Withum Smith+Brown Interview Questions, Process, and Tips

Basic accounting questions ,some basic excel questions

They gave us a topic and asked to talk a few words about it

Q1. They asked very simple basic accounting and tax related questions
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Q2. What is suspense account
Ans. 
A suspense account is a temporary holding account used to temporarily hold funds or transactions until they can be properly classified or allocated.
• A suspense account is typically used when there is uncertainty or a discrepancy in the classification or allocation of funds or transactions.

• It is a temporary solution to hold funds or transactions until they can be properly resolved.

• Suspense accounts are commonly used in a...read more
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Q1. They thest asked avout the basic resume related questions
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Q2. What id depreciation Amortization Deferred tax
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Depreciation is the decrease in value of an asset over time. Amortization is the gradual reduction of an intangible asset's value. Deferred tax is a liability or asset that arises due to temporary differences between accounting and tax rules.
• Depreciation is the allocation of the cost of a tangible asset over its useful life.

• Amortization is the allocation of the cost of an intangible asset over its useful life.

• Deferred ...read more
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Q1. Walk me through a DCF
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Q2. What is FCFF and FCFE?
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Q3. Why do we use mid-period convention?
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Q4. How is terminal value calculated?
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Q5. Why do we use DLOM and DLOC? How do we determine them?
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Q6. When do we use DCF? How do you select comparable companies when using Market Approach?
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Q1. What sort of valuation engagements have you worked on?
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Q2. Why do we normalize and/or adjust EBITDA?
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Q3. What is CCF? When do we use CCF over DCF?
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Q4. Why do we use DLOM and DLOC? How do we determine them?
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Q5. What are the factors you would consider while valuing small businesses?
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Q1. Tell me about yourself?
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Q2. Why Withum and where did you hear about the firm?
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Q3. Why are you planning to switch?
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Q4. What are your expectations with the role?
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Q1. Explain P2P Process in Accounts
Ans. 
P2P process in accounts refers to the procure-to-pay process, which involves purchasing goods or services and paying for them.
• P2P process starts with the requisition of goods or services needed by a company.

• Once approved, a purchase order is created and sent to the supplier.

• Goods or services are received and an invoice is generated by the supplier.

• The invoice is matched with the purchase order and goods receipt, and th...read more
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Q2. Deferred Revene and Expenditure
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Q3. Entries for Sales and Receivables
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Entries for Sales and Receivables involve recording sales transactions and tracking amounts owed by customers.
• Record sales revenue when goods or services are delivered to customers

• Track accounts receivable to monitor amounts owed by customers

• Reconcile sales and receivables to ensure accuracy of financial records
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Q4. Whats is the Payroll Entries you pass at the endof the month
Ans. 
Payroll entries include recording salaries, wages, taxes, and benefits for employees.
• Recording gross wages for employees

• Deducting taxes such as income tax and social security

• Adding employer contributions to benefits like healthcare or retirement plans

• Accruing vacation or sick leave balances

• Adjusting for any bonuses or commissions earned
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Q5. What is the entry for purchase from Vendor before receipt of bill from them
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The entry for purchase from Vendor before receipt of bill is a debit to Inventory and a credit to Accounts Payable.
• Debit Inventory account for the cost of the purchase

• Credit Accounts Payable to show the amount owed to the vendor

• Once the bill is received, adjust the entry accordingly
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Q1. Why Carrer switch
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