Accuracy refers to the correctness of information, while completeness refers to having all necessary information present.

• Accuracy ensures that information is free from errors or mistakes.

• Completeness ensures that all relevant information is included.

• Accuracy and completeness are essential for making informed decisions and drawing accurate conclusions.

• Examples: A financial report that accurately reflects the company's financial status is both accurate and complete.

• Examples: A ...read more

Risk in my process refers to the potential for negative outcomes or failures due to uncertainties or unforeseen events.

• Risk can arise from various sources such as human error, technical failures, or external factors.

• Identifying and assessing risks is crucial for effective risk management.

• Examples of risks in my process could include delays in project timelines, budget overruns, or data security breaches.

The tax percentages vary across different countries in the EU.

• Tax percentages in the EU vary due to different tax systems and policies.

• Some countries have higher tax rates to fund social welfare programs.

• Others have lower tax rates to attract foreign investments.

• Tax rates can differ for various types of taxes, such as income tax, corporate tax, and value-added tax (VAT).

• For example, the top income tax rate in Sweden is 57.1%, while in Bulgaria it is 10%.

• In terms of corporate ...read more

Credit agreements are legal documents outlining terms and conditions of a loan. Deals and facilities include term loans, revolving credit, and letters of credit.

• Credit agreements are used to formalize lending arrangements between a borrower and a lender.

• They outline the terms and conditions of the loan, including interest rates, repayment schedules, and collateral requirements.

• Types of deals and facilities include term loans, revolving credit, and letters of credit.

• Term loans...read more

Different stages of software development

• Planning and requirements gathering

• Design and architecture

• Implementation and coding

• Testing and quality assurance

• Deployment and maintenance

Different types of risks and controls involve identifying, assessing, and managing potential threats to an organization.

• Types of risks include strategic, financial, operational, compliance, and reputational risks.

• Controls are measures put in place to mitigate risks, such as policies, procedures, and internal audits.

• Examples of controls include segregation of duties, access controls, and regular risk assessments.

• Risk management involves identifying risks, assessing their poten...read more

Controls in Procure to pay process ensure accuracy, efficiency, and compliance in purchasing and payment activities.

• Segregation of duties to prevent fraud

• Approval hierarchy for purchase orders and invoices

• Vendor master data maintenance and verification

• Matching of purchase orders, goods receipts, and invoices

• Regular reconciliation of accounts payable

• Use of electronic procurement systems for audit trails

Audit assertions are statements made by management regarding the accuracy of financial information.

• Assertions at the transaction level include occurrence, completeness, accuracy, and cutoff.

• Assertions at the balance level include existence, rights and obligations, completeness, and valuation and allocation.

• Assertions at the presentation and disclosure level include occurrence, completeness, accuracy, and classification and understandability.

• Examples of assertions include the ...read more

Reactive programming is a programming paradigm focused on asynchronous data streams and the propagation of changes.

• Uses data streams to represent changes over time

• Emphasizes declarative programming

• Commonly used in frameworks like RxJava and Reactor

Q2C Implementation process involves converting a sales order into a completed transaction.

• Q2C stands for Quote-to-Cash

• Involves creating quotes, managing pricing, generating sales orders, invoicing, and receiving payments

• Integration with CRM and ERP systems for seamless process flow

Attributes to check in a review control include accuracy, completeness, timeliness, relevance, and compliance.

• Accuracy - Ensure that the information provided is correct and free from errors.

• Completeness - Verify that all necessary information is included and nothing is missing.

• Timeliness - Confirm that the review is conducted in a timely manner to meet deadlines.

• Relevance - Check if the review addresses the relevant aspects and meets the objectives.

• Compliance - Ensure that th...read more

Prorate convention is a method used to calculate interest or fees for a partial period of time.

• Prorate convention is commonly used in finance and accounting to determine the amount of interest or fees that should be charged for a partial period.

• It involves dividing the total interest or fees by the number of days in the period and then multiplying by the number of days in the partial period.

• For example, if a loan has an annual interest rate of 10% and a prorate convention of ...read more

Non deduction of TDS can lead to penalties and legal consequences.

• Non deduction of TDS can result in penalties and interest charges.

• The taxpayer may also face legal consequences and prosecution.

• The deductee may face difficulties in claiming credit for the tax deducted at source.

• Non deduction of TDS can also lead to increased scrutiny from tax authorities.

