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ACCOUNTING FUNDAMENTAL
If depreciation is a non-cash expense, how does it affect cash at all?
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Graded by ApexIB's industry-backed model.
—
What worked
    Gaps
      Model answer
      Gap detected This is exactly the kind of weak spot ApexIB tracks and drills automatically.
      Depreciation, Basic
      The company records $6,000 of depreciation on its delivery vehicles this quarter.
      Assume a 20% tax rate
      Income Statement
      RevenueNo change
      COGSNo change
      Gross ProfitNo change
      Operating Expenses (SG&A)No change
      D&A Expense?
      Other Operating Income / (Expense)No change
      EBIT?
      Interest ExpenseNo change
      Pre-Tax Income (EBT)?
      Income Tax Expense?
      Net Income?
      Cash Flow Statement
      Net Income?
      D&A Add-back?
      Stock-Based Comp Add-backNo change
      Other Non-Cash Add-backNo change
      Change in Accounts ReceivableNo change
      Change in InventoryNo change
      Change in Prepaid ExpensesNo change
      Change in Accounts PayableNo change
      Change in Accrued LiabilitiesNo change
      Change in Deferred RevenueNo change
      Deferred Tax Add-back / (Reduction)No change
      Cash Flow from Operations?
      CapExNo change
      Other InvestingNo change
      Cash Flow from InvestingNo change
      Debt Issuance / (Repayment)No change
      Stock Issuance / (Buyback)No change
      Dividends PaidNo change
      Cash Flow from FinancingNo change
      Net Change in Cash?
      Balance Sheet
      Cash?
      Accounts ReceivableNo change
      InventoryNo change
      Prepaid ExpensesNo change
      Short-Term InvestmentsNo change
      PP&E, net?
      Intangible Assets, netNo change
      Deferred Tax AssetsNo change
      Total Assets?
      Accounts PayableNo change
      Accrued LiabilitiesNo change
      Deferred RevenueNo change
      Deferred Tax LiabilitiesNo change
      Notes PayableNo change
      DebtNo change
      Total LiabilitiesNo change
      Common StockNo change
      Retained Earnings?
      Total Equity?
      Drag a chip onto the line item it belongs to, or tap the chip and then the slot.
      14 slots to fill. Values can repeat.
      A closer look

      This is what interview-ready looks like.

      Real feedback, real competition, real practice.

      Performance overview
      Interview Readiness
      76/100
      ↑ 6 pts this week
      Progress to interview-ready 85% target
      0 ~9 days away 100
      By topic
      Accounting
      88
      Valuation
      81
      DCF
      74
      M&A
      67
      LBO
      58
      Insight
      Gap concentrated in DCF terminal value: mixed up Gordon Growth and exit multiple in 4 of last 6 misses.
      Score trend, last 14 days
      Conference · NESCAC
      School rankings
      Live
      ApexIB users
      2,140
      Avg score
      81/100
      Total answers
      184,600
      Active this week
      1,380
      #1 Amherst (You)
      Avg score 89 · 214 users
      #2 Williams
      Avg score 86 · 198 users
      #3 Middlebury
      Avg score 82 · 176 users
      #4 Hamilton
      Avg score 79 · 151 users
      Live ranking
      Amherst just took #1 in the NESCAC, 6 pts ahead of Williams, with 2,140 students competing across 11 schools.
      DCF · Terminal Value
      Graded answer
      88/100
      Question
      Walk me through how you'd calculate terminal value using the Gordon Growth Method.
      Your answer
      "TV equals next year's free cash flow divided by WACC minus the growth rate. So it's FCF times one plus g, over WACC minus g. This captures all cash flows beyond the forecast period..."
      Correct formula and clean logic on the growth assumption
      Correctly framed it as capturing cash flows beyond the forecast window
      Never stated the WACC > g constraint required for the formula to hold
      Didn't mention exit multiple as a sanity check against the growth method
      Drill this weak spot next
      DCF · Terminal Value
      "What growth rate would you use for a mature industrial business, and why..."
      Study party · 3 members
      Valuation
      ● Live
      1
      CA
      You ✓ Submitted
      84
      2
      RH
      Roan H. typing…
      —
      3
      JG
      Jeff G. ✓ Submitted
      71
      Current question
      What is the formula for cost of equity?
      Your grade
      84/100
      Technical
      86
      Completeness
      80
      Clarity
      88
      Correctly cited CAPM but missed that beta reflects systematic risk only.
      CA
      is on a 12-day streak
      RH
      mastered Valuation
      Coverage

      All six IB topics, infinite questions.

      Questions curated to match what top banks actually ask, from first round through superday, plus fresh drills generated for your weakest spots so you never run out.

      Accounting
      Three statements, working capital, depreciation
      Enterprise Value
      EV vs equity value, bridge calculations
      Valuation
      Comps, precedents, football fields
      Discounted Cash Flow
      UFCF, WACC, terminal value
      Mergers & Acquisitions
      Accretion/dilution, sources & uses
      Leveraged Buyouts
      Returns drivers, debt structure, IRR

      We built ApexIB because prepping for banking interviews meant cramming PDFs and hoping we had studied the right questions. We wanted something that would listen to an answer, grade it honestly, and say exactly what to fix next. That is what ApexIB does.

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      FAQ

      Questions before you start

      How is the grading actually accurate?
      Each question has a rubric of what bankers actually look for in the answer. ApexIB sends your answer alongside the rubric and a banker-style grading prompt to a frontier AI model, which returns a 0–100 score plus specific feedback. It's calibrated against the same standard senior bankers use mentally when evaluating you across the desk.
      Do I need an account to try it?
      No. Try one question right now, no signup or card required. Guests get 5 graded answers per day. Creating an account is free and adds progress tracking, saved questions, and the time-to-ready estimate.
      Is this an alternative to the 400 guide or WSP?
      The 400 guide gives you the model answers. WSP teaches you the concepts. Neither tells you if you can deliver the answers in the room. ApexIB is the missing piece: the active practice and objective feedback that converts knowledge into reps.
      Does voice mode work?
      Yes. Voice mode is available in mock interviews and supported in Chrome and Edge. Your voice is transcribed in-browser and graded the same way as typed answers. Useful for getting the rhythm of speaking your answers out loud, the way you will in the actual interview.
      Who built this?
      Students, for students. ApexIB is the prep tool we wanted and could not find, so we built it.
      What's the difference between Pro and the Recruiting Pass?
      Pro is $19.99/month for unlimited graded answers and 1 mock interview per 24 hours. The Recruiting Pass is $39.99/month for everything in Pro plus unlimited mock interviews, voice mode (speak your answers), and early access to new question packs as they ship. Both are monthly with cancel-anytime. Pick Pro if you're easing into prep; pick the Pass if you're in active recruiting and doing multiple mocks per day.

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