Wipfli Interview Questions and Answers

Q1. What are the journal entries for deferred revenue and unbilled revenue, and how should the inventory entry be recorded?
Ans. 
Understanding journal entries for deferred and unbilled revenue, along with inventory recording.
• Deferred Revenue: Recognized when cash is received before services are performed. Journal Entry: Debit Cash, Credit Deferred Revenue.

• Example: A company receives $1,000 for a service to be provided next month. Entry: Debit Cash $1,000, Credit Deferred Revenue $1,000.

• Unbilled Revenue: Recognized when services are performed but...read more
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Q2. What is the difference between deferred tax assets and deferred tax liabilities?
Ans. 
Deferred tax assets reduce future tax liabilities, while deferred tax liabilities increase them, reflecting timing differences in accounting.
• Deferred tax assets arise when taxable income is greater than accounting income, e.g., carryforward of tax losses.

• Deferred tax liabilities occur when accounting income is greater than taxable income, e.g., accelerated depreciation.

• Deferred tax assets can be utilized to offset futu...read more
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