60+ Senior Associate 1 Interview Questions and Answers

Audit of assets in multi-location audit involves planning, coordination, and communication.

• Plan the audit approach and scope for each location

• Coordinate with local teams and assign responsibilities

• Ensure consistency in audit procedures and documentation

• Communicate effectively with all stakeholders

• Use technology to streamline the process

• Perform physical verification of assets at each location

• Reconcile the asset records with the financial statements

• Identify and report any discr...read more

Risk management is crucial for identifying, assessing, and mitigating potential threats to ensure project success and stakeholder confidence.

• Identifying Risks: Effective risk management helps in identifying potential risks early, such as market fluctuations that could impact project budgets.

• Mitigating Impact: By assessing risks, organizations can develop strategies to mitigate their impact, like creating contingency plans for supply chain disruptions.

• Enhancing Decision-Making...read more

Position and cash reconciliation involves comparing the positions and cash balances to ensure accuracy.

• Position reconciliation involves comparing the securities held in the portfolio to the records of the custodian or broker.

• Cash reconciliation involves comparing the cash balances in the portfolio to the records of the custodian or bank.

• Position breaks occur when there are discrepancies in the securities held, but the cash balance is correct.

• Cash breaks occur when there are d...read more

IFRS 9 is a financial reporting standard for accounting of financial instruments. Deferred tax is an accounting concept that deals with the timing of tax payments. Accounting entries are the records of financial transactions. Derivatives are financial instruments that derive their value from an underlying asset.

• IFRS 9 is a set of guidelines for accounting of financial instruments

• Deferred tax is an accounting concept that deals with the timing of tax payments

• Accounting entries...read more

In my previous role, I streamlined a process that significantly improved team efficiency and reduced project turnaround time.

• Identified Bottlenecks: I analyzed our project workflow and discovered that manual data entry was causing delays.

• Implemented Automation: I introduced an automated tool that reduced data entry time by 50%, allowing the team to focus on more critical tasks.

• Enhanced Collaboration: By facilitating better communication between departments, I ensured that eve...read more

Effective conflict management involves communication, empathy, and problem-solving to resolve disagreements constructively.

• Active Listening: I ensure all parties feel heard by summarizing their points before responding. For example, during a team project, I mediated a disagreement by allowing each member to express their concerns fully.

• Empathy: I try to understand the perspectives of others. In a previous role, I resolved a conflict between two colleagues by acknowledging the...read more

DTA (Deferred Tax Asset) and DTL (Deferred Tax Liability) are accounting concepts related to timing differences in tax payments.

• DTA arises when taxes paid exceed taxes owed, e.g., tax loss carryforwards.

• DTL occurs when taxes owed exceed taxes paid, e.g., depreciation differences.

• Both DTA and DTL are recorded on the balance sheet and affect future tax payments.

• Example of DTA: A company incurs a loss this year, allowing it to reduce future taxable income.

• Example of DTL: A compa...read more

RCM & Denial Management are processes used in healthcare to ensure proper reimbursement and reduce claim denials.

• RCM stands for Revenue Cycle Management and involves managing the financial aspects of healthcare services, from patient registration to claim submission and payment.

• Denial Management is the process of identifying and resolving claim denials, which can occur for various reasons such as incorrect coding or missing information.

• Effective RCM and Denial Management can ...read more

Invoice processing involves receiving, reviewing, and approving invoices for payment.

• Invoices are received from vendors or suppliers

• Invoices are reviewed for accuracy and completeness

• Invoices are approved for payment based on company policies and procedures

• Payment is made to the vendor or supplier

• Invoices are recorded in the company's accounting system

Comparing 2 flat files in GDE involves using the Join component and specifying the keys to match.

• Use the Join component in GDE to compare 2 flat files

• Specify the keys to match in the Join component

• Choose the type of join (inner, outer, left, right) based on the comparison needed

Assets and liabilities can be verified through various methods.

• Verify assets by checking bank statements, physical inventory, and property deeds.

• Verify liabilities by checking loan agreements, credit card statements, and accounts payable.

• Compare the total assets and liabilities to ensure they balance.

• Perform a reconciliation of the accounts to identify any discrepancies.

• Use financial ratios to analyze the company's financial health.

I have used various Abinitio components such as Reformat, Join, Partition, Dedup, Sort, Normalize, etc.

• Reformat

• Join

• Partition

• Dedup

• Sort

• Normalize

The Calculate function in Power BI can use up to 2 filter conditions.

• The Calculate function can have a maximum of 2 filter conditions specified within it.

• Filter conditions can be used to modify the context in which calculations are performed.

• For example, Calculate(SUM(Sales), ProductCategory = 'Electronics', Year = 2021) uses 2 filter conditions.

Accounts payable is the amount a company owes to its suppliers for goods and services purchased on credit.

• Accounts payable is a liability on the balance sheet representing the amount owed to suppliers.

• The accounts payable process involves receiving invoices from vendors, verifying the accuracy of the invoices, and making payments.

