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Ernst & Young Tax Analyst Interview Questions and Answers
17 Interview questions
The journal entry for the purchase of furniture involves debiting the Furniture account and crediting the Cash or Accounts Payable account.
Debit the Furniture account to increase the asset value
Credit the Cash account if purchased with cash
Credit the Accounts Payable account if purchased on credit
Example: Debit Furniture $1,000, Credit Cash $1,000
Cashflow statement shows inflows and outflows of cash, while fundflow statement shows changes in financial position.
Cashflow statement focuses on cash transactions, while fundflow statement focuses on changes in financial position.
Cashflow statement helps in assessing liquidity, while fundflow statement helps in analyzing sources and uses of funds.
Cashflow statement includes operating, investing, and financing act...
I am open to any location that offers a challenging work environment and opportunities for growth.
Open to relocation for the right opportunity
Interested in locations with strong job markets
Seeking a location with a diverse community and cultural opportunities
The journal entry for recording an outstanding expense involves debiting the expense account and crediting the accounts payable account.
Debit the expense account to increase the expense amount on the income statement
Credit the accounts payable account to show the liability owed to the vendor
Example: Debit Rent Expense $1,000 and Credit Accounts Payable $1,000 for outstanding rent expense
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Tax slab rate refers to the percentage of income tax applicable to different income slabs.
Tax slab rates vary depending on the income level of the taxpayer.
In India, for the financial year 2021-22, the tax slab rate for individuals earning up to Rs. 2.5 lakhs is 0%, for those earning between Rs. 2.5 lakhs to Rs. 5 lakhs is 5%, and so on.
The highest tax slab rate in India is 30% for individuals earning more than Rs...
The golden rules of accounting are basic principles that guide the recording of financial transactions.
The first golden rule is the principle of debit and credit.
The second golden rule is the principle of consistency.
The third golden rule is the principle of conservatism.
The fourth golden rule is the principle of materiality.
The fifth golden rule is the principle of relevance.
The sixth golden rule is the principle...
GST slab refers to the different tax rates under the Goods and Services Tax system.
There are four GST slabs in India: 5%, 12%, 18%, and 28%
The 5% slab is for essential items like food and healthcare products
The 12% and 18% slabs are for goods and services like processed foods, clothing, and financial services
The 28% slab is for luxury items like cars and tobacco products
Some items like petroleum products and alcoh...
Tax slab refers to the different income brackets on which different tax rates are applied.
Tax slab is used to determine the amount of tax an individual or entity owes based on their income.
Different tax rates are applied to different income brackets, with higher rates applied to higher income levels.
Tax slabs vary by country and can change from year to year based on government policies.
For example, in India, the t...
Taxes levied on consumer products include sales tax, excise tax, and value-added tax (VAT).
Sales tax is a tax on the sale of goods and services and is typically a percentage of the purchase price.
Excise tax is a tax on specific goods such as tobacco, alcohol, and gasoline.
VAT is a tax on the value added at each stage of production and distribution.
Other taxes may include import duties, luxury taxes, and environmen...
Custom rates levied on imports vary by country and product.
Custom rates are determined by the importing country's government.
Rates can be specific (based on quantity) or ad valorem (based on value).
Some countries have preferential rates for certain trading partners.
Examples of products with high custom rates include tobacco and alcohol.
Custom rates can change frequently due to trade agreements and political factor...
Ernst & Young Tax Analyst Interview Experiences
40 interviews found
Anonymous
I applied via Campus Placement and was interviewed in Jun 2024. There were 2 interview rounds.
(4 Questions)
- Q1. Introduce yourself
- Ans.
I am a tax analyst with 5 years of experience in corporate tax planning and compliance.
5 years of experience in corporate tax planning and compliance
Proficient in tax laws and regulations
Skilled in financial analysis and reporting
Strong attention to detail and problem-solving skills
- Q2. Journal entry of outstanding expense
- Ans.
The journal entry for recording an outstanding expense involves debiting the expense account and crediting the accounts payable account.
Debit the expense account to increase the expense amount on the income statement
Credit the accounts payable account to show the liability owed to the vendor
Example: Debit Rent Expense $1,000 and Credit Accounts Payable $1,000 for outstanding rent expense
- Q3. Difference between cashflow statement and fundflow statement
- Ans.
Cashflow statement shows inflows and outflows of cash, while fundflow statement shows changes in financial position.
Cashflow statement focuses on cash transactions, while fundflow statement focuses on changes in financial position.
