1. What makes a successful account manager?
Speak confidently when answering questions where success is the subject. You do not have to gush and describe every possible aspect you can think of. Talk about a few key concepts, like communication and negotiation skills, market research and customer prospecting, etc. You will make an even better impression if you give an example from your own professional life to demonstrate your idea.
2. Tell me how would you define team work and communication skills in context of account management?
As an account manager, you work on two fronts: the clients and your company. Both require excellent communication skills. You need to earn the trust of both clients and managers, to convince both sides to close the best possible deal. Teamwork is probably more related to coordinating actions with the company, the development, sales, and marketing departments.
3. What you do to increase revenues?
An account manager uses the information at his disposal to maintain and increase client interest. Staying current and doing marketing research are key factors to understanding what the customer is getting tired of and what he might become interested in. This information has to be effectively coordinated with the company departments in order to result in a product that will prevent the customer from leaving.
4. What are most important qualities of an account manager?
This question tests your confidence, self awareness, and independence. Do not be afraid to speak your mind confidently. The ability to work independently and make decisions is crucial if you are an account manager. This in turn requires being organized and self motivated, with the ability to work with many customers at once. This means outstanding customer service skills.
5. Which is important to effective market analysis?
Generally speaking, it is important to do research on a regular basis in relation to every individual client or category of clients. Effective research assesses current situations to project future developments and opportunities for the company. It studies competitors and proposes improvements.
6. Which steps you take to locate errors in case Trial Balance disagrees?
In case Trial Balance disagrees, following steps should be taken to locate the errors:
★ Totaling of all the subsidiary books and trial balance should be checked carefully.
★ Opening balances of all the accounts are properly brought down in the current year's books of account.
★ Ledger accounts have been properly balanced and the balances of ledger accounts have been correctly shown in the trial balance.
★ To locate some errors the difference in the trial balance in halved.
★ Another way is dividing the difference in the trial balance by 9.
★ If the difference gets divisible without leaving any reminder that indicates the transposition of the amounts.
★ To locate certain other errors, current year trial balance can be compared with the trial balance of the previous year.
Trial Balance is a summary of all the balances of various ledger accounts and Cash/Book accounts of an organisation at any given date. For the preparation of Trial Balance the entire Ledger accounts and Cash book/Bank book are required to be balanced to get the closing balance. Assets and Expenses accounts having debit balance are posted on debit side whereas Income and Liability accounts having credit balance are posted on credit side of the Trial Balance.
8. List the reasons which cause pass book of the bank and your bank book not tally?
★ Cheques deposited into the bank but not yet collected
★ Cheques issued but not yet presented for payment
★ Bank charges
★ Amount collected by bank on standing instructions of the concern.
★ Amount paid by the bank on standing instructions of the concern.
★ Interest debited by the bank
★ Interest credited by the bank
★ Direct payment by customers into the bank account
★ Dishonour of cheques
★ Clerical errors
In a business, sometimes it is not feasible to carry accounts of all the suppliers and customers in the main ledger. In such cases apart from General or main ledger, the control ledgers are maintained. Control ledgers records the individual accounts. In the end of the period, balance shown in the main ledger has to tally with the balance in the individual ledger accounts maintained in the control ledger.
10. What does an accurate Trial Balance suggest?
An accurate Trial Balance is an evidence that all the transactions are recorded and posted in the General Ledger account as per the accounting principles. It also ensures arithmetical accuracy of the process of ledger posting.
11. Described Purchase day book?
Purchase Day book (Purchase Register)is the book of original entry in which all the transactions relating to only credit purchase are recorded. Cash purchases do not find place in purchase day book as they are recorded in Cash book. At the end of every month purchase day book is totalled. The total amount show the total goods purchased on credit. The total of purchase book is debited to the purchase account and the accounts of the suppliers of goods are credited with the amount standing against their names. Ruling of purchase day book is different from a journal. There are five columns in a purchase day book: first column records Date, second column records name of the supplier, quantity supplied, Rate at which quantity supplied, description, etc. , third column records Invoice number, fourth column records Ledger Folio, fifth column records total amount to the supplier.
12. What are the type of transactions entered in Journal proper?
The Journal proper is used to record following transactions:
★ Opening Entries
★ Closing Entries
★ Transfer Entries
★ Adjustment Entries
★ Rectification Entries
★ Entries for rare transactions
★ Entries for which there is no special journal
Examples of such transactions are Distribution of goods as free sample, Goods destroyed by fire, etc
Closing Entries at the close of the accounting period balances from the various accounts are transferred in order to balance the books of accounts. Thus, this process of transferring balances of the trading and profit and loss account at the end of year is called closing the books and entries passed at that time are called closing entries.
14. What are Adjustment Entries?
Adjustment Entries are passed at the end of an accounting period in order to modify the accounts.
15. What are Transfer Entries?
Transfer Entries are the entries which are passed in order to transfer one account to another account.
Opening Entries are the entries which are made at the starting of the financial year.
17. What are Entries for rare transactions?
Entries for rare transactions Journal proper is used for rare transactions.
18. What are Rectification Entries?
Rectification Entries are passed to rectify the error detected the books through an entry in journal proper.
19. Define Entries for which there is no special journal?
Entries for which there is no special journal when the transactions cannot be recorded in the above sub journals then the same are entered in the journal proper.
20. Define Compound Journal entry?
In day to day business, various similar transactions take place on the same day and every account is either debited or credited. Thus instead of passing different entries, a compound entry can be passed, which involves more than one debit or more than one credit or both. This makes the journal less bulky and avoids duplication.
Journalizing is the process of recoding business transactions in the Journal in chronological order, as and when the transactions take place. Journal is also known as Book of Original Entry or the Book of Prime Entry.
22. What are the columns of a journal?
Journal has following five columns:
★ Date
★ Particulars
★ Ledger
★ Amount Debited
★ Amount Credited
23. Define gross profit margin?
Gross Profit Margin = Gross Profit/Sales or Revenue
Gross Profit = Sales or Revenue - Cost of Goods Sold
Periodic statemets showing financial position of a firm/company for a specific period, resulted from its business tranasctions and operations.
25. What are different kind of MIS reports?
Management Information System (MIS) reports are prepared for the management to take key managerial decisions. It may vary from company to company and industry to industry.
