PwC Associate L2 Interview Questions and Answers

The 5-step model for revenue recognition involves identifying the contract, identifying performance obligations, determining the transaction price, allocating the transaction price, and recognizing revenue when performance obligations are met.

• Step 1: Identify the contract and its terms

• Step 2: Identify the performance obligations in the contract

• Step 3: Determine the transaction price

• Step 4: Allocate the transaction...read more

Materiality is the concept of determining the significance of an item or event in relation to the financial statements as a whole.

• Materiality is a key concept in auditing and is used to determine the level of detail required in an audit.

• It involves assessing the significance of an item or event in relation to the financial statements as a whole.

• Materiality is a matter of professional judgment and is influenced by ...read more

Revenue recognition concept refers to the accounting principle that outlines when and how revenue should be recognized in financial statements.

• Revenue recognition concept determines the timing and amount of revenue that should be recognized in financial statements.

• It is important for companies to follow this concept to ensure accurate financial reporting.

• Revenue can be recognized at different points in time depend...read more

Materiality concept in audit refers to the significance of an item or an error in financial statements.

• Materiality is a key concept in audit as it helps auditors determine the importance of an item or an error in financial statements.

• It is used to determine the scope of the audit and the level of detail required in the audit procedures.

• Materiality is based on both quantitative and qualitative factors, such as the ...read more

Cloud computing is the delivery of computing services over the internet.

• Cloud computing allows users to access data and applications from anywhere with an internet connection

• It eliminates the need for physical hardware and infrastructure

• Examples include Amazon Web Services, Microsoft Azure, and Google Cloud Platform

SQL DML queries are used to manipulate data in a database.

• DML stands for Data Manipulation Language

• Used to insert, update, delete data in a database

• Examples: INSERT INTO, UPDATE, DELETE FROM

A relational database is a type of database that stores and organizes data in tables with relationships between them.

• Data is organized into tables with columns and rows

• Tables can have relationships with each other through keys

• SQL is used to manipulate and query data in relational databases

• Examples include MySQL, Oracle, and Microsoft SQL Server

COSO is a framework for internal control while COBIT is a framework for IT governance.

• COSO focuses on internal control over financial reporting while COBIT focuses on IT governance and management

• COSO has five components: control environment, risk assessment, control activities, information and communication, and monitoring activities

• COBIT has five focus areas: strategic alignment, value delivery, risk management, ...read more