Ryan Senior Tax Associate Interview Questions and Answers

Q1. Basic accounting
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It was quite easy. You've to have good grip in basic Accounting & Costing concepts. Also there was some reasoning & basic English comprehension test as well.

Q1. They will try to know if your foundation in all the commerce subjects are good or not. May be they can ask few questions regarding MS Excel.
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Q2. Why do you want to join US Taxation?
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Q3. What is Vlookup & Hlookup.
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Vlookup & Hlookup are Excel functions used to search for a value in a table and return a corresponding value.
• Vlookup searches for a value in the first column of a table and returns a value in the same row from a specified column.

• Hlookup searches for a value in the first row of a table and returns a value in the same column from a specified row.

• Both functions are commonly used in Excel for data analysis and manipulation...read more
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Q1. What is accumulated depreciation
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Accumulated depreciation is the total amount of depreciation expense that has been recorded for an asset since it was acquired.
• Accumulated depreciation is a contra asset account, meaning it has a credit balance.

• It represents the total depreciation expense recognized on an asset over its useful life.

• Accumulated depreciation is used to reduce the carrying amount of an asset on the balance sheet.

• For example, if a company ...read more
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Q2. What is contingent Asset and Contingent Liability
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Contingent assets and liabilities are potential assets and liabilities that may arise in the future based on certain events.
• Contingent Asset: potential assets that may arise in the future if certain events occur, such as a pending lawsuit or a potential tax refund.

• Contingent Liability: potential liabilities that may arise in the future if certain events occur, such as a pending lawsuit or a warranty claim.

• Contingent as...read more
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Q1. Journal entries
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Q2. Accounting concepts and examples
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Accounting concepts are fundamental principles that guide the preparation and presentation of financial statements.
• Accrual accounting vs. cash accounting

• Matching principle

• Conservatism principle

• Revenue recognition principle

• Historical cost principle

• Materiality principle
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Q1. What is Passive foreign Investment company
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Passive Foreign Investment Company (PFIC) is a foreign corporation where at least 75% of its gross income is passive or at least 50% of its assets produce passive income.
• PFIC status can have significant tax implications for U.S. taxpayers.

• Taxpayers must report PFIC investments on Form 8621.

• PFIC rules are complex and may require specialized tax advice.

• Examples of PFICs include certain foreign mutual funds and holding co
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Q2. What is Form 5471
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Form 5471 is a tax form used by certain U.S. persons who are shareholders in certain foreign corporations.
• Required to be filed by U.S. persons who are officers, directors, or shareholders in certain foreign corporations

• Provides information on the foreign corporation's financial activities and ownership structure

• Helps the IRS prevent tax evasion through controlled foreign corporations

• Different filing requirements based ...read more
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Q3. Questions on Form 1040
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Q1. Questions on form 1040
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Q2. Questions on what type of structure in tax would I select to work in BDO
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Q1. Questions on form 1040 & everything was covered
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Q2. Questions on Form 5471
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Q3. Questions on form 962
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