• For example, if an employer fails to deduct TDS on salary payments, the employee may face difficulties in filing their tax ...read more

Investment can be valued using various methods such as discounted cash flow, comparable company analysis, and precedent transactions.

• Discounted cash flow (DCF) method calculates the present value of expected future cash flows.

• Comparable company analysis compares the target company to similar publicly traded companies.

• Precedent transactions method looks at the prices paid for similar companies in the past.

• Other methods include net asset value (NAV) and earnings multiples.

• The c...read more

Standards on Auditing are guidelines and procedures followed by auditors to ensure accuracy and reliability of financial statements.

• Standards on Auditing provide a framework for auditors to conduct their work effectively.

• They help ensure consistency and quality in auditing practices.

• Examples include International Standards on Auditing (ISA) issued by the International Auditing and Assurance Standards Board (IAASB).

Remote audit procedures involve conducting audits using technology to assess compliance and performance remotely.

• Utilize video conferencing tools to conduct interviews and virtual tours of facilities

• Request electronic copies of documents and records for review

• Use secure online platforms for sharing sensitive information

• Ensure clear communication and documentation of findings

• Consider potential limitations of remote audits, such as inability to physically inspect equipment

Promises are commitments made by one party to another, to fulfill a certain task or obligation within a specified time frame.

• Promises involve a commitment or assurance to do something

• They are often made between two parties

• There is an expectation of fulfillment within a specified time frame

• Failure to fulfill a promise can lead to consequences

Process refers to the series of actions or steps taken to achieve a specific goal, while control refers to the measures put in place to ensure the process is carried out effectively and efficiently.

• Process is the set of activities or steps taken to achieve a specific goal.

• Control involves monitoring and managing the process to ensure it is carried out effectively and efficiently.

• Process focuses on the 'how' of achieving a goal, while control focuses on the 'monitoring and man...read more

User onboarding is the process of introducing new users to a product or service and helping them get started.

• Provide clear instructions and guidance on how to use the product or service

• Offer tutorials or walkthroughs to help users understand the features and functionality

• Simplify the registration process and make it easy for users to create an account

• Provide support and assistance to users who encounter issues or have questions

• Collect feedback from users to improve the onboar...read more

IDoc is a SAP document format used for data exchange between systems. There are different types of IDocs for different purposes.

• IDoc configuration involves defining the message type, basic type, and segments

• Types of IDocs include: ORDERS, INVOIC, DELVRY03, and more

• IDocs can be sent and received through various methods such as ALE, EDI, and RFC

• IDoc processing involves inbound and outbound processing, error handling, and monitoring

oData is a protocol for querying and updating data over the web

• oData stands for Open Data Protocol

• It is a standardized protocol for creating and consuming data APIs

• oData uses RESTful principles for data access

• It allows for querying and updating data using HTTP methods like GET, POST, PUT, DELETE

• Example: oData can be used to query a database for specific records based on filters

Fiori launchpad is a web-based entry point that provides access to Fiori apps and business roles.

• Fiori launchpad is a central hub for accessing SAP Fiori apps and business roles.

• Users can personalize their launchpad by adding tiles for their most frequently used apps.

• It provides a single point of access to all Fiori apps, making it easier for users to navigate and perform tasks.

• Administrators can configure the launchpad to display specific apps based on user roles and permiss...read more

ForgeRock IDM is an identity management software that provides secure access to applications and services.

• ForgeRock IDM allows organizations to manage user identities and access privileges across multiple systems and applications.

• It provides a centralized platform for managing user authentication, authorization, and provisioning.

• ForgeRock IDM supports various authentication protocols such as OAuth, SAML, and OpenID Connect.

• It also offers features like self-service registratio...read more

Addressing risks involves identifying, assessing, and mitigating potential threats to a project or organization.

• Identify potential risks through risk assessment techniques such as SWOT analysis or brainstorming sessions

• Assess the likelihood and impact of each risk to prioritize them for mitigation

• Mitigate risks through strategies like risk transfer, risk avoidance, risk reduction, or risk acceptance

• Monitor and review risks regularly to adapt mitigation strategies as needed

Trade life cycle is the process of a trade from initiation to settlement.

• Trade initiation: Trade is proposed and agreed upon by parties involved.

• Trade execution: Trade is executed on the agreed terms.

• Trade confirmation: Parties confirm the details of the trade.

• Trade settlement: Payment and transfer of securities are completed.

• Trade reconciliation: Ensuring all details match between parties involved.

