Answering SQL related questions on table creation, alteration, and querying with group by and having clauses. To create a table with specified columns, use the CREATE TABLE statement with column names and data types. To alter a table and add new columns, use the ALTER TABLE statement with ADD COLUMN keyword. To create another table with help of existing tables, use the CREATE TABLE statement with SELECT statement. To write a query which uses group by clause, use the GROUP BY...

Fixed income products are valued in accordance with RBI's valuation Master Circular on Prudential norms. Fixed income products are valued based on their market value or fair value. The valuation is done by independent valuers or by the issuer's internal valuation committee. The valuation should be done at least once a quarter and the results should be reported to the RBI. The valuation should take into account factors such as credit risk, interest rate risk, liquidity risk, ...

Code to check if two strings are anagram or not. Convert both strings to lowercase to avoid case sensitivity Sort both strings and compare them Use a hash table to count the frequency of each character in both strings and compare the hash tables

Fundamental Accounting Assumptions are basic principles that guide the preparation of financial statements. The assumptions include: Going Concern, Consistency, Accrual, and Materiality Going Concern assumes that the company will continue to operate in the foreseeable future Consistency assumes that the company will use the same accounting methods and principles from period to period Accrual assumes that revenues and expenses are recognized when earned or incurred, regardles...

STLC stands for Software Testing Life Cycle. It is a process followed to ensure quality in software development. STLC involves planning, designing, executing and reporting of tests. It includes various stages like requirement analysis, test planning, test design, test execution, and test closure. Each stage has its own set of deliverables and objectives. STLC helps in identifying defects early in the development cycle, reducing the cost of fixing them later. Examples of STLC...

To create a REST API with service method and database queries, follow these pointers. Choose a programming language and framework for your API Create a service layer to handle business logic Use database queries to retrieve and manipulate data Map HTTP methods to service methods Implement authentication and authorization Test your API thoroughly

Normalization is the process of organizing data in a database to reduce redundancy and dependency. First Normal Form (1NF) - Eliminate duplicate columns from the same table. Second Normal Form (2NF) - Create separate tables for sets of values that apply to multiple records. Third Normal Form (3NF) - Eliminate fields that do not depend on the primary key. Fourth Normal Form (4NF) - Eliminate multi-valued dependencies. Fifth Normal Form (5NF) - Eliminate redundant data using a...

Java collections are a group of classes and interfaces used to store and manipulate groups of objects. To print elements in reverse order, use the Collections.reverse() method. This method takes a List as an argument and reverses the order of its elements. Example: List names = new ArrayList<>(); Collections.reverse(names); Other commonly used collections in Java include Set, Map, Queue, and Stack.

Explaining the difference between WHERE and HAVING clause and types of joins with examples. WHERE clause is used to filter rows based on a condition while HAVING clause is used to filter groups based on a condition INNER JOIN returns only the matching rows from both tables while LEFT JOIN returns all rows from the left table and matching rows from the right table Combining two tables can be done using JOIN clause with a common column between them Example: SELECT * FROM table...

Spring framework is a popular Java framework used for building web applications. Create a Spring project using Spring Initializr Define beans using annotations or XML configuration Inject dependencies using @Autowired or constructor injection Use Spring MVC for web development Integrate with databases using Spring Data Secure applications using Spring Security Test applications using Spring Test Deploy applications using Spring Boot

My preferred programming language is Python. Python is easy to learn and has a simple syntax. It has a vast library of modules and frameworks for various purposes. Python is widely used in data science and machine learning. It is also great for web development and automation tasks. Examples: Flask, Django, NumPy, Pandas, TensorFlow.

