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I applied via Approached by Company and was interviewed in Feb 2024. There were 3 interview rounds.
Balance sheet is a financial statement that shows a company's assets, liabilities, and shareholders' equity at a specific point in time.
It provides a snapshot of a company's financial position.
Assets are what the company owns, liabilities are what it owes, and shareholders' equity is the difference between the two.
The balance sheet follows the accounting equation: Assets = Liabilities + Shareholders' Equity.
It helps in...
A journal entry is a record of a financial transaction in a company's accounting system.
Journal entries are used to record debits and credits for each transaction.
They help in maintaining accurate financial records and tracking the flow of money within a company.
Each journal entry includes a date, description, accounts affected, and amounts debited and credited.
For example, a journal entry for a sale transaction would ...
Petty cash is a small amount of cash kept on hand by a company for minor expenses.
Petty cash is used for small, everyday expenses that are impractical to pay for with a check or credit card.
It is typically kept in a secure location and managed by a designated employee.
Replenishment of petty cash is done by submitting receipts for the expenses incurred.
Common uses of petty cash include office supplies, postage, and mino...
Contra entry is a transaction that involves both a debit and a credit entry to the same account, resulting in a net zero effect on the account balance.
Contra entries are typically used to correct errors, transfer funds between accounts, or record non-cash transactions.
Examples of contra entries include bank transfers, cash withdrawals for personal use, and corrections of accounting mistakes.
Contra entries are usually m...
Bank reconciliation statement is a document that compares the bank's records with the company's records to ensure they match.
It is used to identify any discrepancies between the two sets of records.
It helps in ensuring the accuracy of the financial transactions recorded by the company.
Common items on a bank reconciliation statement include outstanding checks, deposits in transit, bank errors, and service charges.
The go...
BRS is used to document the agreed upon requirements between the client and the development team.
BRS helps in ensuring that both parties have a clear understanding of the project requirements.
It serves as a reference point throughout the development process.
BRS helps in minimizing misunderstandings and scope creep.
It provides a basis for testing the final product against the initial requirements.
Examples: Software deve
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
These rules help maintain the balance in the accounting equation: Assets = Liabilities + Equity
For example, when a company receives cash fro...
A creditor is a person or institution to whom money is owed.
A creditor is someone who has provided goods or services on credit to another party
Creditors can include individuals, businesses, or financial institutions
Examples of creditors include suppliers, banks, and bondholders
I applied via Recruitment Consulltant and was interviewed before Nov 2021. There were 2 interview rounds.
GST stands for Goods and Services Tax, a value-added tax levied on the supply of goods and services.
GST is a comprehensive tax system that has replaced multiple indirect taxes in India.
It is a destination-based tax, which means that the tax is collected at the point of consumption.
GST has three components - CGST, SGST, and IGST, which are levied by the central and state governments.
It has simplified the tax structure a...
There are several types of taxes, including income tax, sales tax, property tax, and corporate tax.
Income tax is a tax on an individual's earnings or income.
Sales tax is a tax on the sale of goods and services.
Property tax is a tax on the value of real estate or personal property.
Corporate tax is a tax on the profits of corporations.
Other types of taxes include excise tax, estate tax, and payroll tax.
posted on 10 Oct 2024
I want to work with BakerTilly because of their reputation for providing top-notch data analysis services and their commitment to professional development.
BakerTilly has a strong reputation in the industry for providing high-quality data analysis services.
I am impressed by BakerTilly's commitment to professional development and continuous learning opportunities for employees.
I believe that working at BakerTilly will pr...
I was interviewed in Mar 2022.
Valuations can be of various types depending on the purpose and method used.
Asset-based valuation
Market-based valuation
Income-based valuation
Liquidation valuation
Replacement cost valuation
Equity represents ownership in a company, while enterprise value represents the total value of a company.
Equity is the residual interest in the assets of a company after liabilities are paid off
Enterprise value is the sum of equity, debt, minority interest, and preferred stock minus cash and cash equivalents
Equity is used to calculate metrics such as return on equity and price-to-book ratio
Enterprise value is used to c...
Comparable company analysis compares multiples of similar public companies while comparable transaction analysis compares multiples of similar M&A deals.
Comparable company analysis is based on multiples of similar public companies
Comparable transaction analysis is based on multiples of similar M&A deals
Comparable company analysis is more commonly used
Comparable transaction analysis is more accurate but harder to find d...
I applied via Company Website and was interviewed before Dec 2021. There were 3 interview rounds.
Risk of material misstatement procedure is a process to identify and assess the risk of errors or fraud in financial statements.
The procedure involves understanding the entity and its environment, including internal controls.
It also includes assessing the risks of material misstatement due to fraud or error.
The auditor then designs and performs audit procedures to address the identified risks.
Examples of procedures inc...
I applied via Campus Placement and was interviewed in Jan 2024. There were 2 interview rounds.
Can artifical intelligence replace humans
I applied via Naukri.com and was interviewed in Feb 2024. There was 1 interview round.
P2P process stands for procure-to-pay process, which involves the steps from requisition to payment for goods or services.
Requisition: Requesting the purchase of goods or services
Purchase Order: Formal document outlining the details of the purchase
Receipt of Goods/Services: Confirming delivery and quality
Invoice Processing: Verifying the invoice against the purchase order and receipt
Payment: Issuing payment to the vend
P2P process involves requisition, approval, purchase order, goods receipt, invoice receipt, and payment.
Requisition: Request for goods or services
Approval: Authorization of the requisition by appropriate personnel
Purchase Order: Formal document to the supplier specifying the details of the purchase
Goods Receipt: Verification of goods received matching the purchase order
Invoice Receipt: Receipt of invoice from the suppl
Key risks identified in internal audit experience
Lack of segregation of duties leading to potential fraud
Inadequate controls over financial reporting
Insufficient IT security measures
Non-compliance with regulations and policies
Weaknesses in inventory management
Ghost employees can be identified by cross-referencing payroll records with HR records and conducting regular audits.
Cross-reference payroll records with HR records to identify discrepancies
Conduct regular audits of employee information and payroll to detect any anomalies
Implement strong internal controls and segregation of duties to prevent ghost employees
Use biometric verification or time-tracking systems to ensure e...
You can perform procedures such as creating purchase orders, updating purchase orders, cancelling purchase orders, etc. from a PO dump.
Creating new purchase orders based on the information in the dump
Updating existing purchase orders with new information
Cancelling purchase orders that are no longer needed
Reviewing and analyzing purchase order data for insights
P2P Process involves requisition, approval, purchase order, goods receipt, invoice verification, and payment.
Requisition: Risk of incorrect or unauthorized requests leading to unnecessary purchases.
Approval: Risk of delays or errors in approval process causing delays in procurement.
Purchase Order: Risk of incorrect details or unauthorized purchases being made.
Goods Receipt: Risk of receiving damaged or incorrect goods,...
A ghost employee is a fictitious employee created by someone to embezzle funds from a company.
Ghost employees may have fake identities and bank accounts.
They may receive paychecks without actually working for the company.
To identify ghost employees, cross-check employee records with HR and payroll data.
Look for discrepancies in employee attendance, performance, and salary payments.
Conduct regular audits and reviews of
Perform various checks on purchase order data dump
Verify accuracy of vendor information
Check for duplicate PO numbers
Ensure correct pricing and quantities
Validate delivery dates
Confirm approval signatures
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