Transaction advisory service - m&a - intern

I have decided to apply for this position, as it would give me an opportunity to gain experience in valuation and M&A in order to get to the investment banking. I have applied online through KPMG careers website. Next day they called me in order to ask few questions, such as:
1. Where did you get corporate finance and accounting knowledge?
2. Do you have a good working knowledge of English?
Afterwards, they sent me an invitation to numerical and verbal tests, both of which were VERY easy. No preparation needed. I have passed them and they have given me an offer to attend in-class test. It consisted of 2 parts:
1. Test itself. 5 problems on valuation, accounting and corporate finance, which required a good knowledge how to calculate things, not only theoretical knowledge. Luckily, I passed it.
2. Short PowerPoint presentation on a non-existent m&a deal. Task was to describe the advantages and synergy.
After the test I was invited to interview with HR. It was all good, the questions were basically fit ones.
However, I was not able to answer basic theoretical questions, which I just did not read before the interview, because I was completely sure that their would no be any theory.