• P2P (Procure-to-Pay) process is the end-to-end process of purchasing goods and services, from requisition to payment.

• Managing vendors effectively in...read more

Internal audit is an independent review of a company's operations, while external audit is a review by an independent third party.

• Internal audit is conducted by the company's own employees

• External audit is conducted by an independent third party

• Internal audit focuses on evaluating and improving the effectiveness of internal controls and risk management processes

• External audit focuses on providing an opinion on the accuracy and completeness of financial statements

• Internal audi...read more

Supply chain management involves overseeing the flow of goods and services from the initial production stage to the final delivery to the customer.

• Involves planning, implementing, and controlling the efficient flow of goods and services

• Includes activities such as sourcing, procurement, production, logistics, and distribution

• Focuses on optimizing processes to minimize costs and maximize customer satisfaction

• Example: A company managing its supply chain to ensure timely delivery...read more

Accrual refers to the recognition of revenues and expenses when they are incurred, regardless of when cash is exchanged.

• Accrual accounting matches revenues with expenses in the same accounting period

• Accruals are recorded as adjusting journal entries at the end of each accounting period

• Common accruals include accrued salaries, accrued interest, and accrued taxes

• Accruals help provide a more accurate representation of a company's financial position and performance

SAP codes are used in the Order to Cash (OTC) process to identify various stages and transactions within the process.

• SAP codes are alphanumeric codes assigned to different stages and transactions in the OTC process.

• They help in tracking and managing orders, invoices, deliveries, and payments within SAP systems.

• Examples of SAP codes in OTC process include VA01 for creating sales order, VF01 for creating invoice, and VL01N for creating delivery.

There are three main types of filters in Power BI: visual-level filters, page-level filters, and report-level filters.

• Visual-level filters apply only to the specific visual they are set on

• Page-level filters apply to all visuals on a specific page

• Report-level filters apply to all visuals in the entire report

Testing investment, capital, and revenue involves analyzing financial metrics and performance indicators to ensure sound financial health.

• Conduct a financial analysis to assess return on investment (ROI). For example, calculate ROI by dividing net profit by total investment.

• Perform a break-even analysis to determine when an investment will start generating profit. This helps in understanding capital efficiency.

• Use revenue forecasting models to predict future revenue based on ...read more

GSTR-1 is a monthly or quarterly return for reporting outward supplies, with specific due dates based on the taxpayer's turnover.

• GSTR-1 is due on the 11th of the following month for monthly filers.

• Quarterly filers must submit GSTR-1 by the 13th of the month following the quarter.

• For example, for January, the due date is February 11 for monthly filers.

• For the quarter ending March, the due date is April 13 for quarterly filers.

General ledger is a complete record of all financial transactions of a company, while sub ledger contains details of specific accounts.

• General ledger summarizes all financial transactions in one place, while sub ledger provides detailed information for specific accounts.

• General ledger is used for overall financial reporting, while sub ledger is used for specific account analysis.

• Examples of sub ledgers include accounts receivable, accounts payable, and inventory.

Risk is the potential of gaining or losing something of value. Handling risk involves identifying, assessing, and managing potential risks.

• Risk is the uncertainty of outcome, whether positive or negative.

• Identify and assess potential risks by analyzing the likelihood and impact of each risk.

• Manage risks by developing strategies to mitigate, transfer, or accept them.

• Examples of risk management strategies include insurance, diversification, and contingency planning.

POS 11, 21, 22 are Point of Sale (POS) transaction codes used in retail and business environments.

• POS 11 refers to a regular sale transaction.

• POS 21 refers to a sale transaction with a credit card payment.

• POS 22 refers to a sale transaction with a debit card payment.

M3 of the 1065 refers to the third member's capital account in a partnership tax return form.

• M3 is a section in Form 1065 where the partnership reports the tax basis capital accounts of its partners.

• It includes adjustments for income, deductions, contributions, distributions, and other items that affect the partners' tax basis.

• The M3 schedule reconciles the partners' capital accounts from the beginning to the end of the tax year.

• Partnerships use M3 to track the tax consequenc...read more

Inclusive bundling refers to the practice of offering a package deal that includes all necessary components for a particular service or product.

• Inclusive bundling simplifies the purchasing process for customers by offering a comprehensive package deal.

• It can also increase customer loyalty and satisfaction by providing a convenient and cost-effective solution.

• Examples of inclusive bundling include a phone plan that includes unlimited data, talk, and text, or a vacation package...read more

SCD stands for Sickle Cell Disease, a genetic blood disorder affecting hemoglobin.

• SCD is a genetic blood disorder where red blood cells become sickle-shaped and have difficulty carrying oxygen.

• It is caused by a mutation in the hemoglobin gene.

• Symptoms include anemia, pain, organ damage, and increased risk of infections.

• SCD is inherited in an autosomal recessive pattern.

• Treatment includes medications, blood transfusions, and sometimes bone marrow transplants.