Ryan Senior Tax Associate Interview Questions and Answers

It was a simple aptitude test consisting of versent,reasoning and accounting questions.As long as you are good in english and accountancy this should be a piece of cake

Q1. What is depreciation?
Ans. 
Depreciation is the allocation of the cost of a tangible asset over its useful life.
• Depreciation is a non-cash expense that reduces the value of an asset over time.

• It reflects the wear and tear, aging, or obsolescence of an asset.

• Common methods of calculating depreciation include straight-line, double declining balance, and units of production.

• Examples of depreciable assets include buildings, vehicles, machinery, and e
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Q2. Tell me about golden rules of accountancy
Ans. 
Golden rules of accountancy are basic principles that guide the process of recording financial transactions.
• There are three golden rules of accountancy: Debit the receiver, Credit the giver; Debit what comes in, Credit what goes out; Debit all expenses and losses, Credit all incomes and gains.

• These rules help ensure that financial transactions are recorded accurately and consistently.

• For example, when a company receive...read more
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Q1. Mention something that is not in your resume
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Q2. Do you read newspapers?
Ans. 
Yes, I read newspapers regularly to stay updated on current events and developments.
• I read newspapers to stay informed about current events and developments in the tax field.

• Reading newspapers helps me stay up-to-date on changes in tax laws and regulations.

• I also read newspapers to understand the impact of current events on the economy and tax policies.
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Q3. Why should we hire you?
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English Grammar, basic general knowledge, numericals

Q1. Basic introduction on yourself
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Q2. Tax laws new and old regime
Ans. 
Tax laws new and old regime
• The old tax regime has higher tax rates but more deductions and exemptions

• The new tax regime has lower tax rates but fewer deductions and exemptions

• Taxpayers can choose between the two regimes based on their preference

• The new regime has a simplified tax structure and is easier to understand

• Certain deductions like standard deduction and exemptions are not available in the new regime
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Not so hard, in fact very easy

Q1. Where you see yourself in next 5 years?
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Q2. Introduce yourself. Why you want to do this job?
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Q1. Tell me about yourself
Ans. 
I am a detail-oriented Tax Associate with a strong background in accounting and tax law.
• Graduated with a degree in Accounting

• Completed internships at accounting firms

• Experience preparing tax returns for individuals and businesses

• Familiar with tax laws and regulations

• Strong analytical and problem-solving skills
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Q2. Basic accounting questions
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Q1. General question
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Test of 15 questions

Q1. Tell me about yourself
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Q2. Why did you left your last job
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Q1. How is your work on the previous firm. How do you handle tough time.
Ans. 
I handled my work at the previous firm with dedication and attention to detail. During tough times, I remain calm and focused.
• I consistently met deadlines and produced accurate work at my previous firm.

• I actively sought feedback from supervisors and colleagues to improve my performance.

• During tough times, I prioritize tasks, break them down into manageable steps, and stay organized.

• I maintain open communication with te...read more
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Q2. How do you manage work on tough time.
Ans. 
I manage work on tough times by prioritizing tasks, seeking support from colleagues, and practicing self-care.
• Prioritize tasks based on urgency and importance

• Break down complex tasks into smaller, manageable steps

• Seek support from colleagues or supervisors when needed

• Practice self-care activities like exercise, meditation, or hobbies

• Maintain a positive mindset and focus on problem-solving

• Take breaks and manage time eff
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Basics of mathematics

Q1. Golden rules of accounting
Ans. 
Golden rules of accounting are basic principles that guide the process of recording financial transactions.
• There are three golden rules of accounting: Debit what comes in, Credit what goes out, Debit the receiver, Credit the giver, Debit expenses and losses, Credit income and gains.

• For example, when a company receives cash from a customer, the cash account is debited (increased) and the accounts receivable account is c...read more
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Q2. Du Pont Analysis
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Questions consists of: Maths, Logical Reasoning, English Grammar, and Excel

Q1. Basic Journal Entries and Depreciation
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Q2. Tax Related Questions and US Tax Related Questions
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Q3. Excel Related Questions
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