Cashflow statement helps in assessing liquidity, while fundflow statement helps in analyzing sources and uses of funds.
Cashflow statement includes operating, investing, and financing activiti...
- Q4. Journal entry of purchase of furniture
- Ans.
The journal entry for the purchase of furniture involves debiting the Furniture account and crediting the Cash or Accounts Payable account.
Debit the Furniture account to increase the asset value
Credit the Cash account if purchased with cash
Credit the Accounts Payable account if purchased on credit
Example: Debit Furniture $1,000, Credit Cash $1,000
(2 Questions)
- Q1. Introduce yourself
- Ans.
I am a tax analyst with 5 years of experience in corporate tax planning and compliance.
5 years of experience in corporate tax planning and compliance
Strong knowledge of tax laws and regulations
Skilled in financial analysis and reporting
Proficient in tax software such as TurboTax and QuickBooks
- Q2. Preferred Location
- Ans.
I am open to any location that offers a challenging work environment and opportunities for growth.
Open to relocation for the right opportunity
Interested in locations with strong job markets
Seeking a location with a diverse community and cultural opportunities
Basic question accounts, coding and so on
(1 Question)
- Q1. About GST. Accounts basic concepts Taxation question
Selected
I applied via LinkedIn and was interviewed in Feb 2024. There were 3 interview rounds.
In the aptitude test they had accounts, English communication and logical reasoning
(2 Questions)
- Q1. The questions were centric to the resume
- Q2. Tell me something other than your resume
- Ans.
I am an avid traveler and have visited over 20 countries around the world.
I have a passion for exploring new cultures and trying different cuisines.
Traveling has taught me to be adaptable and open-minded.
Some of my favorite travel destinations include Japan, Italy, and Thailand.
(2 Questions)
- Q1. Total Income tax collected by Indian government in 2023?
- Ans.
The total income tax collected by the Indian government in 2023 is not available.
Data for total income tax collected by the Indian government in 2023 is not publicly available.
The exact amount of income tax collected can vary based on economic conditions, tax policies, and taxpayer compliance.
Government reports or budget documents may provide information on total tax revenue collected.
- Q2. Financial ratios formula
- Ans.
Financial ratios formula are used to analyze a company's financial performance and health.
Financial ratios are calculated using data from a company's financial statements.
Common financial ratios include profitability ratios, liquidity ratios, and solvency ratios.
Examples of financial ratios include return on assets (ROA), current ratio, and debt-to-equity ratio.
Rounak Nath
I applied via Campus Placement
Basic accounting , lrdi, english
Basic topics but not so civilized discussion
(2 Questions)
- Q1. Tax analyst related questions
- Q2. Relating to the tax analyst
Suraksha Shetty
Selected
I appeared for an interview before Feb 2024.
Aptitude test was online that is virtually in Laptop
(3 Questions)
- Q1. Accounts question was asked
- Q2. Ledger entries were asked
- Q3. What are your parents doing?
- Ans.
My parents are both retired and enjoying their free time traveling and volunteering.
Both parents are retired
They enjoy traveling
They volunteer in their community
(1 Question)
- Q1. Self-Introduction
Interview Preparation Tips
Simple aptitude, English comprehension,Finance topics
(2 Questions)
- Q1. Journal entries, situation based questions, basic of US tax,accounting concepts, vlookup, basic excel
- Q2. Tax rates and taxable income calculation
Interview Preparation Tips
Selected
I appeared for an interview before Apr 2024, where I was asked the following questions.
- Q1. Self-introduction, Travel, commute, working hours.
- Q2. Personality related
Interview Preparation Tips
Selected
I appeared for an interview before Jan 2021, where I was asked the following questions.
- Q1. Income tax slabs
- Q2. Macros in excel
- Ans.
Macros in Excel automate repetitive tasks, enhancing efficiency and accuracy in data management and analysis.
Macros are created using VBA (Visual Basic for Applications).
Example: Automating data entry by recording a series of keystrokes.
Macros can be assigned to buttons for easy access.
Example: A macro that formats a report with a single click.
Security settings may need adjustment to enable macros.
I applied via Naukri.com and was interviewed in Oct 2022. There were 4 interview rounds.
(1 Question)
- Q1. Questions From Salary, HP, Residential and Tax Computation
(1 Question)
- Q1. My CV Related Questions
(1 Question)
- Q1. My Aptitude skills and reasoning skills
Interview Preparation Tips
Ernst & Young Interview FAQs
The duration of Ernst & Young Tax Analyst interview process can vary, but typically it takes about less than 2 weeks to complete.
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