1.
Fund Structures & Basics
1. What is a Private Equity fund and Who are the key Investors?
2. What is the difference between a hedge fund and private equity fund?
3. What is a Limited Partnership (LP) and a General Partner (GP)?
4. What is a feeder fund and a master-feeder structure?
5. What is a Special Purpose Vehicle (SPV)?
6. What are key differences between open-ended vs closed-ended funds?
7. What is meant by committed capital and invested capital?
8. What is carried interest?
2. Capital Activity
9. What is a capital call and how is it recorded?
10. What is capital distribution?
11. What is a capital account statement?
12. What is a catch-up clause in carried interest?
13. What is a waterfall model in private equity?
14. What is a subscription and redemption (in hedge funds)?
15. How do you calculate partner/investor capital balance?
3. NAV & Valuation
16. What is NAV (Net Asset Value)?
17. How do you calculate NAV?
18. What components go into the NAV calculation?
19. What are accrued expenses and how do they affect NAV?
20. What is unrealized vs realized gain/loss?
21. What is a valuation adjustment?
22. What are management and performance fees, and how are they
calculated?
4. Accounting & Reporting
23. What are the main financial statements prepared in fund accounting?
24. What is a trial balance?
25. What is the general ledger (GL)?
26. What are journal entries?
27. What is cash reconciliation?
28. What is expense amortization (like formation cost amortization)?
29. What is the treatment of organization costs and setup fees?
30. What is FX revaluation and when is it applied
5. Systems & Compliance
31. What is Investran used for?
32. What is Paxus used for?
33. What is the difference between US GAAP and IFRS in fund accounting?
34. What is SSAE 18 and why is it important?
35. What are common audit adjustments in fund accounting?
6. Scenario-Based/Entry-Level Thinking
36. What will you do if the NAV is off by a small difference?
37. How do you check if capital balances match with GL?
38. What if you missed recording a capital call in the previous period?
39. How would you ensure no duplication of accruals?
40. How do you ensure accuracy in investor reporting?