I would like to work on Artificial Intelligence. Developing machine learning algorithms for predictive analysis Creating chatbots for customer service Implementing computer vision for object recognition Exploring natural language processing for sentiment analysis

Code to print the second largest element in array Sort the array in descending order and return the second element Iterate through the array and keep track of the largest and second largest elements Use a priority queue to find the second largest element

Ind AS 115 and Ind AS 116 are accounting standards used for revenue recognition and lease accounting respectively. Ind AS 115: It provides guidance on how to recognize revenue from contracts with customers. Ind AS 116: It outlines the principles for recognizing, measuring, presenting, and disclosing leases. Both standards are part of the Indian Accounting Standards (Ind AS) framework. Ind AS 115 replaces the previous revenue recognition standard (Ind AS 18) and provides a co...

I demonstrated my ability to communicate effectively during a team project. I actively listened to my team members' ideas and concerns. I provided clear and concise instructions to ensure everyone understood their roles and responsibilities. I encouraged open communication and feedback throughout the project. I presented our team's findings and recommendations to our supervisor in a clear and organized manner. As a result, our team received positive feedback and recognition ...

Adverse and qualified opinions in auditing and how to check payables and receivables. Adverse opinion is given when the financial statements are materially misstated and the auditor is unable to obtain sufficient evidence to support the amounts and disclosures in the statements. Qualified opinion is given when the financial statements are fairly presented except for a specific matter that is disclosed in the opinion. To check payables, review the accounts payable aging repor...

Spring Boot uses RestTemplate or FeignClient to connect to other microservices. Use RestTemplate to make HTTP requests to other microservices. Use FeignClient to create a client interface for other microservices. Configure the URL and port of the microservice in the application.properties file. Use @Autowired annotation to inject RestTemplate or FeignClient in the service class. Handle exceptions and errors when connecting to other microservices.

Query to fetch second highest salary in SQL Use ORDER BY and LIMIT to select the second highest salary Assuming the table name is 'employees' and salary column name is 'salary': SELECT salary FROM employees ORDER BY salary DESC LIMIT 1,1

STLC is a process of testing software from planning to deployment. It includes planning, designing, executing, and reporting. Planning phase involves defining scope, objectives, and test strategy. Design phase includes creating test cases, test scenarios, and test data. Execution phase involves running test cases, reporting defects, and retesting. Reporting phase includes preparing test summary reports and defect reports. STLC ensures that software meets quality standards an...

Answering questions about capital gains, income tax heads, and financial statements. Capital gains can be short-term or long-term, with different tax rates applied to each. Income tax heads include salary, business/profession, capital gains, house property, and other sources. An example of long-term capital gain is selling a property after holding it for more than 2 years. An example of short-term capital gain is selling stocks after holding them for less than 1 year. Issue ...

A singleton class is a class that can only have one instance at a time. To achieve a singleton class, we need to make the constructor private so that it cannot be instantiated from outside the class. We then create a static method that returns the instance of the class, and if the instance does not exist, it creates one. Singleton classes are often used for managing resources that should only have one instance, such as database connections or configuration settings.

Design patterns are reusable solutions to common software problems in Java. Design patterns provide a standard way to solve common problems in software development. They help in making code more maintainable, flexible and reusable. Examples of design patterns include Singleton, Factory, Observer, and Decorator. Design patterns can be categorized into three types: creational, structural, and behavioral.

Fixed income and money products in India refer to investment options that provide a fixed return on investment. Fixed income products include government bonds, corporate bonds, and fixed deposits. Money products include savings accounts, money market funds, and treasury bills. Fixed income and money products are popular among risk-averse investors. Interest rates on fixed income products are influenced by factors such as inflation and monetary policy. The Reserve Bank of Ind...

Normalization is the process of organizing data in a database to reduce redundancy and improve data integrity. Normalization involves breaking down a database into smaller, more manageable tables. Each table should have a primary key and only contain data that is related to that key. Normalization helps to prevent data inconsistencies and anomalies. There are different levels of normalization, with each level building on the previous one. For example, first normal form (1NF)...

