1. Tell me what is a ledger in regards to accounting?
It is a complete set of accounts for a business entity
2. Explain your responsibilities in accounts receivable?
Discuss all your responsibilities. Focus on the skills and knowledge you used to perform these functions efficiently such as maintaining a high level of accuracy, good verbal and written communication skills, strong organizational skills, problem-solving skills, computer skills and a knowledge of accounting processes.
3. Tell me what role did you play in collections?
Again focus on the skills and abilities you bring to the collections function. Demonstrate how you have used your good interpersonal skills, perseverance, ability to managing conflict, negotiation skills and communication ability for successful collections.
4. Tell me what does the abbreviation m mean in accounting?
It has come to mean one million in general usage, although it used to mean one thousand (and one million was abbreviated “MM”)
5. Explain what are the steps to take before you approve an invoice for payment?
Show your understanding of the invoice verification process. Go through each step in detail such as checking that goods have been received in proper condition or services rendered in a satisfactory manner. Explain the importance of each step.
6. Explain about an invoice discrepancy you discovered and how you resolved it?
Be specific about the type of discrepancy. Discuss the steps you took to identify and sort it out such as obtaining and checking the original order. Focus on the skills required to resolve the discrepancy such as attention to detail, problem analysis and problem resolution.
7. Tell me what is accounting ethics?
Accounting ethics is primarily a field of applied ethics, the study of moral values and judgments as they apply to accountancy. It is an example of professional ethics.
8. Tell me what is creative accounting?
“Thinking outside the box” when such practice is not permitted. Creative accounting is actually a good description of the practice, as it tends to create a picture, which is not technically correct from the perspective of the information's intended user.
9. Explain me is financial accounting necessary?
Yes, the accounting calculates the cost of capital to the business. It compares the current, expected, and historic rates of return. Suppose a company is making 12% returns but borrowing money by using the owner's credit card at 22% be good to know that.
10. Explain why did you choose the A-levels you did?
The A-level subjects you chose are largely irrelevant, so answer this question honestly, although A levels which demand numeracy, analytical skills and communication skills may help.
If you have not done A levels, but entered university by some other route such as an Access course, explain why this was so – you may find the selectors will in this case put a lot of weight on your degree performance.
A-levels are close to the heart of Accountancy firms. This is because your performance in the profession's examinations have been shown to correlate quite closely to A-level examination performance. Many firms will have a points requirement, but will also be interested in your reasoning behind the choice of subjects.
11. Tell me what is fiduciary accounting?
Proper accounting for property that is entrusted to the fiduciary acting under the conditions set forth in a deed
12. Tell me what is accounting transaction?
A transaction is an execution of a user program and is seen by the DBMS as a series or list of actions. The actions that can be executed by a transaction include the reading and writing of database.
13. Tell me what are the uses of journal in accounting?
The journal is most commonly used to record corrections to errors that have been made in writing up the general ledger accounts
14. Please explain what is fair value accounting?
Fair Value accounting is an accounting term that requires a company to place a value on all of the assets on its balance sheet that, it is the price at which the assets could be sold. This is easy to do when the asset has a quoted market price. However, it is often the case that there is no liquid market for an asset, and thus the company has to make an estimate of fair value. When the marketplace is in turmoil and illiquid, as it has been for much of 2008, companies are sometimes forced to place a very low value on an asset, resulting in a substantial markdown from the prior value. See related links for complete explanations.
15. Tell me what accounts payable applications are your familiar with?
With accounting job interview questions like this first list the applications you have used and then expand on the value of the solutions they offered to your particular business. Look at aspects such as managing vendor information, approval controls and providing payables reports.
16. Do you know what is account in accounting?
A account is the method used to visualize the debit credit accounting procedure. The account can represent any account regardless of expense, revenue, asset, or liability. The debits are placed the left side and the credits on the right.
17. Tell us how many invoices on average do you handle on a weekly/monthly basis?
Show your understanding of the invoice verification process. Go through each step in detail such as checking that goods have been received in proper condition or services rendered in a satisfactory manner. Explain the importance of each step.
18. Please explain which accounting applications are your familiar with?
Discuss the applications you have worked with. Focus on how you implemented the application, the steps taken during the conversion and integration of the accounting system and the training of staff to use the application.
19. Please explain what is an accounting transaction?
An accounting transaction is the exchange of request/response messages to perform accounting. Accounting can be performed in the form of accounting transactions that report on resource usage by a session. Accounting transaction can occur during a session if accounting or charging indications are needed [p&l based acct] or only at the start and the end of the session.
20. Tell me what are the different fields of accounting?
There is one field of accounting, but there are many different jobs within the field such as auditor, bookkeeper, payroll accountant, cost accountant, tax accountants, etc. Accountants wear many hats and often do different tasks for different clients.
