Accounting Interview Questions and Answers The accounting interview questions and answers below cover some of the most popular areas in an accounting interview. The interviewer logic below provides insight into the hidden 'question within the question'. Top performing candidates always pause before leaping in with an answer to make sure they have fully understood the intent within the question they are being asked. If you do this too, you will give the interviewer the answer they want and set yourself apart from the competition. Accounting Interview Questions and Answers on Attention to Detail: What are the steps you go through to check your accounting work before submitting it? Give an example of this. Interviewer logic: Your role as an accountant may involve; analyzing data, ensuring compliance, interpreting and evaluating results and preparing financial reports and other related documentation. Therefore your attention to detail is critical in accounting. The interviewer wants to see the systems you have in place for checking the accuracy of your work.
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Accounting Interview Questions and Answers
The accounting interview questions and answers below cover some of the most popular areas in an accounting interview.
The interviewer logic below provides insight into the hidden 'question within the question'. Top performing candidates always pause before leaping in with an answer to make sure they have fully understood the intent within the question they are being asked. If you do this too, you will give the interviewer the answer they want and set yourself apart from the competition.
Accounting Interview Questions and Answers on Attention to Detail:
What are the steps you go through to check your accounting work before submitting it? Give an example of this.
Interviewer logic:
Your role as an accountant may involve; analyzing data, ensuring compliance, interpreting and evaluating results and preparing financial reports and other related documentation. Therefore your attention to detail is critical in accounting. The interviewer wants to see the systems you have in place for checking the accuracy of your work.
Answer:
Demonstrate that you are both thorough and efficient in how you approach your work. Show that you habitually check your work and are aware of the specific areas that should always be re-evaluated for accuracy.
Hot tip!
Provide evidence of specific systems you employ to check your work, this is what the interviewer is after.
Describe a time where you found an error in your work after it has been submitted to another party?
Interviewer logic:
The interviewer wants to know that you are comfortable addressing errors. They know you are human and mistakes happen. What they really want to find out is - are you are proactive in correcting them?
Answer:Your answer should show that you have a proven success record with minimal errors but when they have happened you took action to correct them. This answer requires an honest response. We all make mistakes, the interviewer is interested in the steps you take to correct them.
Hot tip!
Whatever you do don’t talk about a mistake you made which had critical consequences for the company, the point is to show your human side, but end on a positive note which demonstrates you minimized damage by acting quickly.
12 Brilliant Accounting Interview tips: This FREE GUIDE is brimming with expert advice on how to ace your next job interview.
Accounting Interview Questions and Answers on Building Relationships:
How do you go about building relationships with work colleagues? Provide an example of this.
Interviewer logic:The interviewer wants to know if you have the ability to establish effective working relationships with colleagues in your own department and the wider business that foster organizational effectiveness.
Answer:Providing evidence that you can aid your co-workers to operate in the company at maximum efficiency through the effective utilization of financial resources, i.e. budgeting and financial planning, will be a key component of scoring well with this question.
Hot tip!
It is also an opportunity to demonstrate the value you place on building relationships with colleagues. If you provide evidence that shows you work in a highly collaborative manner you will score well with this question.
How do you build long lasting relationships with company clients?
Interviewer logic:This interview question is designed to see if you are motivated to actively build on and strengthen relationships with current clients. These clients may be internal clients or external depending on the role.
Answer:If your role involves offering consultancy services to clients, then building good relationships is at the heart of this type of work. You will need to demonstrate in your answer that you are very good at getting to the core of what it is the client wants to achieve.
Provide evidence which describes how you delivered value and created opportunities for improving the bottom line, cost - cutting, or creating efficiencies that would benefit the client’s department/company. Back all your answers up with solid examples.
Hot tip!
For extra bonus points, demonstrate that you enabled business growth through developing professional relationships beyond the companies’ current client pool.
Accounting Interview Questions and Answers on Planning and Organizing:
Describe a time where you were handling multiple deadlines. How did you prioritize the tasks to complete them successfully?
Interviewer logic:The interviewer wants to find out how you function under the pressure of a deadline. Your organization skills are the best way to show you can stay focused on the important tasks and those that need urgent attention.