Filter student data from database using specific logics Filter students by grade level Filter students by gender Filter students by attendance record Filter students by GPA Filter students by extracurricular activities

The Government Securities Market in India is a platform for trading government securities. Government Securities Market is regulated by the Reserve Bank of India. It is a platform for trading government securities like treasury bills, bonds, and securities issued by the central and state governments. The market is open to all investors including individuals, banks, financial institutions, and foreign investors. The market is an important source of funding for the government....

Approximately 700 airplanes take off and land at Mumbai airport daily. Consider the average number of flights per day at Mumbai airport Factor in peak travel times and seasonal variations Take into account the types of aircrafts that operate at the airport

The retailer client is experiencing a decline in revenue, analyze the cause. Conduct a thorough analysis of the retailer's financial statements to identify any trends or patterns in revenue decline. Evaluate the competitive landscape to see if new competitors have entered the market or existing competitors have gained market share. Assess the retailer's marketing and advertising strategies to determine if they are effectively reaching their target audience. Consider external...

Catch block is used to handle exceptions that occur during program execution. Catch block is used in conjunction with try block. It catches and handles exceptions that occur in the try block. Multiple catch blocks can be used to handle different types of exceptions. Finally block can be used to execute code regardless of whether an exception was thrown or not. Example: try { //code that may throw exception } catch (Exception e) { //handle the exception } finally { //code tha...

An audit programme is a plan of action outlining the steps to be taken during an audit. An audit programme outlines the objectives, scope, and methodology of the audit. It includes a list of audit procedures to be performed. It also includes a timeline for the audit and the roles and responsibilities of the audit team. Examples of audit programmes include financial audits, operational audits, and compliance audits.

Identifying risks and controls in a process Identify the process and its objectives Identify the inputs, activities, and outputs of the process Identify the risks associated with each step of the process Identify the controls in place to mitigate the risks Evaluate the effectiveness of the controls Recommend improvements to the process and controls Examples: Order-to-cash process, procurement process, hiring process

PWC is a multinational professional services network. PWC stands for PricewaterhouseCoopers. It provides services in audit, tax, and advisory. It operates in over 150 countries. Some of its clients include Coca-Cola, Google, and Microsoft. It is one of the Big Four accounting firms.

Steps in revenue recognition under Ind AS 115 Identify the contract with the customer Identify the performance obligations in the contract Determine the transaction price Allocate the transaction price to the performance obligations Recognize revenue when (or as) the entity satisfies a performance obligation

I have a good level of knowledge about renewables. I have studied renewable energy sources such as solar, wind, hydro, and geothermal power. I am aware of the benefits of using renewables, such as reducing carbon emissions and promoting sustainability. I have also kept up to date with the latest developments and innovations in the field. For example, I know about the increasing use of energy storage systems to improve the reliability of renewable energy sources. Overall, I a...

To check application of IND AS while checking depreciation, one needs to ensure that the accounting policies and disclosures comply with the relevant standards. Check if the company has adopted IND AS and if it is applicable to the company Check if the company has followed the relevant accounting policies for depreciation as per IND AS Check if the company has made the required disclosures related to depreciation as per IND AS Compare the financial statements of the current ...

SIR models are used for infectious disease forecasting, incorporating compartments for susceptible, infected, and recovered individuals. SIR models focus on the dynamics of infectious diseases by dividing the population into compartments of susceptible, infected, and recovered individuals. Regular forecasting models typically do not consider the spread of infectious diseases and do not incorporate compartments for different disease states. SIR models allow for the estimation...

Exempted lease refers to a lease that is not required to be recognized on the balance sheet as per Ind AS 116. Exempted leases include leases with a lease term of 12 months or less and leases of low-value assets. Leases of intangible assets and leases of biological assets are also exempted. Leases where the underlying asset is of low value when new, such as personal computers or small items of office furniture, are also exempted. Exempted leases do not require the lessee to ...