• Trade reporting: Reporting the trade to relevant authorities.

• Trade lifecycle m...read more

Oops concept in Java refers to Object-Oriented Programming principles like Inheritance, Encapsulation, Polymorphism, and Abstraction.

• Inheritance allows a class to inherit properties and behavior from another class.

• Encapsulation involves bundling data and methods that operate on the data into a single unit.

• Polymorphism allows objects to be treated as instances of their parent class.

• Abstraction hides the implementation details and only shows the necessary features to the outsid...read more

BRD and FRD are two types of documents used in software development to define project requirements.

• BRD stands for Business Requirements Document and outlines the business objectives and goals of the project.

• FRD stands for Functional Requirements Document and outlines the technical requirements and specifications of the project.

• BRD is focused on the business perspective while FRD is focused on the technical perspective.

• BRD is created by the business analyst while FRD is create...read more

Types of risks include market risk, credit risk, operational risk, and liquidity risk.

• Market risk: the risk of financial loss due to changes in market conditions (e.g. interest rates, exchange rates)

• Credit risk: the risk of loss due to a borrower not repaying a loan or debt

• Operational risk: the risk of loss due to internal processes, people, or systems failing

• Liquidity risk: the risk of not being able to sell an asset quickly enough without significantly impacting its price

Types of sampling include random, systematic, stratified, and cluster. Test of details involves examining individual transactions while substantive analytical procedures involve analyzing trends and ratios.

• Random sampling involves selecting items randomly from the population.

• Systematic sampling involves selecting items at regular intervals.

• Stratified sampling involves dividing the population into subgroups and selecting items from each subgroup.

• Cluster sampling involves selec...read more

Key challenges faced include managing multiple projects simultaneously, meeting tight deadlines, and adapting to changing client needs.

• Managing multiple projects simultaneously

• Meeting tight deadlines

• Adapting to changing client needs

There are 5 radio buttons

• Count each individual radio button

• Ensure all radio buttons are included in the count

There are various types of tax returns depending on the individual or entity's financial situation.

• Individual tax returns (Form 1040)

• Corporate tax returns (Form 1120)

• Partnership tax returns (Form 1065)

• Trust and estate tax returns (Form 1041)

• Nonprofit organization tax returns (Form 990)

Ind AS 116 is a new accounting standard that replaces the old lease accounting standard.

• Ind AS 116 is effective from April 1, 2019.

• Its objective is to provide a single lessee accounting model that requires lessees to recognize assets and liabilities for all leases with a term of more than 12 months.

• Operating leases are treated as off-balance sheet financing, while financial leases are treated as on-balance sheet financing.

• Under operating leases, the lessee only recognizes lea...read more

Audit of Balance Sheet and Profit & Loss A/c involves verifying the accuracy of financial statements.

• Verify the accuracy of account balances and transactions

• Check for proper classification and presentation of financial data

• Ensure compliance with accounting standards and regulations

• Perform analytical procedures to identify unusual transactions or trends

• Confirm balances with third-party sources

• Review supporting documentation for transactions

• Assess the adequacy of disclosures in...read more

Physical environment and security audit can be conducted by assessing the premises, access control, CCTV, fire safety, and disaster recovery plans.

• Assess the physical premises for any vulnerabilities or weaknesses

• Evaluate the access control measures in place, such as key card systems or security personnel

• Review the CCTV system to ensure it is functioning properly and covering all necessary areas

• Check the fire safety measures, such as smoke detectors, fire extinguishers, and e...read more

Answering questions on revenue recognition, AR checking, and audit opinion.

• For returnable policy goods, revenue is recognized only when the customer confirms acceptance of the goods.

• AR checking involves verifying the accuracy of the accounts receivable balance by reviewing invoices, payments, and credit memos.

• At year end, AR checking involves confirming outstanding balances with customers and assessing the collectability of any doubtful accounts.

• Audit opinion is the conclusio...read more

A perfect user story is defined by clear and concise key points, and acceptance criteria are crucial for its success.

• A perfect user story should be written from the perspective of the end user.

• It should be concise and focused on a specific feature or functionality.

• It should include clear acceptance criteria that define the expected behavior and outcomes.

• Acceptance criteria help in ensuring that the user story is complete and meets the desired requirements.

• They provide a share...read more

Both encryption for data at rest and in transit are important and should be given equal attention.

• Encryption for data at rest protects against unauthorized access to stored data.

• Encryption for data in transit protects against interception and tampering during transmission.