Answer:Show that you have found proven methods that help you stay more productive and less stressed when it is crunch time.
Hot tip!
Make sure you describe specific methods, i.e. at a minimum, mention you have a system such as the 'eisenhower method', to organize tasks into important & urgent verses non important & non urgent tasks.
Tell me about a time where you took the lead on an accounting project. What steps did you take to make sure that everybody remained focused on the goal?
Interviewer logic:The interviewer wants to find out how effective you are at supervising and coordinating a project.
Answer: This is a great opportunity to show that you are comfortable with sharing your knowledge, abilities and ideas with co-workers.
Hot tip!
Demonstrate you have a solid understanding of project management principles, such as being able to develop a plan that everyone can buy into as well as being able to encourage ownership of that plan, devolve responsibility and effectively manage the project through to completion.
Accounting Interview Questions and Answers on Problem Solving:
Describe a time when an accounting project you were working on did not add up. Outline the methods you employed to analyze and evaluate the problem?
Interviewer logic:This question is focused around one main point. The interviewer wants to know your thought process for troubleshooting.
Answer:You will need to ensure your answer is direct but not narrow in scope. In other words, you need to demonstrate that you have a specific evaluation process that you’ve found to be effective in the past. If that process does not work in a situation you start evaluating other methods of analysis.
Hot tip! Your critical reasoning abilities are a crucial component in effective accounting, make sure your answer provides ample evidence of this.
Describe a time when you reached out for assistance when trying to solve a complex problem?
Interviewer logic:The intent behind this question is to find out whether you are likely to waste excessive amounts of time by not acknowledging that you could use assistance.
Answer: Many problems become harder to solve the longer you look at them. Fresh eyes and perspective are often just what problem solving needs. Show that you do not feel demoralized if you ask for assistance with a problem. This question also will reflect on how well you truly do build professional relationships in the office.
Hot tip!Make sure you demonstrate a strong ability to break down complex problems into their component parts and that you only ask for assistance from a stand point of already brainstorming a number of possible solutions.
Accounting Interview Questions and Answers on Commercial Acumen:
Describe a time when you implemented a change in accounting protocol or procedure that provided a commercial benefit to the organization you were working in?
Interviewer logic:Are you someone who is going to be part of the solution or part of the problem? In other words do you take the initiative to seek out and implement process improvement, without necessarily being directed to do so?
Answer: Your answer should be thoughtful for this question. Describe an occasion where you designed and implemented specific accounting procedures/systems which were more efficient and resulted in significant process improvement or savings for the company. Show that these changes were based on best practice accounting principles and were thoroughly researched in advance.
Hot tip!If you can provide evidence that these new systems were adopted companywide even better, describe your role in providing training and consultation related to new systems.
Describe a change project that resulted in greater efficiencies for the company that you championed? How did you use your financial skills to make key decisions? What was the outcome?
Interviewer logic:
The interviewer is exploring how well you use your skills and financial know-how to help inform strategic decisions.
Answer:This is an excellent opportunity to demonstrate that you have the ability to analyze complex financial statements and make a risk assessment, implement a more effective system or make suggestions for improvement that will create efficiencies for the company.
Hot tip!Show that you thoroughly analyzed the financial statements and current processes before suggesting adjustments. Remember, the interviewer is assessing your research abilities, ability to work with complex data and your ability to break down complex information in a way that can be easily understood and used to inform strategic decisions.
Accounting Interview Questions and Answers on Leading a Team & Communication
Describe a project that you were designated to lead on. How did you rally your team together?
Interviewer logic:The interviewer wants to know that you have the ability to show authority comfortably and be an effective team leader.
Answer: This question can tie many candidates up. You want to show that you are comfortable being a leader and asserting some authority. Provide ample evidence of your ability to lead on a project.
Hot tip! Make sure that you demonstrate that not only can you make decisions comfortably on your own, but you also focus on gaining in-put and buy in from all parties and that your leadership is inclusive not exclusive.
Describe a time when you gave advice to a co-worker who was leading an accounting project for the first time?
Interviewer logic:The interviewer wants to see that you derive a sense of fulfilment from mentoring and coaching others.
