Find Interview Questions for Macquarie group

Right Answer:
The trader had 6 sacks of sugar.

Right Answer:
The accounting methods are primarily of two types: cash basis accounting and accrual basis accounting. Cash basis accounting records revenues and expenses when cash is actually received or paid, while accrual basis accounting records revenues and expenses when they are earned or incurred, regardless of cash flow.

Right Answer:
Excise tax is a tax imposed on the manufacture, sale, or consumption of goods within a country, typically applied to specific products like alcohol, tobacco, and fuel. Service tax, on the other hand, is a tax levied on the services provided by service providers to consumers.

The main difference is that excise tax applies to goods, while service tax applies to services.

Right Answer:
The techniques used during an audit include:

1. **Sampling** - Selecting a representative subset of transactions.
2. **Analytical Procedures** - Evaluating financial information through analysis of plausible relationships.
3. **Inquiry** - Asking questions of management and staff to gather information.
4. **Observation** - Watching processes and procedures being performed.
5. **Inspection** - Examining documents, records, and tangible assets.
6. **Reperformance** - Re-doing calculations or processes to verify accuracy.
7. **Confirmation** - Obtaining direct verification from third parties regarding account balances or transactions.

Right Answer:
In the case of the death of an employee, the gratuity received by the legal heirs is exempt from income tax under Section 10(10) of the Income Tax Act. It is not taxable in the hands of the deceased employee or the legal heirs.

Right Answer:
The Monetary Unit Assumption states that financial transactions should be recorded in a stable currency, allowing for consistent measurement and comparison of financial data over time. This impacts financial record-keeping by ensuring that all financial statements are presented in a uniform currency, simplifying analysis and reporting.

Right Answer:
The Full Disclosure Principle requires companies to provide all relevant financial information and details that could affect users' understanding of their financial statements, ensuring transparency and completeness.

Right Answer:
To ensure that the Materiality Principle is applied in financial statements, I assess the significance of financial information by considering its impact on decision-making for users. I focus on disclosing information that could influence the economic decisions of stakeholders, ensuring that all relevant data is included while omitting trivial details.

Right Answer:
The Substance Over Form Principle means that the economic reality of a transaction should be reflected in financial statements, rather than just its legal form. This means recognizing the true nature of the transaction, such as treating a lease as a purchase if it effectively transfers ownership rights, ensuring that financial reporting accurately represents the underlying economic situation.

Right Answer:
The Going Concern Principle assumes that a business will continue to operate for the foreseeable future, which affects financial reporting by requiring assets and liabilities to be valued based on their ongoing use rather than liquidation values. This principle ensures that financial statements reflect the company's ability to continue its operations, impacting how revenues and expenses are recognized.

Right Answer:
The two most basic financial statements prepared by companies are the Income Statement and the Balance Sheet.

Right Answer:
Financial Statement Analysis is the process of evaluating a company's financial statements to understand its financial health, performance, and trends over time. This involves examining the balance sheet, income statement, and cash flow statement to assess profitability, liquidity, solvency, and operational efficiency.

Right Answer:
Strong communication skills, analytical thinking, attention to detail, adaptability, and teamwork are essential soft skills for a financial analyst.

Right Answer:
The woman is the man's mother.

Right Answer:
A can give B a start of 100 meters.

Right Answer:
Cost accounting focuses on capturing and analyzing costs associated with production and operations. Financial accounting involves recording, summarizing, and reporting financial transactions to external stakeholders through financial statements. Managerial accounting provides internal management with information for decision-making, planning, and controlling operations.

Right Answer:
The Profitability Index (PI), also known as the Benefit-Cost Ratio (B/C Ratio), is a financial metric that measures the ratio of the present value of future cash flows generated by an investment to the initial investment cost. It is calculated as:

[ text{PI} = frac{text{Present Value of Future Cash Flows}}{text{Initial Investment}} ]

A PI greater than 1 indicates that the investment is expected to generate more value than its cost, making it a potentially worthwhile investment.

Right Answer:
The different types of leases are:

1. **Operating Lease**: A short-term lease where the lessee uses the asset without ownership.
2. **Finance Lease (Capital Lease)**: A long-term lease that transfers ownership risks and rewards to the lessee.
3. **Sale and Leaseback**: The owner sells an asset and leases it back for continued use.
4. **Direct Financing Lease**: A lease where the lessor finances the asset and earns income from the lease payments.
5. **Leveraged Lease**: A lease where the lessor borrows funds to purchase the asset and leases it to the lessee.

Right Answer:
The Internal Rate of Return (IRR) is the discount rate at which the net present value (NPV) of a project's cash flows equals zero. It represents the expected annual rate of return on an investment.

Right Answer:
Debentures are long-term debt instruments issued by companies or governments to raise capital. They represent a loan made by the investor to the issuer, which promises to pay back the principal amount along with interest at specified intervals.

Features of debentures include:
1. Fixed interest rate: Debentures typically pay a fixed interest rate, known as the coupon rate.
2. Maturity date: They have a specified maturity date when the principal amount is repaid.
3. Secured or unsecured: Debentures can be secured by assets or unsecured, depending on the issuer's creditworthiness.
4. Transferability: They can usually be bought and sold in the market.
5. Priority in liquidation: In case of liquidation, debenture holders are paid before equity shareholders.