1. Explain which accounting application you prefer most and why?
I think all are good though but Microsoft Accounting Professional is best because it offers reliable and fast processing of accounting transactions that saves time and increases proficiency.
2. Tell me what is public accounting?
Public accounting offers audits and CPAs to review company financial records to ensure accountability. It is for general public.
CPA stands for Certified Public Accountant. To become a CPA, one should have to do many other qualifications as well. It is a qualification with 150 hour requirement; it means that one should complete 150 credit hours at any accredited university.
4. Do you know any other accounting application?
Yes, I am familiar with CGram Software, Financial Force, Microsoft Accounting Professional, Microsoft Dynamics AX and Microsoft Small Business Financials.
5. Tell us how can you define departmental accounting?
It is a type of accounting in which separate account is created for departments. It is managed separately as well as shown independently in the balance sheet.
6. Can you differentiate Public and Private Accounting?
Public accounting is a type of accounting that is done by one company for another company. Private accounting is done for your own company.
7. Explain me by saying, perpetual or periodic inventory system; what do we mean?
In the first one i.e. the perpetual inventory system, the accounts are adjusted on continual basis. In the periodic inventory system, the accounts are adjusted periodically.
8. What do you know about this position?
You should definitely check the job description and have a look at the requirements prior to your interview. If you do so, you should be able to deliver a good answer. Try to mention the duties outlined in the job description, and show that you studied it carefully and believe that you can handle all duties.
9. Tell me do you think Accounting Standards are mandatory and why?
Yes, I do believe that accounting standards play a very important role to prepare good quality and accurate financial reports. It ensures reliability and relevance in financial reports.
10. Tell us do you possess any knowledge about accounting standards?
Yes, as per my knowledge there are total 33 accounting standards published so far by ICAI. The purpose of these standards is to implement same policies and practices in any country.
11. What qualifications have you achieved?
This is not an easy question, especially if you are a fresher and are applying for your first job.
To be honest, university education is not that important for an account executive, doesn't matter what University you studied at.
But if you took some courses in sales, or in communication, and have good skills with MS Office, you can mention them. In fact, you can mention some specific subjects from your University/college studies, subjects that are somehow related to the job of an account executive.
12. Explain me the basic accounting equation?
We know that accounting is all about assets, liabilities and capital. Therefore, the accounting equation is:
Assets = Liabilities + Owners Equity.
13. Tell us what do you believe should be an important quality of an account executive?
Working independently and making timely decisions is very important when working in this role. While some part of an account executive's work is dependent on others, it is important to carry out most duties on your own. Self motivation and outstanding client services skills are equally important.
14. Do you know what is project implementation?
Project implementation involves six steps in total such as:
☛ Identify Need
☛ Generate and Screen Ideas
☛ Conduct Feasible Study
☛ Develop the Project
☛ Implement the Project
☛ Control the Project
15. Tell me an example of a tough decision that you had to make?
The company I was working for had many clients who provided recurring business. However, one such client was becoming quite difficult to handle since he had very unreasonable demands which were against company policies. Since I was handling his account (and generating a good commission from it), I was asked to make a decision – whether to retain the client or let him go. I knew the right thing to do was to let him go since retaining him would pull the company down eventually. I decided to let him go despite having to lose a sizeable amount of income.
16. Tell me what are the key tasks for account executive?
There are two main tasks for an account executive
☛ Keep best possible relations with existing accounts and develop them further.
☛ Find new accounts and develop them.
However, the tasks can vary from company to company, that's why you should use job description as an inspiration for your answer.
17. Tell us what is your proudest accomplishment?
This is an alignment question and tests whether the candidate's proudest accomplishment is tied to the first question around role, responsibilities, and success.
18. Tell me do you have any idea about Service Tax or Excise?
It is a kind of hidden tax that is included in the service provided by the service provider and paid by the service receiver.
19. Tell us why did you select accounting as your profession?
Well, I was quite good in accounting throughout but in my masters, when I got distinction I decided to adopt this field as a profession.