Answer: Provide evidence which shows you see the value in training and empowering co-workers to lead accounting projects in their own right. Your answer should reflect that you value leadership skills and understand that helping co-workers is a valuable for everybody.
Hot tip!Demonstrating that you enjoy assisting in the development of colleagues will score you the big points with this question.
Describe a time when you used your communication skills to convey complex financial information to a member of the senior management team?
Interviewer logic:Accounting interview questions on communication usually want to find out if you communicate complex financial information in a clear, concise way which makes it easy to understand.
Answer:Provide an example which shows you regularly consult with senior management in order to communicate on issues of funding, cost allocations or related financial issues. Describe in detail how you go about these conversations, make sure you point out that your method of communication varies depending on who you are talking to and you are careful to adjust your style to the audience.
Hot tip!Provide the interviewer with a solid example of where you have adapted your style and approach to different situations and people. Make sure your answer shows you relate well to people of differing styles, across all levels in the organization.
The process of learning about accounting interview questions and answers is exciting. When you understand why questions are being asked and their specific purpose you will be able to have exciting accounting interviews. Those exciting interviews will often lead to exciting job opportunities!
12 Brilliant Accounting Interview Tips
Being fully prepared for your next accounting interview will achieve two things: First, it will boost your confidence and second it will impress the interviewer. Through
preperation demonstrates that you are a proactive individual that focuses on getting the details right; two essential qualities for any accounting position.
Take on board the below interview tips, this coupled with practicing your answers to the typical accounting interview questions in this site, will undoubtedly give you the competitive edge in your next job interview.
1. Know the Company
Take the time to research the mission, vision and financial status of the organization you are hoping to join. With the availability of the internet today it is relatively easy to find articles, press releases, and financials on the company. Make sure you are prepared for questions around the organizations goals and challenges of the company.
2. Know the Job
Make sure you have a thorough understanding of the skills and behaviours they will be exploring during the interview. In a typical accounting interview you can expect some of the following behaviors to be explored: Financial acumen, analysis, problem solving skills, resourcefulness, ability to work as part of a team or lead a team, commercial acumen, communication skills and flexibility. See accounting interview questions and answers for sample questions and excellent responses on these areas.
3. Mock Interview
Practice a mock interview and get some feedback on your interview skills. It's always best to do this with a professional interview coach who can give you on-the-spot feedback about what you are doing that is working and techniques to improve any areas of weakness. Family or friends can also help and some practice is better than none, but bear in mind they aren’t trained to spot the critical errors you are making to the same degree as an expert. Leaving it until the interview itself is probably going to be too late.
Click here to learn why excellent interview skills, is your ticket to getting the job you want - fast!
4. Fail to Prepare, Prepare to Fail
As an accountant you know all too well the importance of planning ahead. Make sure you prepare all the documentation you will need to bring in advance, i.e copy of your resume, copy of the job description and any company information you have researched.
Being late for an interview is a classic interview blunder, it says that your disorganized and not really that keen on the job, this is not how you want to start your next job interview. Make sure you know how to get to the interview, if possible visit the company in advance and know the transport links.
5. Know your Career Goals
At some point in your accounting interview expect to be asked questions related to your career goals. Make sure that you are very clear on why you want the position. Be able to talk specifically about what attracted you to that particular company and why it is the logical next step in your career.
Mention your interest and focus on continuous professional development. This will not only demonstrate you are focused and goal oriented, but that you are a self motivated individual with aspirations to stay and develop with their company long term.
6. Showcase your Experience in a Professional Manner
There is nobody that can state your experience better than you. You don’t want to be a braggart but you do need to provide lots of evidence of what makes you a great accountant.
Take the time before the interview, to write out success stories of pivotal moments in your career history that you are most proud of. Doing this will make them easy to recollect when called to do so during the interview.
See answering interview questions for expert tips on how to deliver interview answers in a way that impresses the interviewer.
7. Be Prepared to Talk About Your Strengths & Qualifications
It is very common in the accounting interview to be asked questions related to your qualifications. In advance of the day review your qualifications and write out specifically why they make you a valuable asset.
