RSM US in India Interview Questions, Process, and Tips

Medium to hard difficultly

Q1. What are the schedules in form 1120
Ans. 
Schedules in form 1120 are additional forms used to report specific types of income, deductions, and credits for corporations.
• Schedule A - Cost of Goods Sold

• Schedule D - Capital Gains and Losses

• Schedule J - Accumulated Earnings and Profits

• Schedule K - Shareholders' Information

• Schedule M-1 - Reconciliation of Income (Loss) per Books With Income per Return
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Q2. What are the most common m adjustments and what are the types of m adjustments.
Ans. 
The most common M adjustments in accounting are related to depreciation, amortization, and accruals.
• Depreciation: Adjusting the value of fixed assets over time to reflect their decrease in value.

• Amortization: Spreading the cost of intangible assets over their useful life.

• Accruals: Recognizing revenues and expenses when they are incurred, regardless of when cash is exchanged.

• Prepaid expenses: Allocating expenses that ha...read more
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Knowledge test of accounting and finance

Q1. Journal and ratio analysis
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Q1. Read a sentence in us accent and answer the question
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Q1. How would you handle difference of opinion between two employees?
Ans. 
To handle a difference of opinion between two employees, I would encourage open communication, facilitate a discussion to understand both perspectives, and work towards finding a mutually agreeable solution.
• Encourage open communication and active listening

• Facilitate a discussion to understand both perspectives

• Encourage empathy and respect for each other's opinions

• Identify common ground and areas of compromise

• Work towar...read more
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Q2. How have you made a positive situation/impact in your organisation? What have you done in the past 2-3 days that has had a positive impact on your life?
Ans. 
In the past 2-3 days, I have positively impacted my life by practicing mindfulness and self-care.
• Engaged in daily meditation to reduce stress and improve focus

• Took time for self-reflection and journaling to enhance personal growth

• Prioritized physical exercise to boost energy and overall well-being
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Q1. What is risk and relevant controls.
Ans. 
Risk refers to the potential for loss or harm, while relevant controls are measures taken to mitigate or prevent those risks.
• Risk is the possibility of an event occurring that could negatively impact an organization or individual.

• Controls are measures put in place to reduce the likelihood or impact of a risk.

• Examples of controls include insurance policies, security protocols, and safety procedures.

• Risk assessment is th...read more
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Q2. How do u see business risk.
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They have given a pre processed financial statements which needs to be filled using various given particulars, Email writing was also part of the test.

They have given a Particular topic and divided the teams into 6 and expected us to share our opinion on that

Q1. What is Audit? EXplain Your views about that
Ans. 
Audit is a systematic examination of an organization's financial records, transactions, and processes to ensure accuracy and compliance with regulations.
• Audit involves reviewing financial statements, transactions, and internal controls.

• It helps identify errors, fraud, and areas for improvement in the organization.

• Auditors provide an independent opinion on the fairness of the financial statements.

• Types of audits include...read more
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Q2. What is Golden rules of accounting?
Ans. 
Golden rules of accounting are basic principles that guide the process of recording financial transactions.
• Golden rule of accounting states that Debit what comes in and Credit what goes out.

• It helps in maintaining the balance in the accounting equation.

• For example, when cash is received, it is debited because it comes into the business.

• Similarly, when cash is paid out, it is credited because it goes out of the business
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