• The level of encryption used should depend on the sensitivity of the data.

• Both types of encryption should be used in conjunction for maximum security.

I have handled customer escalations by actively listening to their concerns, empathizing with their situation, and providing a timely and satisfactory resolution.

• Listen to the customer's concerns without interrupting them

• Empathize with their situation and acknowledge their frustration

• Provide a timely and satisfactory resolution to their issue

• Follow up with the customer to ensure their satisfaction

• Document the escalation and resolution for future reference

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

To verify a particular ledger, one can perform various procedures such as physical verification, reconciliation, and analytical review.

• For Fixed Assets ledger, perform a physical verification of assets and reconcile with the register.

• For Creditors ledger, reconcile the balance with the supplier statements and review the aging analysis.

• For Inventory ledger, perform a physical count and reconcile with the inventory register.

• Perform analytical review of the ledger to identify an...read more

Debt issuance cost/loan processing fees/transaction cost are capitalized and amortized over the life of the loan.

• Debt issuance cost/loan processing fees/transaction cost are costs incurred in obtaining a loan.

• These costs are capitalized and amortized over the life of the loan.

• The amortization of these costs reduces the effective interest rate of the loan.

• The accounting treatment for these costs is in accordance with the guidance in ASC 835-30.

• Examples of these costs include l...read more

I will cross-check the information with reliable sources and verify the data for accuracy and completeness.

• Verify the information with multiple sources

• Check for consistency in the data provided

• Ensure that all necessary information is present

• Compare the data with industry standards and regulations

• Ask for clarification or additional information if needed

Internal Financial Control over Financial Reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting.

• It involves the establishment and maintenance of policies and procedures

• It ensures that financial information is accurate and complete

• It helps in preventing and detecting fraud

• It involves monitoring and reviewing financial reporting processes

• Examples include segregation of duties, regular audits, and proper documentation

Assertions for Accounts Payable and testing unrecorded liabilities.

• Assertions for Accounts Payable include completeness, accuracy, existence, valuation, and rights and obligations.

• To test for unrecorded liabilities, perform a search for unrecorded liabilities by reviewing vendor invoices, purchase orders, and receiving reports.

• Another way to test for unrecorded liabilities is to review subsequent cash disbursements after the balance sheet date.

• Confirmations with vendors can a...read more

Test of control for audit of trade receivables involves evaluating the effectiveness of internal controls over the accuracy and completeness of trade receivables.

• Understand the client's internal control system related to trade receivables

• Identify key controls and perform walkthroughs to test their effectiveness

• Perform substantive procedures to test the accuracy and completeness of trade receivables

• Evaluate the results of the tests and communicate any issues or deficiencies to...read more

Deferred tax is a liability or asset that arises due to temporary differences between accounting and tax rules.

• Deferred tax liability arises when taxable income is higher than accounting income, and deferred tax asset arises when accounting income is higher than taxable income.

• Examples of temporary differences include depreciation, inventory valuation, and revenue recognition.

• Deferred tax is calculated using the tax rate that is expected to apply when the temporary difference...read more

Deferred revenue and unearned revenue are the same thing. They refer to revenue received in advance of being earned.

• Deferred revenue and unearned revenue are both liabilities on a company's balance sheet.

• They represent revenue that has been received but not yet earned.

• An example of deferred revenue is a subscription service that is paid for in advance.

• An example of unearned revenue is a deposit received for a future service or product.

• Deferred revenue is recognized as revenue...read more

ASC 606 is a revenue recognition standard that outlines principles for recognizing revenue from customer contracts.

• Revenue is recognized when a customer obtains control of a good or service

• Revenue should be recognized over time if the customer receives benefits as the work progresses

• Testing revenue involves verifying that revenue is recognized in accordance with ASC 606

• This can include reviewing contracts, invoices, and other documentation to ensure revenue is recognized appr...read more

Thermal power scheduling after bundling with solar and wind can be done through proper forecasting and balancing techniques.

• Forecast the expected solar and wind power generation

• Determine the remaining power demand

• Schedule the thermal power generation to meet the remaining demand

• Use balancing techniques to ensure grid stability

• Adjust the schedule as needed based on real-time power generation and demand

• Examples: India's National Grid uses a real-time scheduling and dispatch sys...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

Compare record count of 2 score files and print if they are equal or not.

• Read both score files

• Count the number of records in each file

• Compare the record counts

• Print if they are equal or not