RSM US in India Interview Questions, Process, and Tips

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
Answered by AI
Add your answer
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
Answered by AI
Add your answer

Q1. Basic HR question
Add your answer

Q1. Risk assessment
Add your answer
Q2. Audit assertions
Add your answer
Q3. Audit process steps
Ans. 
Audit process steps involve planning, fieldwork, reporting, and follow-up.
• Planning: Establish objectives, scope, and criteria for the audit.

• Fieldwork: Gather evidence, perform tests, and analyze findings.

• Reporting: Document audit results, conclusions, and recommendations.

• Follow-up: Monitor implementation of recommendations and track progress.

• Example: Planning may involve reviewing previous audits and identifying key ri
Answered by AI
Add your answer

Q1. Section 754 election
Ans. 
Section 754 election allows partnership to adjust the basis of its assets when a partner sells their interest.
• Section 754 election is made by a partnership to adjust the basis of its assets when a partner sells their interest.

• This adjustment helps prevent the double taxation of appreciated assets.

• The election allows the new partner to receive a step-up in basis for their share of the partnership's assets.

• The election m...read more
Answered by AI
View 1 more answer
Q2. Depreciation related questions
Add your answer

Basic accounting anf financial questions were asked

Q1. Xlookup, vlookup Pivot chart Excel
Add your answer
Q2. Accouting ratios DPO
Add your answer
Q3. Ebitda how to calculate and meaning
Ans. 
EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization. It is a measure of a company's operating performance.
• Calculate EBITDA by adding back interest, taxes, depreciation, and amortization to net income.

• EBITDA is used to analyze and compare profitability between companies.

• It helps in assessing a company's ability to generate cash flow.

• EBITDA is commonly used in valuation and financial analysi...read more
Answered by AI
Add your answer