The options available if TDS is not deposited on time include paying interest, facing penalties, and potential legal action. Pay interest on the late deposit Face penalties for delayed payment Risk potential legal action for non-compliance

Earthquakes occur due to the movement of tectonic plates. Metamorphosis is the process of transformation in living organisms. Earthquakes occur when two tectonic plates move against each other, causing a release of energy in the form of seismic waves. Metamorphosis is a process of transformation in living organisms, where an organism undergoes a physical change in form and structure. Examples of metamorphosis include the transformation of a caterpillar into a butterfly and t...

Questions related to income tax, deductions, bank reconciliation, financial ratios, and formulas. Tax slab determines the rate at which an individual or entity is taxed based on their income. Head of income tax is the person responsible for overseeing the collection of income tax. Exemption is a portion of income that is not subject to tax, while deduction is an expense that can be subtracted from taxable income. Deduction limit in 80C is Rs. 1.5 lakh and in 80TTA is Rs. 10,...

The Order-to-Cash process involves receiving and fulfilling customer orders, with risks including fraud and errors. Order entry and validation Inventory management and order fulfillment Invoicing and payment processing Risks include fraudulent orders, errors in order fulfillment or invoicing, and delays in payment processing Controls include order verification, inventory tracking, invoice review, and payment reconciliation

I am an experienced Associate with knowledge in audit assertions, materiality, benchmarking in audit, and revenue recognition as per Ind AS. Audit assertions are the representations made by management regarding the financial statements. There are five main audit assertions: existence, completeness, valuation or allocation, rights and obligations, and presentation and disclosure. For example, existence assertion ensures that the recorded assets and liabilities actually exist....

GST has replaced multiple indirect taxes with a single tax. Recent changes include simplified return filing and reduced rates for certain items. GST has replaced multiple indirect taxes like VAT, excise duty, service tax, etc. It has simplified the tax structure and reduced the cascading effect of taxes. Recent changes include the introduction of simplified return filing through GST Sahaj and GST Sugam. GST rates have been reduced for items like movie tickets, electric vehic...

Error is a mistake in code syntax or logic, while exception is an unexpected event during program execution. Errors are caused by mistakes in code, such as syntax errors or logical errors. Exceptions are unexpected events that occur during program execution, such as a division by zero or a file not found error. Errors can be caught and fixed during development, while exceptions are handled during runtime. Errors can cause the program to crash, while exceptions can be handled...

Materiality, audit risk, and assertions are important concepts in auditing. Materiality refers to the significance of an item or transaction in the financial statements. Audit risk is the risk that the auditor may issue an incorrect opinion on the financial statements. Assertions are the representations made by management in the financial statements. There are five types of assertions: existence, completeness, accuracy, valuation, and presentation and disclosure. Auditors us...

Management representation letter is a written statement from management to auditors confirming the accuracy of financial information. It is a letter from management to auditors It confirms the accuracy of financial information It is a standard part of the audit process It is used to provide evidence of management's responsibility for financial statements It may include information on internal controls and potential fraud Examples of information included in the letter are ban...

I would use the quicksort algorithm to efficiently sort the given series of unsorted numbers. Implement the quicksort algorithm by selecting a pivot element and partitioning the array into two sub-arrays based on the pivot. Recursively apply the quicksort algorithm to the sub-arrays until the entire array is sorted. Time complexity of quicksort is O(n log n) on average, making it a good choice for sorting large datasets.

SDLC process involves planning, designing, developing, testing, and deploying software. 1. Planning phase involves defining project scope, requirements, and creating a project plan. 2. Design phase includes creating system architecture, database design, and user interface design. 3. Development phase involves coding, unit testing, and integration testing. 4. Testing phase includes system testing, user acceptance testing, and fixing bugs. 5. Deployment phase involves releasin...

Artificial intelligence can both support and disrupt employment depending on the industry and job roles. AI can automate repetitive and mundane tasks, leading to job loss in industries like manufacturing and customer service. However, AI can also create new job opportunities in fields like data science and AI development. AI can also enhance productivity and efficiency, leading to job growth in industries that adopt it. It is important for individuals and organizations to ad...

