Rangamani & Co Audit Assistant Interview Questions and Answers

Fairly easy, Quants, Verbal, LRDI and Accounting aptitude.

Fun, group discussion, just be clear with your thoughts and stick to your motion.

Q1. Basic Interview Question, none technical.
Add your answer
Q2. They say technical aspect is already proven, given your academic performance during College.
Add your answer

Q1. Journal entry for provision for doubtful debt
Ans. 
A provision for doubtful debt is a journal entry made to account for potential losses from customers who may not pay their debts.
• Provision for doubtful debt is recorded as an expense in the income statement.

• It is created by debiting the provision for doubtful debt account and crediting the bad debt expense account.

• The provision is based on an estimate of the amount of debt that is likely to become uncollectible.

• The pro...read more
Answered by AI
View 1 more answer
Q2. What are subsequent events
Ans. 
Subsequent events are events that occur after the balance sheet date but before the financial statements are issued.
• Subsequent events can be classified as either adjusting or non-adjusting events.

• Adjusting events provide evidence of conditions that existed at the balance sheet date and require adjustment to the financial statements.

• Non-adjusting events do not require adjustment to the financial statements but may requi...read more
Answered by AI
Add your answer
Q3. Audit of bank balance
Add your answer
Q4. Assertions and procedure for audit of debtors
Ans. 
Assertions and procedures for auditing debtors
• The existence assertion: ensuring that the debtors actually exist and are valid

• The completeness assertion: ensuring that all debtors are included in the financial statements

• The valuation assertion: ensuring that the debtors are valued correctly

• The rights and obligations assertion: ensuring that the company has the right to collect the debt and that the debtors have an oblig...read more
Answered by AI
Add your answer
Q5. 3 golden principles of accounting
Ans. 
The 3 golden principles of accounting are: 1) Debit the receiver, credit the giver 2) Debit what comes in, credit what goes out 3) Debit expenses and losses, credit income and gains.
• Debit the receiver, credit the giver: when an asset is received, it is debited and when a liability is given, it is credited

• Debit what comes in, credit what goes out: when cash is received, it is debited and when cash is paid, it is credite...read more
Answered by AI
Add your answer
Q6. Basic audit questions and resume walkthrough
Add your answer