In addition do a complete inventory of your strengths; you should aim for 8-10 personal selling points strongly related to the job. These types of questions provide opportunities to shine at your best, so be prepared!
8. A Pristine Resume Tells Them You Focus on Getting the Details Right
While the interviewer might have a recent copy of your resume, you should take steps to carefully review and tidy it up again before your interview.
Particularly in the first stage process, the interviewer will without a doubt focus on pivotal moments in your career in order to explore previous experience you have gained and relevancy to the role you are now interviewing for. Anything on your resume is fair
game for the interviewer, so make sure you are fully prepared for questions on your career history.
9. If You Look the Part - You'll Get the Part - Dress for Success
As an accounting professional, it will be crucial to present an immaculate appearance. An interviewer forms an impression of you within the first 30 seconds, so make sure your interview dress, speaks volumes about your professionalism.
With this in mind you should carefully select your outfit. Regardless of the professional level you are interviewing for, you cannot go wrong with wearing a dark, well pressed suit. Keep accessories subtle or consider doing without them altogether. Find more tips in what to wear for interview success.
10. Demonstrate Enthusiasm
Don’t be afraid to show your enthusiasm at the potential of a new opportunity. Excitement is contagious; showing you are genuinely motivated for the position will create a connection between you and the interviewer, we all warm to people who are positive and enthusiastic.
At the same time, it is important to not downplay your current position. You can let the interviewer know that you are looking for a position that will allow you more growth and opportunity.
11. Prepare Interview Questions to Ask
It is common courtesy to be invited to ask questions at the end of the interview. This is an acknowledgement by the interviewer that the interview is a two-way information gathering process, so it is important to have questions of your own.
Stick to questions that give you insight into the company, particularly goals and objectives. If you get inside knowledge about what the company wants to achieve and are called back for a second interview, you can align yourself with this and automatically be seen as a good fit for their needs. Click here for sample interview questions to ask.
12. Write a Thank You Letter
Write your interview thank you letter immediately following your interview. Writing a thank you note achieves two things; first it makes you stand out from the crowd as very few candidates will bother to do this and secondly, it is another opportunity to remind the interviewer why you are the ideal candidate for the position.
When writing your thank you note, reflect back the conversation you had about a particular organizational challenge that you have the answer to. This reminds the interviewer that you are someone who is likely to be a solution oriented individual and an asset to their company.
Click here to move from 12 brilliant accounting interview tips to job interview thank you letter for further guidance on how to write a memorable thank you note.
A huge confidence booster going into your accounting interview is knowing that you are fully prepared to answer even the toughest interview questions on the day. If you follow the tips above and rehearse some practice questions in advance you will have an excellent chance to prove yourself during the interview.
Just remember, your goal is to understand the company and show them the value of your experience, qualifications and motivation for the position.
In the top 10 interview questions below you will find the ten most common questions likely to be asked at interview regardless of job or industry.
While there is a strong possibility that you will be asked one or more of these questions on the day, the question may not be in the same form; for example the clichéd ‘what are your weaknesses’ question can be asked in many ways, i.e. ‘Tell me about your key development points?’ or ‘what would your boss say is an area of development for you?’ It's important to be aware of this so you are not caught out on the day!
The best way to prepare for these and other common interview questions is to write out your own answers in advance. Even better if you can rehearse them beforehand with a friend or a professional interview coach.
The following answers to the top 10 interview questions are meant as guidance only. Every job interview is unique, answers require tailoring to the person and situation.
Top 10 Interview Questions
1. Why do you want to leave your present job (or why did you leave)?
The interviewer is trying to find out what's fuelling your decision for moving on. This is a question which is loaded with booby traps, so answer carefully. The best response is to point out the aspects of the job you are applying for which motivate you, never say that you are moving on because of a difficulty with a previous employer, this is the kiss of death in an interview!
Position yourself as someone who has the ambition and drive to take on greater responsibility.
Example: "Having worked for the company for five years I felt that I am in a strong position to take on greater responsibility. The company has recently downsized so there are currently no opportunities available with them, I thrive on challenge and am looking to work for a company that can fully utilise my experience."