My comfortable coding language is Python. Python is versatile and easy to read I have experience with libraries like Pandas and NumPy I have used Python for web development projects

The procure to pay process involves purchasing goods or services, receiving them, and paying for them. Risks include fraud, errors, and delays. Key risks in the procure to pay process include fraud, such as invoice fraud or payment fraud. Errors in processing orders, receiving goods, or making payments can also pose risks. Delays in any step of the process can impact cash flow and supplier relationships. Mitigation strategies include implementing strong internal controls, co...

There are four types of audit opinion: Unqualified, Qualified, Adverse, and Disclaimer. Unqualified opinion means the financial statements are fairly presented. Qualified opinion means there are some issues but they do not affect the overall fairness of the financial statements. Adverse opinion means the financial statements are not fairly presented. Disclaimer opinion means the auditor is unable to express an opinion due to lack of information or other limitations. Examples...

Cut off dates for cash receipts, materiality, and assertions are important for financial reporting. Cut off date for cash receipts is the date until which cash receipts are recorded in the financial statements. Materiality refers to the significance of an item or transaction in the financial statements. Assertions are statements made by management regarding the accuracy and completeness of the financial statements. Cut off dates, materiality, and assertions are important for...

Attribute views are used to define master data, while calculation views are used for complex calculations and aggregations. Attribute views are used to define master data like customer names, product categories, etc. Calculation views are used for complex calculations, aggregations, and joining multiple tables. Attribute views are used in the data foundation layer, while calculation views are used in the modeling layer. Calculation views can include attribute views as a data...

I am familiar with various Excel functions such as VLOOKUP, SUMIF, and CONCATENATE. VLOOKUP: Used to search for a value in the first column of a range and return a value in the same row from another column. SUMIF: Adds the cells specified by a given condition or criteria. CONCATENATE: Combines two or more strings into one.

PE and CE are used in option naming to indicate the type of option contract - Put Option and Call Option. PE stands for Put Option which gives the holder the right to sell the underlying asset at a specified price within a specified time period. CE stands for Call Option which gives the holder the right to buy the underlying asset at a specified price within a specified time period. Using PE and CE helps differentiate between the two types of options in a clear and concise m...

I have 3 years of experience in internal auditing and internal controls. Conducted regular audits to assess compliance with internal policies and procedures Identified weaknesses in internal controls and recommended improvements Implemented new control measures to mitigate risks and enhance efficiency Collaborated with various departments to ensure adherence to audit findings

Reverse a string using any programming language Use a loop to iterate through the string and append each character to a new string in reverse order Alternatively, use built-in string reversal functions or methods depending on the programming language Some languages, like Python, allow for string slicing to reverse a string

5 steps to recognise revenue as per Ind AS Identify the contract with the customer Identify the performance obligations in the contract Determine the transaction price Allocate the transaction price to the performance obligations Recognize revenue when (or as) the entity satisfies a performance obligation

Async/await is a way to write asynchronous code in a synchronous style. Async/await is used in C# and other programming languages to simplify asynchronous programming. It allows developers to write asynchronous code that looks like synchronous code. Async/await is used to avoid blocking the main thread and improve application performance. It is commonly used in web applications to handle long-running tasks like database queries and network requests. Example: async Task GetRe...

COVID has significantly impacted the industry by causing disruptions in supply chains, shifts in consumer behavior, and accelerated digital transformation. Disruptions in supply chains leading to shortages of raw materials and finished products Shifts in consumer behavior towards online shopping and contactless payments Accelerated digital transformation with increased focus on remote work and e-commerce Increased demand for healthcare and pharmaceutical products

Cloud computing is the delivery of on-demand computing services over the internet. Cloud computing provides access to computing resources such as servers, storage, databases, and software over the internet. It allows users to scale up or down their resources as needed, paying only for what they use. Cloud computing offers flexibility, reliability, and security. Examples of cloud services include Amazon Web Services, Microsoft Azure, and Google Cloud Platform.

