Auditing Intern Interview Questions and Answers

A woman sold eggs to three customers, each buying half of the remaining eggs and a half of an egg. How many eggs did she bring?

• The first customer bought half of the eggs and a half of an egg, leaving the woman with half of the original amount minus half an egg.

• The second customer bought half of the remaining eggs and a half of an egg, leaving the woman with a quarter of the original amount minus one egg.

• The third customer bought one egg, leaving the woman with no eggs in stoc...read more

Revenue recognition standard refers to the guidelines for recognizing revenue in financial statements.

• Revenue recognition standard outlines the criteria for recognizing revenue in financial statements

• It provides guidance on when to recognize revenue and how much revenue to recognize

• The new standard, ASC 606, requires companies to recognize revenue when goods or services are transferred to customers in an amount that reflects the consideration the company expects to receive

• The...read more

Auditing focuses on verifying financial information for accuracy and compliance, while finance involves managing financial resources and making strategic decisions.

• Auditing involves examining financial records and transactions to ensure accuracy and compliance with regulations.

• Auditors focus on providing assurance to stakeholders regarding the reliability of financial information.

• Finance professionals are more involved in managing financial resources, making strategic decisio...read more

The question is asking for an example and equation related to auditing.

• Provide an example of an auditing scenario, such as checking financial records for accuracy

• Explain the equation used in auditing, like the formula for calculating total assets

• Discuss the importance of using equations in auditing to ensure accuracy and compliance