2.Why do you want to work here?
All employers want employees that are motivated to work for their company because they know that motivated employees tend to be more effective, productive employees. So answer this question thoughtfully, you will need to show that you have done your research on the company and that you were deliberate in your choice.
Example:
“I reviewed a number of companies in my job search and this one in particular stood out. When I read your vision for the company (state vision), I got really excited as I feel your company ethos and values are very strongly aligned with my own.”
3. Why should we hire you?
Employers don’t just want to hire anyone who can do the job, they want to hire the best person for the job. So the best way to answer this question is to provide a concise summary of the relevant skills and experience you possess that makes you an ideal fit for the post.
Example:
“ I have ten years experience working in the project management industry, during that time I have attained an exemplary record in meeting project goals within agreed time and budgets, I have particularly strong people management skills which I believe makes me the ideal candidate for this position.”
4. Where do you see yourself in five years time?
The reality is nobody can predict with 100% certainty were they will be in five years time, so it is best not to get caught up in the time frame of the question.
Primarily, interviewers are interested in candidates who will help them achieve their goals!
Hot tip!
Point out that the achievement of key company goals is very much in alignment with your own ambitions and this is an area you feel you could contribute in.
Example:
"At present I am seeking a job that fully utilises my skills and experience, long term my goals will very much depend on how the company evolves. My aspiration would be to first help the company achieve it's goals and then take on greater areas of responsibility as the company grows."
5. Are you currently attending other interviews as well as this one?
Savvy candidates will know how to turn this question to their advantage. A smart candidate will make it appear as though they are in demand. So use opportunities like this to shift the balance of power to your advantage.
Hot tip!
Do your research before hand and find out who the industry leaders are in your area and make sure that you have some correspondence with them. You can then say that you are currently talking to a few other potential employers. If you mention a company that is doing slightly better than them, then they are likely to see you as a highly desirable prospect. You will score extra bonus points if you can legitimately say you’ve landed an interview with one of these firms.
Click here to find out why INTERVIEW SKILLS are crucial to your success and how to get them - fast!
6. What are the duties and responsibilities in your current job?
Any questions about duties and responsibilities are really attempting to uncover your work experience to date and how your experience relates to the job you are applying for. This is a golden opportunity to sell yourself. Talk about those aspects of your previous experience which relate to the current job you are applying for.
Hot tip!
Employers are looking for people who can hit the ground running fast and solve their problems, talk about were you performed your duties above and beyond what was required. Make sure you talk about the specific results you achieved as this is the ‘evidence’ that will score you bonus points with the hiring manager.
Questions which probe your knowledge of the job are seeking to find out if you fully understand the job as well as the responsibility it entails. You will need to have done your research on the company, the job as well as the industry it operates in.
Hot tip!
You should have been given a brief description of the role, as well as the tasks and key responsibilities of the job. If not, these can be found in the job advertisement or you can get this information directly from the hiring manager or recruitment consultant. There is no way around it, if you haven’t done your homework in advance, it will really show up in how you answer this question.
Q8.What are your strengths?
With questions related to your strengths, remember they are only interested in the skills, qualities you posses that are relevant to the role. Focus on discussing your main strengths, list three or four areas of competence. For example, your ability to take the initiative, be a problem solver, team player as well as possessing strong leadership abilities. You are likely to be asked follow up questions so be prepared!
Hot tip!
The employer is interested in hearing about your strengths as they relate to the job. In your preparation prior to the interview, look at the job description and take note of what behaviours and characteristics are important for the job, then when you are asked this question at interview talk about the strengths and qualities you possess that are a good match to the position you are applying for.
Q9. What is your greatest weakness?
This is a favourite of interviewers and again is bound to crop up in some form, again you will need to have done some prior thinking on this. The reality is we all have development areas so saying you don’t have any or coming back with a comment like ‘I have a big weakness for chocolate gateaux’ won’t cut it with the interviewer!
Hop tip!
A safe way to answer this question is to focus on minor weaknesses that are unrelated to the job you are applying for. Make sure you always end with a positive, say this is an area you are actively working on! Even better if you can name a training course or mentoring that you recieved to improve your skills in the area.