Balance sheet and P&L are financial statements that provide a snapshot of a company's financial health. Balance sheet shows a company's assets, liabilities, and equity at a specific point in time. Profit and Loss (P&L) statement shows a company's revenues, expenses, and net income over a period of time. Balance sheet helps assess a company's liquidity and solvency, while P&L helps evaluate its profitability. Example: Balance sheet includes cash, inventory, and debt; P&L incl...

Business process refers to a series of steps or activities that are undertaken to achieve a specific goal or outcome within an organization. Business processes can involve multiple departments or functions working together towards a common objective. They often include tasks such as planning, execution, monitoring, and optimization. Examples of business processes include procurement, sales, customer service, and product development.

Machine learning enables automation and prediction in various fields. Machine learning can automate repetitive tasks and save time and resources. It can predict outcomes and help in decision making. It can be applied in various fields like finance, healthcare, marketing, etc. Examples include fraud detection, image recognition, personalized recommendations, etc.

P-value is a measure that helps determine the strength of evidence against a null hypothesis in statistical testing. P-value is the probability of obtaining results as extreme as the observed results, assuming the null hypothesis is true. A low p-value (typically less than 0.05) indicates strong evidence against the null hypothesis. Conversely, a high p-value suggests that the observed results are likely to occur even if the null hypothesis is true. It is used in hypothesis ...

Audit risk is the risk that an auditor may issue an incorrect opinion on the financial statements. It is the risk that the auditor may fail to detect material misstatements in the financial statements. It can be caused by errors or fraud in the financial statements. The auditor must assess and respond to the audit risk in order to plan and perform an effective audit. The level of audit risk depends on the nature of the business, the complexity of the transactions, and the qu...

Parameterized queries in Entity Framework allow for safe and efficient data retrieval by using placeholders for input values. Parameterized queries help prevent SQL injection attacks by separating SQL code from user input. They improve performance by allowing the database to reuse query plans. Example: var query = context.Products.Where(p => p.Category == category);

VBCS in PaaS stands for Visual Builder Cloud Service in Platform as a Service. VBCS is a cloud-based development platform that allows users to create and deploy web and mobile applications without the need for coding. PaaS refers to a category of cloud computing services that provides a platform allowing customers to develop, run, and manage applications without the complexity of building and maintaining the infrastructure. VBCS in PaaS payer refers to using Visual Builder C...

The 5 major gaps found during IA were lack of documentation, inadequate risk assessment, insufficient testing, ineffective communication, and inadequate follow-up. Lack of documentation: Missing or incomplete records of audit findings and recommendations. Inadequate risk assessment: Failure to properly identify and assess potential risks to the organization. Insufficient testing: Limited scope or depth of testing procedures during the internal audit process. Ineffective comm...

Management assertions are the claims made by management regarding the accuracy and completeness of financial statements. Management assertions are used to ensure the reliability of financial statements. There are six management assertions: existence, completeness, accuracy, valuation and allocation, rights and obligations, and presentation and disclosure. Existence assertion ensures that the assets and liabilities in the financial statements actually exist. Completeness asse...

Cut off procedure is used to determine the period in which revenue should be recognized. Cut off procedure is used to determine the period in which revenue should be recognized It involves identifying the point at which the revenue is earned and determining the period in which it should be recognized This is important for accurate financial reporting and compliance with accounting standards Examples of cut off procedures include analyzing sales orders, shipping documents, an...

Fly ash is a byproduct of coal combustion and is often used as a supplementary cementitious material in concrete. Fly ash is a fine powder that is produced when coal is burned in power plants. It can be used as a partial replacement for Portland cement in concrete to improve workability, durability, and strength. The amount of fly ash in cement is typically limited to around 15-35% by weight of the total cementitious materials. Fly ash can also reduce the carbon footprint of...

