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I applied via Thinking Bridge and was interviewed before Oct 2022. There were 4 interview rounds.
ROU Asset can be calculated by determining the present value of lease payments and adding initial direct costs.
Calculate the present value of lease payments using the discount rate
Add any initial direct costs incurred in obtaining the lease
Subtract any lease incentives received from the lessor
Consider any impairment charges or adjustments needed for the ROU Asset
Example: Present value of lease payments = $100,000, Init...
Ind AS 116 is a new lease accounting standard that replaces the existing Ind AS 17.
Ind AS 116 changes the accounting treatment for leases, requiring lessees to recognize most leases on their balance sheets.
It eliminates the distinction between operating and finance leases for lessees.
Lessees must now recognize a right-of-use asset and a lease liability for almost all leases.
The standard aims to provide a more faithful ...
Revenue recognition under Ind AS involves following specific criteria and guidelines.
Revenue should be recognized when it is probable that economic benefits will flow to the entity and the revenue can be reliably measured.
Revenue should be recognized at the fair value of the consideration received or receivable.
Revenue should be recognized when specific criteria are met, such as transfer of risks and rewards of ownersh...
CARO 2020 introduced significant changes compared to CARO 2016.
Expanded scope of reporting requirements
Introduction of new reporting formats
Enhanced focus on fraud detection and reporting
Increased responsibilities for auditors
Additional disclosures related to related party transactions
SA 402 is a standard on auditing of accounting estimates and related disclosures. It prescribes an auditor's report.
SA 402 provides guidance on auditing accounting estimates and related disclosures.
It requires the auditor to evaluate the reasonableness of accounting estimates made by management.
The standard also emphasizes the importance of disclosures related to accounting estimates in financial statements.
SA 402 pres...
Fixed asset audits involve physical verification, reconciliation with records, and assessment of depreciation.
Perform physical verification of fixed assets to ensure they exist and are in the stated condition.
Reconcile fixed asset records with financial statements to identify any discrepancies.
Assess the depreciation of fixed assets to ensure it is accurately recorded.
Verify the location and usage of fixed assets to co...
Contingent liabilities are recognized when it is probable that a liability will occur and the amount can be reasonably estimated.
Contingent liabilities are recognized when it is probable that a liability will occur and the amount can be reasonably estimated.
Probable cases are those where the occurrence of the liability is likely based on available evidence.
Possible cases are those where the occurrence of the liability ...
Cash and bank are generally considered low risk items due to their stability and liquidity.
Cash and bank deposits are easily accessible and can be quickly converted into cash if needed.
Banks are typically insured by government agencies, providing an additional layer of security for deposits.
While there is a risk of theft or fraud, proper security measures can mitigate these risks.
Investing in high-risk assets like stoc...
Inventory valuation methods include FIFO, LIFO, weighted average, and specific identification.
FIFO (First In, First Out) - assumes that the oldest inventory items are sold first
LIFO (Last In, First Out) - assumes that the newest inventory items are sold first
Weighted Average - calculates the average cost of inventory items based on their weights
Specific Identification - assigns the actual cost of each inventory item to
Different assertions in audit refer to various claims or statements made during the auditing process to evaluate the accuracy and reliability of financial information.
Existence assertion: Ensuring that assets and liabilities actually exist at a given date.
Completeness assertion: Verifying that all transactions and accounts are recorded in the financial statements.
Valuation assertion: Confirming that assets and liabilit...
Cutoff procedure is a process of determining a specific point in time for ending a particular activity or transaction.
Cutoff procedure is performed to ensure accurate financial reporting by capturing all relevant transactions within a specific period.
It involves setting a specific date and time to stop recording transactions for a particular period, such as month-end or year-end.
The procedure includes reviewing and adj...
I applied via Referral and was interviewed before Apr 2023. There were 2 interview rounds.
Accounts Payable is the amount of money a company owes to its suppliers or vendors for goods or services purchased on credit.
Accounts Payable is a liability on the company's balance sheet.
It represents the short-term debt that a company owes to its creditors.
Examples of Accounts Payable include invoices from suppliers for inventory purchases or services rendered.
Accounts Payable is typically paid within a specified per
TDS sec 194j is a section of the Income Tax Act that deals with TDS on fees for professional or technical services.
TDS sec 194j requires deduction of tax at source at the rate of 10% on fees for professional or technical services.
The limit for TDS under sec 194j is Rs. 30,000 for a single payment or Rs. 1,00,000 in aggregate during the financial year.
If the payment is made to an individual or HUF, the TDS rate is 10%. ...
GSTR-2A is auto-populated with data from suppliers, while GSTR-2B is a static statement generated by the taxpayer.
GSTR-2A is generated by the GST system based on the data uploaded by suppliers.
GSTR-2B is a static statement generated by the taxpayer after considering amendments, credit notes, etc.
Taxpayers can make changes to GSTR-2B before filing, but not to GSTR-2A.
GSTR-2A helps in reconciliation of input tax credit, ...
I applied via Campus Placement and was interviewed before Oct 2022. There were 4 interview rounds.
Basic questions related to English grammer, Quantitative Aptitude & reasoning were asked.
Questions were asked to test the proficiency in Data Structure, Core OOPs principles and any programming language.
Inheritance is a mechanism in which a new class inherits properties and behaviors from an existing class. Polymorphism allows objects of different classes to be treated as objects of a common superclass.
Java 8 features include lambda expressions, functional interfaces, streams, and default methods.
Stack is a data structure that follows the Last In First Out (LIFO) principle, while a queue follows the First In First Out...
I applied via LinkedIn and was interviewed in Feb 2021. There were 5 interview rounds.
Excel and Case study round wrt to the service line
I applied via Approached by Company and was interviewed before Feb 2023. There was 1 interview round.
I applied via Naukri.com and was interviewed in Nov 2021. There was 1 interview round.
Limited review is less extensive than an audit, providing limited assurance on financial statements.
Limited review is a less comprehensive examination of financial statements compared to an audit.
An audit involves a detailed examination of financial records, transactions, and internal controls.
A limited review provides a moderate level of assurance on the accuracy and reliability of financial statements.
Audits are typi...
Quarterly financial results are unaudited as they are not verified by an external auditor.
Quarterly financial results are released every three months and provide a snapshot of a company's financial performance.
These statements are not verified by an external auditor, unlike annual financial statements.
The unaudited financial statements are subject to change and may not be as accurate as audited financial statements.
Inv...
The 5 accounting assumptions are basic principles that guide the preparation of financial statements.
1. Going Concern: Assumes that the business will continue to operate indefinitely.
2. Consistency: Requires consistent accounting methods and practices over time.
3. Accrual: Records transactions when they occur, not when cash is exchanged.
4. Monetary Unit: Assumes that financial transactions are measured in a stable curr...
AS 9 and Ind AS 115 are accounting standards that differ in revenue recognition principles.
AS 9 follows the 'realization' principle, recognizing revenue when it is realized or realizable.
Ind AS 115 follows the 'control' principle, recognizing revenue when control of goods or services is transferred to the customer.
AS 9 allows revenue recognition at different stages of completion, while Ind AS 115 requires a more string...
I applied via Naukri.com and was interviewed in Apr 2021. There were 3 interview rounds.
I applied via Referral and was interviewed in Jul 2023. There were 2 interview rounds.
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