Ryan Senior Finance Associate Interview Questions and Answers

Q1. Basic Accounting Journal Entries
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Q2. Basic audit questions
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Q1. Tell me something about your self
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Q2. Why KPMG and not others
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Q1. Details about IFRS 15 with examples
Ans. 
IFRS 15 is a revenue recognition standard that outlines principles for recognizing revenue from contracts with customers.
• IFRS 15 provides a single, comprehensive revenue recognition model for all contracts with customers.

• It requires entities to identify performance obligations in a contract and allocate the transaction price to each obligation based on their standalone selling prices.

• Revenue is recognized when control ...read more
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Q2. Scenario based questions
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Q3. How to test debtors more than 3 years
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Testing debtors more than 3 years involves thorough analysis of financial records and communication with debtors.
• Review financial statements for outstanding debts older than 3 years

• Contact debtors directly to inquire about the status of the debt and attempt to collect payment

• Consider legal action if necessary to recover the debt

• Evaluate the likelihood of collecting the debt and adjust financial records accordingly
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Q1. What is toe in audit
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Toe in audit refers to the practice of comparing the financial statements of a company with industry standards to identify any discrepancies.
• Toe in audit helps in identifying any potential errors or fraud in the financial statements.

• It involves comparing the financial ratios, performance metrics, and key indicators of a company with industry benchmarks.

• By conducting toe in audit, auditors can assess the financial healt...read more
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Q2. What is tod in audit
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TOD in audit stands for Test of Details, which involves examining individual transactions or account balances to ensure accuracy and completeness.
• TOD is a detailed examination of specific transactions or account balances in an audit.

• It focuses on verifying the accuracy and completeness of financial information.

• Examples of TOD include testing the existence of inventory by physically counting items, or confirming account...read more
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Test was about taxation, accounting and management.

Q1. Are there any differences between Tax Profit and Accounting Profit?
Ans. 
Yes
• Tax profit and accounting profit are different concepts in finance.

• Tax profit refers to the profit calculated for tax purposes, taking into account tax laws and regulations.

• Accounting profit, on the other hand, is the profit calculated based on generally accepted accounting principles (GAAP).

• Tax profit can be higher or lower than accounting profit depending on various factors such as tax deductions, credits, and all...read more
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Q2. Explain Accounting concepts?
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Accounting concepts are principles and guidelines used in financial accounting to ensure accurate and consistent reporting.
• Accounting concepts include the accrual concept, consistency concept, materiality concept, and going concern concept.

• The accrual concept requires that revenue and expenses be recorded when they are earned or incurred, regardless of when payment is received or made.

• The consistency concept requires t...read more
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Q1. Questions about Personal and Family background
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