Materiality level is necessary to determine the significance of information in financial reporting. Materiality level helps in determining what information should be included in financial statements. It ensures that only relevant and significant information is disclosed to users of financial statements. Materiality level helps in avoiding unnecessary clutter and presenting concise financial information. It assists in making informed decisions by focusing on material informat...

Materiality refers to the significance or importance of information in relation to a decision or financial statement. Materiality is a concept used in accounting and auditing. It helps determine what information is important enough to be included in financial statements. Materiality is subjective and depends on the context and audience. For example, a $1,000 error in a company with millions in revenue may not be material, but the same error in a small business could be signi...

Current CTC and willingness to relocate My current CTC is [current CTC]. I am open to relocating for the right opportunity. I believe that relocating can provide new experiences and growth opportunities. I am flexible and adaptable to new environments.

Options are financial instruments that give the holder the right, but not the obligation, to buy or sell an underlying asset at a specified price within a specific time period. Options can be classified into two types: call options and put options. The pricing models for options include the Black-Scholes model and the binomial options pricing model. The Black-Scholes model takes into account factors such as the current stock price, the option's strike price, the time until e...

Assumptions of linear regression include linearity, independence, homoscedasticity, and normality. Linearity: The relationship between the independent and dependent variables is linear. Independence: The residuals are independent of each other. Homoscedasticity: The variance of the residuals is constant across all levels of the independent variables. Normality: The residuals are normally distributed. Example: If we are predicting house prices based on square footage, we assu...

Multithreading is the ability of a CPU to execute multiple threads concurrently, allowing for improved performance and responsiveness. Multithreading allows for parallel execution of multiple tasks within a single process. Each thread has its own stack and program counter, but shares the same memory space. Examples of multithreading include web servers handling multiple requests simultaneously and video games rendering graphics while processing user input.

Creating a baseline involves establishing a starting point or reference for comparison. Identify the key metrics or variables to be measured Collect data or information on these metrics Analyze the data to determine the average or typical values Use the average values as the baseline for comparison

VDOM stands for Virtual Document Object Model. useMemo is a React hook used for memoizing expensive calculations. VDOM is a virtual representation of the actual DOM in memory, used for efficient rendering in React useMemo is used to memoize expensive calculations in React components to avoid unnecessary re-renders Example: useMemo(() => calculateExpensiveValue(a, b), [a, b])

Audit methodology is a systematic process used by auditors to plan, perform, and report on audits. Audit methodology involves understanding the client's business and risks, planning the audit approach, performing audit procedures, and reporting findings. It includes assessing internal controls, gathering evidence, and evaluating financial statements for accuracy and compliance. Examples of audit methodologies include risk-based auditing, compliance auditing, and performance ...

Assertions in FS are statements that are used to validate the expected behavior of the code. Assertions are used to check if a certain condition is true during the execution of the code. They are typically used for debugging purposes to catch unexpected behavior. An example of an assertion in FS is 'assert.equal(actual, expected, message)' which checks if 'actual' is equal to 'expected'.

Oops concepts refer to Object-Oriented Programming concepts which include inheritance, encapsulation, polymorphism, and abstraction. Inheritance: Allows a class to inherit properties and behavior from another class. Encapsulation: Bundling data and methods that operate on the data into a single unit. Polymorphism: Ability to present the same interface for different data types. Abstraction: Hiding the complex implementation details and showing only the necessary features.

Materiality level is the threshold at which financial information becomes significant enough to influence the decision-making of users. Materiality level is determined by the size and nature of the item or error being evaluated. It is used to determine what information needs to be disclosed in financial statements. If an item is below the materiality level, it may not need to be disclosed. Materiality level can vary depending on the context and the user of the financial info...