Example
" I'm a bit of a perfectionist, I have a habit of getting too bogged down in the detail and not taking account of the big picture enough. This sometimes eats into my time when I'm working on a project, so I recently attended a time management course, this has really helped me organise my time and get through a lot more work!"
Q10. What salary would you be expecting for this position?
Salary questions are typically asked at the end of the interview. You don’t want to be over zealous, if you commit to a salary at an early stage in the process it will be difficult to negotiate later on. If you are not sure whether or not there is a solid job offer on the table then it is wise not to get into negotiations around salary too soon. Simply say, you will be happy to discuss this when there is a solid offer on the table.
Hot tip!
If they confirm that they are offering you the job, a good way to navigate this type of question is to answer their question with a question.
For example; “What level of salary would you be expecting to pay for this position?” If the interviewer doesn’t want to divulge this then it’s not unreasonable for you to decline to answer until you can get more information on appropriate salary levels for the position.
Employers often offer their bottom figure first, if this happens be aware that you probably have some room to manoeuvre. It may be that the employer can only go to the level they quote, but it’s fairly unlikely.
There is no secret recipe for successful interviewing, it boils down to how well prepared you are in advance of the day. A wise candidate will take the time in advance to review sample interview questions relevant to their field as well as some of the more standard ones.
The above top 10 interview questions and sample answers are there as a guide only. Remember, just because the questions are standard doesn’t mean your responses have to be, most savvy interviewers can spot a rehashed answer, so be prepared, be original and get practicing!
Find out everything you can about the specific position
The better you understand the position and the employer's needs the more effectively you can show how you'll benefit their organization. Read the job ad thoroughly - it will often tell you some of the employers major concerns.
Practice introductions
The decision to hire is often made in the first thirty seconds. Make a good first impression: Practice opening a door, coming into a room, offering your hand confidently, smiling and introducing yourself. Use your left hand for carrying, leaving your right hand free for the handshake.
The interview
Practice responses to interview questions - but don't try to memorize them. Being yourself is essential to interview success. Responses need to feel and sound natural.
When you've thought through how you can add value to a specific employer, you'll be able to easily add examples of how in the answers you provide.
To give a top-notch interview, you need to know the answers to three critical questions:
Why do I want this job? Wha t do I have to offer? What else do I need to know?
You should prepare carefully for these questions. A good idea is to write out answers and practise them with family members and friends.
Employers aren't just looking for bodies to fill in vacant positions. They want people who can bring something new and valuable to their business.
The only way you can prove to an interviewer that you've got what it takes is to show that you know exactly what his/her organization does. Find out as much as you can.
When you really know the answer to "Why do I want this job?" you'll be able to answer some important interview questions such as:
How did you become interested in this field? Why did you submit your application to our company/organization? What are your general career interests? What do you see yourself doing in five years?
What do I have to offer?
Employers want to know why they should hire you. To find out, they ask a variety of questions to help them find out who you are and what you can do. To be prepared, review your experiences at work, at school and in volunteer activities.
Keep a mental list of your accomplishments. Think about challenges you've faced and how you dealt with them. Remember times that you've been a problem-solver. Consider mistakes that you've made as learning experiences.
What else do I need to know?
One of the final questions you'll be asked in an interview is: "Is there anything you would like to know about the organization or the job?"
Answering "No" sends the wrong signals--that you're not really interested in the organization, don't know what's important to you in an employee/employer relationship, or lack confidence and assertiveness. Here are some questions you should be prepared to ask.
About the job
o What is the size of the department/branch/section?
o Do you have a training program? Could you please describe it? o What are my opportunities for advancement? o What is the salary range for this position?
About the person you would be working for
o Who would I report to directly? o How long has he/she been with the company? o What is their background?
That is a great question bank1. Tell me about yourself?
2. Why did you leave your last job?
3. What is your greatest weakness?
4. Why do you want to work as an accountant?
5. Why you chose your A Levels for Accounting?
6. What are the qualities that make for a good accountant?
7. How many invoices on average do you handle on a weekly/monthly basis?
8. What are the steps to take before you approve an invoice for payment?
9. Tell me about an invoice discrepancy you discovered and how you resolved it?
10. What are the steps you go through to check your accounting work before submitting it? Give an example of this?
11. Tell me about a time where you took the lead on an accounting project. What steps did you take to make sure that everybody remained focused on the goal?