20. Tell me different branches of accounting?
There are three branches of accounting named as “Financial Accounting”, “Management Accounting” and “Cost Accounting”.
21. Do you know executive accounting?
It is a type of accounting that is specifically designed for the business that offers services to users.
22. Explain fictitious assets?
These are the assets that cannot be shown or touch. Fictitious assets can only be felt such as good will, rights etc.
23. Explain me what is tally accounting?
It is the software used for accounting in small business and shops for managing routine accounting transactions.
24. Do you know how many types of business transactions are there in accounting?
There are two types of transactions in accounting i.e. revenue and capital.
25. Tell us do you have any professional experience of this field?
Yes, I have worked as an accountant at two different places.
26. Tell me what do you believe makes a successful account executive?
Good communication and negotiation skills are of the utmost importance in the role of an account executive. The ability to prospect clients and perform market research is equally important.
27. Explain have you ever heard about TDS, what it is?
Yes, TDS abbreviates Tax Deduction at Source.
28. Tell us what inspired you to move to the next opportunity?
Is the candidate running to the next role or running from something?
29. Tell us in balance sheet, where do you show TDS?
It is shown on the assets section, right after the head current asset.
30. Tell us what is the abbreviation for the accounting terms debit and credit?
Debit abbreviation is “dr” and credit abbreviation is “cr”.
31. Explain what Qualities and Skills Make An Account Manager Successful?
This question asks you to show that you understand how to fulfill the duties of the position. Your response should include three parts:
· Discuss three or four traits that contribute to an account manager's success. You might describe the importance of market research, communication skills or the ability to negotiate.
· Describe how those qualities can be beneficial when working with this specific company's clients. If you have done your homework then you will know something about the accounts that they service, and can give specifics on how the traits you've described can help you to meet their customer's needs.
· Share experiences that illustrate that you possess these qualities. Outline an experience or achievement where you demonstrated the qualities you've listed in specific, quantifiable terms.
When I was working in sales, making a mistake usually just resulted in a lost sale. Even though the consequences are lower, I still understand what is at stake in the accounting department. I can't deny that I have messed up in a way that affected existing clients a few times, but I've always been able to work with them to make sure they are satisfied and continue to be loyal customers. I've found what you do in response to making a mistake is what really makes the difference.
33. Tell me what Steps Would You Take To Increase Revenue For This Company?
Every employee plays a part in helping the company to generate revenue. The interviewer may ask this question to learn more about the sales and customer service methods you typically use and also to determine whether you have anything new to offer their organization. Again, reference instances of success from your past, detailing the outcome in specific, measurable terms. Your response may also include some discussion of the role of market research, effective communication and collaboration with the client, the sales team and other departments within the organization.
When interviewing for a position as an account manager, be sure your responses are tailored to the specific services and products provided by the employer. Reference past successes and be prepared to offer detailed plans for meeting goals and increasing revenue. The account manager interview questions and answers should show the interviewer that you are the best candidate for the job.
34. Behavioral Account Executive Job Interview Questions:
☛ Recall a time when you faced a dissatisfied and aggressive customer. How did you handle it?
☛ Describe a time you solved a client's problem
☛ What was the most difficult deal you had to close?
☛ Tell me about a time you successfully negotiated a customer contract
☛ Describe a time you managed to reach an objective when odds were against you
☛ What was your most complicated sales cycle in past positions?
☛ Was there a time when you lost the chance to engage a prospect? What happened and what did you learn?
35. Operational and Situational Account Executive Job Interview Questions:
☛ What do you find most satisfying about this job?
☛ How do you handle rejection?
☛ Are you comfortable with cold-calling?
☛ What methods do you use to discover sales opportunities?
☛ What does a demo/presentation need to be effective?
☛ How do you build a successful business relationship?
☛ How familiar are you with CRM?
☛ Do you use social media to identify prospects?
☛ If a prospective client kept presenting you with excuses not to buy, what would you do?
☛ Imagine you have to solve problems for multiple clients at the same time. How do you prioritize?