Expectations from budget Increased funding for education and healthcare Tax relief for small businesses Investment in infrastructure projects Support for research and development Measures to address income inequality

Cloud refers to the delivery of computing services, including servers, storage, databases, networking, software, analytics, and intelligence, over the internet. Cloud computing allows users to access data and applications from anywhere with an internet connection. Cloud services are typically provided by third-party companies, such as Amazon Web Services, Microsoft Azure, and Google Cloud. Cloud computing can be used for a variety of purposes, including data storage, applica...

Statutory audit is a legally required external audit of a company's financial statements to ensure accuracy and compliance with laws and regulations. Statutory audit is mandatory for all companies to ensure transparency and accountability. It is conducted by independent auditors who examine the financial records and statements of a company. The audit report is submitted to regulatory authorities and shareholders to provide assurance on the accuracy of financial information. ...

ICFR is applicable for all companies to ensure accurate financial reporting and prevent fraud. ICFR stands for Internal Control over Financial Reporting Required by Sarbanes-Oxley Act for publicly traded companies Helps prevent financial misstatements and fraud Involves processes, controls, and monitoring to ensure accuracy of financial statements

Queue is a data structure that follows First In First Out (FIFO) principle, while stack follows Last In First Out (LIFO) principle. Queue: elements are added at the rear and removed from the front. Stack: elements are added and removed from the top. Example: In a queue, people waiting in line at a ticket counter are served in the order they arrived. In a stack, plates in a stack are removed from the top.

Inventory management process involves tracking, storing, and managing inventory to ensure efficient operations. Tracking inventory levels to know when to reorder Organizing inventory for easy access and retrieval Implementing barcode or RFID technology for accurate tracking Regularly conducting inventory audits to prevent stockouts or overstocking

Inventory verification involves physical counting of items to ensure accuracy. Perform regular physical counts of inventory Compare counted quantities to recorded quantities in system Investigate and resolve any discrepancies Use barcode scanners or RFID technology for efficient verification

Spark performance tuning involves optimizing various configurations and parameters to improve the efficiency and speed of Spark jobs. Optimize resource allocation such as memory and CPU cores to prevent bottlenecks Use partitioning and caching to reduce data shuffling and improve data locality Adjust the level of parallelism to match the size of the data and available resources Monitor and analyze job execution using Spark UI and logs to identify performance issues Utilize a...

Audit risk is the risk that an auditor may give an inappropriate opinion on financial statements. It is the risk that the auditor may miss material misstatements in the financial statements. It can be caused by errors or fraud in the financial statements. The auditor must assess and manage audit risk to provide reasonable assurance that the financial statements are free from material misstatements. Audit risk is a function of inherent risk, control risk, and detection risk. ...

Overfitting occurs when a model is too complex and fits the training data too closely, while underfitting occurs when a model is too simple and cannot capture the underlying patterns in the data. Overfitting happens when the model is too complex and captures noise in the training data Underfitting happens when the model is too simple and cannot capture the underlying patterns in the data Overfitting can be addressed by reducing model complexity, using regularization, or incr...

Random forest is an ensemble method using multiple decision trees to improve accuracy and reduce overfitting. Random forest is a collection of decision trees that are trained on random subsets of the data. Decision tree is a single tree structure that makes decisions by splitting the data based on features. Random forest is more robust to overfitting compared to a single decision tree. Random forest can handle missing values and outliers better than decision trees. Random fo...

Audit assertions are statements made by management regarding the accuracy of financial information. Assertions at the transaction level include occurrence, completeness, accuracy, and cutoff. Assertions at the balance level include existence, rights and obligations, completeness, and valuation and allocation. Assertions at the presentation and disclosure level include occurrence, completeness, accuracy, and classification and understandability. Examples of assertions include...

TDS must be deposited by the 7th of the following month in which the deduction is made. TDS must be deposited by the 7th of the following month in which the deduction is made For example, TDS deducted in the month of January must be deposited by the 7th of February Late deposit of TDS can attract penalties and interest