12. Describe a time when you implemented a change in accounting protocol or procedure that provided a commercial benefit to the organization you were working in?
13. Have you ever been involved in an invoice dispute? How did you manage the problem?
14. Explain the accounts payable cycle?
15. What accounts payable applications are you familiar with?
16. Detail your responsibilities in accounts receivable?
17. What are the most important goals of accounts receivable?
18. What software applications have you used for accounts receivable?
19. What do you consider to be the biggest challenge facing the accounting profession today?
20. Describe the advantages and disadvantages of the different accounting packages/systems you have used recently in your accountant jobs?
21. Give me examples of the accounting reports you have prepared?
Accounts payable
22. What documents are required before verifying invoice? what is the process if the supplier passes an invoice for more amount?
23. What is difference between account payable and bills payable?
24. What is Reconciliation Statement?
25. Why does a company/business require an Accounts payable process?
26. What is the full form of the trem WIRE in wire payment ? Explain the process for making and receiving the payment through WIRE?
27. What is Component Level Default Processing?
28. What entry is recorded when $75.00 worth of supplies are purchased on account?
29. What items would you verify when processing an expense report /invoice for payment?
30. What type of account appear on a post closing trial balance?
31. In the invoice, the value of the tax code is not present but in the idoc the value of the tax code is present. How to populate it in the invoice using the IDOC?
32. Please explain end to end process of accounts payable?
33. What is a Work flow? And take Retail shop as example and explain the Work flow of the Retail shop?
34. What is the difference between Payments-Liquidation(Disbursements) & Dividend Warrants Liquidation?
35. What are the steps involved in finalization?
36. When setting up Purchase items for overhead expenses (G&A expenses) what expense GL account do you use, and what sales account GL do you use? Also, what are roll up accounts in the chart of accounts?
37. What is the Debit Balance recovery? How we can recover if we wont have any future transactions from supplier?
38. Which area of accounting are you strongest? Which area of accounting would you like to improve?
39. What is the meaning of TDS? How it is charged?
40. What is interest on Capital?
41. What is another name for a real account in accounting? is it a permanent account or a temporary account?
42. What is different between automatic Payments Batches and automatic payments?
43. What are steps to define supplier?
44. What steps would you take before making a payment?
45. What is debit and credit from the customer point of view?
46. What is debit and credit from the banks point of view?
47. What do you understand by Intercompany Settlement?
48. What is the difference between EFT & Wire?
49. What do you mean by Mischarge Correction?
50. How does the payment mechanism work?
51. What is the difference between Consiner and Consinee?
52. What steps would you take before approving an invoice for payment?
53. How to pass a JV when we receive bill including service tax? How to close this a/c?
54. What is 3 Way Matching?
55. What steps would you take before approving an invoice for payment?
56. What is the difference between billable and non-billable expenses?
57. Tell us about an invoice discrepancy that you discovered and how you resolved the discrepancy?
58. what is the difference between debenture and preference share?
59. What is STPI ? why STPI knowledge required in Accounts Payable?
60. What items would you verify when processing an expense report / invoice for payment?
61. What items of information do you need before you can approve an invoice for payment?
62. Tell us about an invoice discrepancy that you discovered and how you resolved the discrepancy?
63. Why does a company/business require an Accounts payables process?
64. Which are the main MIS Reports of an accounts department & what the format of preparing the MIS?
Accounts receivables
65. What is total flow of Account Receivables?
66. After receiving Payment from Customer, What is next step till finalization?
67. What is Reconciliation?
68. Explain about Accounts Receivables in Accounting?
69. Deferred Payments are usually only accepted on partial orders that are?
70. What is reconciliation statement and investment banking?
71. What are the goals of Accounts receivable?
72. What are the powerful software that could be used for doing efficient Accounts receivable?
73. Why is Capital amount put in Liabilities and not in Assets?
74. What is the difference between back end collections and front end collections?
75. What are examples of deferred revenue expenditure?
76. What is effective collection?
77. What is the table that is used for aging bucket report, what is the main purpose of this report?
78. What is the Auto Invoice? What are the setup Steps for Auto Invoice?
79. What is the difference between finance and accounts? most of the companies having a different section like finance and accounts. why they aren’t had only single section neither finance nor accounts?
