SS&C TECHNOLOGIES Senior Associate Interview Questions, Process, and Tips

A trial balance is a financial statement that lists the ending balances of all general ledger accounts at a certain point in time.

• It is used to ensure that the total debits equal the total credits in the accounting records.

• It is prepared before the financial statements are finalized to identify any errors or discrepancies.

• If the trial balance does not balance, it indicates that there are errors in the accounting record...read more

Financial products are instruments that help individuals and organizations manage their financial resources and achieve specific financial goals.

• Financial products can include savings accounts, certificates of deposit, stocks, bonds, mutual funds, and insurance policies.

• They are designed to provide a range of benefits such as growth of capital, income generation, risk management, and tax advantages.

• Different financial ...read more

Journal entry for paid in advance & outstanding expenses

• Paid in advance expenses are recorded as assets on the balance sheet until they are used up

• Journal entry for paid in advance expenses: Debit Prepaid Expenses, Credit Cash/Bank

• Outstanding expenses are recorded as liabilities on the balance sheet until they are paid

• Journal entry for outstanding expenses: Debit Expense Account, Credit Accounts Payable

Market value for mutual funds is derived by calculating the total value of all the securities in the fund's portfolio.

• Market value of a mutual fund is calculated by multiplying the number of shares outstanding by the current market price per share.

• The market value of a mutual fund can also be influenced by factors such as supply and demand, interest rates, and overall market conditions.

• Investors can track the market va...read more

vlookup is a function in Excel used to search for a value in a table and return a corresponding value from another column.

• Used in Excel to search for a value in the first column of a table and return a value in the same row from another column

• Syntax: =VLOOKUP(lookup_value, table_array, col_index_num, [range_lookup])

• Example: =VLOOKUP(A2, B2:D10, 3, FALSE) will search for the value in cell A2 in the first column of the r...read more

Deferral is the act of delaying or postponing something to a later time.

• Deferral is commonly seen in financial contexts, where it refers to delaying the recognition of revenue or expenses to a future period.

• It can also refer to delaying a decision or action until more information is available or circumstances change.

• For example, a company may defer recognizing revenue from a sale until the product is delivered to the c...read more

Issue of bonus shares typically leads to a decrease in market price and an increase in total portfolio value.

• Issuing bonus shares increases the number of shares outstanding without any change in the total market value of the company.

• This dilution of shares usually leads to a decrease in the market price per share.

• However, the total portfolio value remains the same as the investor now holds more shares, albeit at a lowe...read more

Amortisation is the allocation of the cost of intangible assets over their useful life, while Depreciation & Impairment is the allocation of the cost of tangible assets over their useful life or when their value decreases.

• Amortisation is for intangible assets, such as patents or copyrights, while Depreciation is for tangible assets, such as buildings or machinery.

• Amortisation is usually straight-line, while Depreciatio...read more