Accounting Interview Question

Categories: Accountancy

What are the challenges faced by an Accountant?

An accountant has got to coordinate with various teams like customer supporting, marketing, procurement, treasury, taxation, business development, etc. I might say that the supply of data/details/documents from these teams on a timely basis may be a key challenge faced by an accountant. As already mentioned, documentation plays a key role in accounting, and without proper documentation, an accountant won’t be ready to post entries within the accounting. Also, delay in accounting isn’t appreciated by the management as updated reports / MIS are created from these accounting records.


 If you get this job, what is going to your routine day of 8 hours be like?

I believe the accounting ERP employed by your organization and Microsoft Excel are going to be my best friends and that I am going to be spending maximum time with these two applications at work.

A routine day will invoice the subsequent core activities:

  1. Posting various journal entries within the ERP
  2. Extracting/maintaining/updating different reports which are required by the management (some of those reports are an inventory of payable amount for subsequent 3 working days, fund position at the top of the day, debtors aging report, etc.)
  3. Scrutiny and reconciliation of various ledgers
  4. Checking invoices and other supporting documents required to be a part of the invoice
  5. Coordinating with different teams for documents / data / details



If you’re made the CFO of this company, what are the changes you’d wish to recommend to the Board of Directors of the company?

This is a difficult question and wishes to be answered with care. It’s tricky to answer this because change is suitable to most organizations only it leads them on the trail of progress. Being the CFO may be a lot of responsibility and once you directly mention changing things within the organization you’re not even a part of, it can show tons of arrogance on your part. 


List down the Errors Which Affect balance And Errors Which don’t Affect Trial Balance?

  1. Mistakes which change the balance of action judgment
  2. Wrong totalling of subsidiary books.
  3. Posting on the wrong side of an account
  4. The omission of posting an amount in the ledger
  5. Posting of the wrong amount
  6. Error in balancing



What are the Important Terms utilized in the record?

Current assets and fixed assets

  1. Tangible assets and Intangible assets
  2. Equity may be a claim which may be enforced against the assets of the firm within the court. Thus equity refers to a claim held by owner only, a creditor only, an owner, and the creditor both.
  3. Liability
  4. Current Liability
  5. Long term Liability or fixed Liabilities
  6. Contingent Liabilities


Why Is It Easier for somebody To Perpetrate Fraud employing a Journal Entry than with a Ledger?

Accounting professionals, particularly people that have managed ledgers or had jobs as full-charge bookkeepers for quite a few years, should be ready to speculate on this scenario. A candidate with more proper training specific to checking or fraud analysis will likely explain this thoroughly and be ready to provide examples.



Which Enterprise Resource Planning (ERP) Systems have you ever Used?

 Most professionals, especially those with experience working for medium to large organizations, should have a solution for this.

A reply might include any of the following: Hyperion, Microsoft Dynamics GP, or Oracle Enterprise Manager. For entry-level candidates, you’d possibly turn this into a discussion of accounting certifications and upcoming training possibilities. As an example, ask which ERP systems they could wish to master. Discussion of these tools, how the applicants learned them and put them to work, and what applications your company uses will reveal what proportion if any, training might be required.



What is the Difference Between an effort Balance and a Balance Sheet?

The balance could also be an inventory of balances from the ledger account while the record could also be a press release of assets and liabilities.

Trial balance contains balances of all personal, real, and nominal accounts, while the record contains balances of only those personal and real accounts which represent assets and liabilities.

It is prepared before the preparation of trading and profit and loss account, while the record is prepared after the preparation of trading and profit and loss account.


What do you consider the very best Three Skills Of a superb Accountant? 

Yes, you’re trying to seek out someone with numerical abilities, but not necessarily a mathematician. You furthermore may have someone with analytical know-how, who can communicate with others. Watch to answers that give a perception about the quality of general business experience, technology expertise, management skills, client assistance introduction, and specific knowledge that can connect on the part.


List the Items Are Included In Profit And Loss Account?

  1.  Salaries
  2.  Rent
  3.  Rates and Taxes
  4.  Interest
  5.  Commission
  6.  Trade Expenses
  7.  Printing and Stationery
  8.  Advertisement
  9.  Carriage out, freight out, carriage out
  10.  Repairs


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