Ernst & Young Assistant Manager Interview Questions and Answers

Understanding payroll involves calculating employee salaries, deductions, and contributions like Provident Fund (PF).

• Payroll is the process of calculating and distributing employee salaries and wages.

• It includes gross pay, deductions (like taxes), and net pay.

• Provident Fund (PF) is a retirement savings scheme where both employer and employee contribute a percentage of salary.

• For example, in India, the PF contribut...read more

A breach of contract for a company occurs when one party fails to fulfill their obligations as outlined in the contract.

• Failure to deliver goods or services as agreed

• Non-payment or late payment for goods or services

• Violation of terms and conditions specified in the contract

• Failure to meet quality standards

• Failure to meet deadlines or deliverables

• Misrepresentation or fraud

• Unauthorized disclosure of confidential inf...read more

The expectation for an Assistant Manager is to assist the manager in achieving the goals of the organization.

• Assist the manager in day-to-day operations

• Ensure smooth functioning of the team

• Maintain good communication with team members and higher-ups

• Help in achieving organizational goals

• Provide support to team members when needed

The main components of a contract include offer, acceptance, consideration, legality, capacity, and intention.

• Offer: One party makes a proposal to another party.

• Acceptance: The other party agrees to the terms of the offer.

• Consideration: Both parties exchange something of value.

• Legality: The contract must be legal and not against public policy.

• Capacity: Both parties must have the legal capacity to enter into a cont...read more

Key factors to consider during IT separation

• Identify critical systems and data

• Develop a plan for data migration and system decommissioning

• Ensure compliance with legal and regulatory requirements

• Communicate effectively with stakeholders

• Manage risks and ensure business continuity

Ind AS 116 sets out the principles for the recognition of leases by lessees and lessors.

• Leases are recognized as assets and liabilities on the balance sheet

• The lease term is the non-cancellable period for which the lessee has the right to use the underlying asset

• The lease payments are apportioned between interest expense and reduction of the lease liability

• Initial direct costs incurred by the lessee are added to t...read more

IFRS standards are a set of accounting rules that companies must follow to report financial information accurately.

• IFRS stands for International Financial Reporting Standards

• IFRS is used by companies in over 100 countries

• IFRS provides a common language for financial reporting

• IFRS covers topics such as revenue recognition, leases, and financial instruments

• IFRS is constantly evolving and being updated to reflect cha...read more

I use Microsoft PowerPoint for presentations.

• Microsoft PowerPoint is a widely used tool for creating and delivering presentations.

• It offers a variety of features such as slide templates, animations, and multimedia integration.

• PowerPoint allows for easy organization and customization of content.

• It supports the creation of visually appealing and professional-looking presentations.

• Examples of PowerPoint presentations...read more