80. Who is responsible for maintaining the Accounts receivable in an organization?
81. What is the advantage of maintaining Accounts receivable?
82. What are the issues related with Accounts receivable?
83. What are the components or materials used by Accounts receivable departments?
84. What is the difference between debenture holders and creditors?
85. Is there a report to search for invoices by Payment Term and Due Dates?
List of fixed assets interview questions
86. Based on Internal Revenue Service rules, what criteria distinguish a consultant from an employee?87. What experience have you had in payroll?88. What are the activities present in payroll task?
89. What is Payroll Disbursements Journal?
90. What are the steps in Payroll Management?
91. What is the software efficient for carrying out payroll tasks?
92. What is the difference between paycheck and Pays lip?
93. How advantage is payroll for small business?
94. What experience have you had in fixed assets accounting?
95. What are the various means of calculating depreciation?
Cashier/Accounting
96. What is meant by discount eligibility of a buyer?
97. What is the difference between discount and rebate?
98. What do you have to prepare before working?
99. Give the difference between a pass book and a cash book?
100. What do you mean by Money Laundering?
101. What is Salary TDS & TDS?
102. What do you have to do after finishing work shift?
103. What is the deffred revenue expenditure and its treatment in accounts?
104. What is MIS Report ? How do you prepare it?
105. What is the difference between net income and free cash flow?
106. Tell something about your experience as a cashier?
107. What is meant by dealers for treasury?
108. What is Cash Book and Pass Book?
109. What is meant by Deferred Revenue Expenditure?
110. What software do you use for cashier?
111. What is the difference between core banking and retail banking?
112. Explain discount eligibility of a buyer?
113. Differentiate between discount and rebate?
114. Tel me about cashier process?
115. What are Bill of Lading & Shipping Bill. What is the difference between them?
Cost accounting
116. What is the difference between Expenses & Expenditure?
117. Tell us about your experience in cost accounting?
118. Describe some of the methods used to allocate support costs?
119. What is charge back?
120. What is the purpose of charge back?
121. Have you implemented or administered a charge back system?
122. Name some components of an effective charge back system?
123. What are fixed costs?
124. What are variable costs?
125. What is marginal cost?
126. Tell me the information about cost sheets?
127. How to make a table for to calculate the prime cost, factory cost, total cost of production and cost of sales?
128. What is meant by cost accounting?
129. Why is interest on loan not included in cost sheet?
130. What does the name costing mean and what is the importance of costing?
131. What is BEP? BEP-Break Event Point. It indicates no Loss and no Profit?
132. Tell us about your experience in cost accounting?
133. Describe some of the methods used to allocate support costs?
134. What is charge back?
135. Explain fixed cost, variable cost and marginal cost?
136. What is Break Even Point? What does it signify?
137. What is the purpose of charge back?
138. What is MIS report and do you prepare it?
General accountant
139. State AP & AR. Explain the contemporary applications of AP.
140. Define a shadow balance sheet. Tell us about its usage and advantages.
141. Explain the steps of generating a final account. What factors should be considered during the preparation of such an account?
142. Give any three major differences between management accountancy and cost accountancy.
143. What do you understand from the term” cash flow”? Explain the procedure to put non- current lease payment on a cash flow statement.
144. What do you understand from management accountancy? Explain the various functions of management accountancy.
145. Define control account. Explain the procedure of creating a control account.
146. Explain the terms: Provision, Accrual and Reserve. Give an example for each.
147. Differentiate between a check and cash payment. Explain the official procedure of cancelling a cheque.
148. How do you explain accounts receivable and accounts payable? What are the different strategies available to control both types of accounts?
149. Tell us the procedure of a liability side of the balance sheet.
150. How does a communicational bridge play a vital role in managing and recording the accounting statements?
