Audit Associate Interview Questions and Answers

Rates and ratios are often interpreted as same. Differentiate between the two giving at least two examples.

Differentiate between Capital Reciept and Revenue Reciept?

Production at 60% capacity 600 units, Materials cost Rs 100 per unit, Labour at Rs 40 per unit and expenses at Rs 10 per unit. Factory expenses are Rs 40,000 (Fixed 40%) and Administration expenses Rs 30,000 (Fixed 60%). What is cost per unit at 60% and 80% capacity?

"Describe What is Net Cash Accural? What is the effect of this on Working Capital? "

"What do you mean by Net Cash Accural? Tell the effect of this on Working Capital? "

When can costs subsequent to acquisition of Property Plant and equipment are capitalized?

How will you treat pre-paid insurance in balance sheet?

What is EMI Reports? How we make EMI Reports?

In a purely competitive market, 10,000 mobiles can be manufactured and sold for a certain profit. Profit targeted is Rs 2,00,000. The variable cost per mobile is Rs 100 and the total fixed costs are Rs 40,000. Find out unit selling price.

List out the difference between provision & reverse?

Explain about controlling accounts.Explain about Subsidiary Ledger.Explain about mixed accounts?

In a month, payment for salary was Rs. 5,750 when the lag in payment of salary is 1/8 month. If total salaries of current month are Rs 6,000, determine the salaries of previous month.

What is prepaid expense and what are its effects?

What is Bridge Loan?

What do you mean by Inter-Company Account?

What is a Comprehensive Income?

What will be amount of profit if Margin of safety is Rs 50,000 and P/V ratio is 25%?

A companys' prinicpal activity is to buy land for development. It is like investing in land and then developing it. Do you treat this land as available for Sale or fair value through statement of income? Give the answer to comply with the International Financial Reporting Standard

Define balance sheet and off balance sheet?

The data related to Production of T are for material X standard data and actual data are 40 kgs @ Rs 10 and 55 kgs @ Rs 9, respectively. The standard data and actual data for material Y are 50 kgs @ Rs 5 and 35 kgs @ Rs 7. Determine material usage variance.