21. Explain me what is the difference between financial accounting and management accounting?
Very briefly, the difference has to do with the needs of the user.
Management accounting for is the internal users of an entity and Financial Accounting is for the external users.
Internal users (management) may be interested in the cost of making an item using process A versus process B.
Whereas External users are mostly interested in the overall results of those management decisions.
22. Tell me how did you chose your university?
Be honest, but try to show evidence for careful consideration and logic in your choice. The interviewer may follow up this question by asking if, with hindsight, you felt you made the right choice, or how you feel the course you have followed could be improved. Constructive and thoughtful criticism is appreciated, but try to balance any criticisms with positive points too.
You could include in your answer any of the following:
☛ Advice & guidance from teaching/careers staff at school or college
☛ Geographical preferences
☛ Availability of a particular course
☛ The research and/or teaching quality of institutions
☛ Cost factors
☛ The reputation of the institution, or individual members of staff
23. Tell us is push down accounting accepted under generally accepted accounting standards?
Yes, in some cases. For example: The Federal Financial Institutions Examination Council (the “FFIEC”) approved a reporting requirement, effective October 1, 1989, to use push down accounting in certain acquisitions of national banks, state member banks and insured state nonmember banks. This reporting requirement is an addition to the Glossary to the Instructions to the Consolidated Reports of Condition and Income (“Call Report”).
24. Explain what are the different branches of accounting?
Financial accounting refers to accounting for revenues, expenses, assets, and liabilities. It involves the basic accounting processes of recording, classifying, and summarizing transactions.
☛ Cost accounting is the branch of accounting dealing with the recording, classification, allocation, and reporting of current and prospective costs.
☛ Managerial accounting is the branch of accounting designed to provide information to various management levels in the hospitality operation for enhancing controls.
25. Tell me what was your average accounts receivable days outstanding/days sales outstanding?
If relevant, discuss any corrective action taken to reduce this figure.
26. Explain me what qualities have you got that would make you a good accountant?
Aside from the obvious ones such as numeracy and interpersonal skills, key skills will include determination and self discipline (to get through the difficult professional examinations) and an interest in the business world generally. An ability to work in (and ultimately lead) teams, strong analytical skills, good verbal and written communication skills and curiosity (particularly on the audit side) are some of the others you could mention – if you aren't strong in some of these areas then you may have problems making a persuasive case for yourself.
You are likely to be asked many questions seeking evidence of these particular competencies and will be expected to give examples which are backed up with evidence: for example, if asked about your leadership qualities, you should give an example of where you led a group successfully rather than just stating ‘people always look to me to take the lead'.
Adoption of international accounting standards is extremely costly. Developing counties usually use accounting standards that are most beneficial to them (based on who they trade with to ease accounting for transactions) or just another country's GAAP that works for the developing country. Ex. Mexico very closely resembles U.S. GAAP because of NAFTA and the quality of U.S. GAAP.
Should IFRS be implemented in developed counties, developing counties might be forced to adopt them as well in order to maintain trade relations. This could be extremely costly for smaller developing counties.
Bonds have discounts and premiums and accrued interest. Preferred Stock does not.
29. Tell me why are Accounting Standards necessary?
Accounting standards are necessary to promote high quality financial reporting. The fundamental role of accounting is to communicate economic information about businesses and other organization to various stakeholders including government, investors, shareholders, suppliers, lenders, customers, and the public. These stakeholders use such information to take decisions and to assess the stewardship of people appointed to manage such organizations. If this information were not of a high quality standard, then the stakeholders would be unable to take effective decisions that will benefit them. For example, if a financial report were manipulated to show higher profits, investors would hold on to their shares with the belief that the company is doing well.
Accounting standards came to be developed from the mid sixties onwards to promote the integrity of the accounting profession by way of ensuring uniformity in the way accountants report transactions in their books and in their preparation of the final accounts of businesses. This is largely aimed at boosting the confidence of stakeholders, particularly shareholders and potential investors in the accounting profession.
Good and useful information should have the essential characteristics of understandability, comparability, relevance, and reliability in order to play its role effectively.
Accounting standards serve to promote the understandability, comparability, relevance, and reliability of financial reports.
Financial accounting relates to the information presented based on past events and records.
Cost and managerial accounting is the presentation of financial information to the management to be used in decision making while in managerial accounting projections are made based on past trends.
Financial accounting relates to the information presented based on past events and records.
Cost and managerial accounting is the presentation of financial information to the management to be used in decision making while in managerial accounting projections are made based on past trends.
In international accounting LIFO and extraordinary items are prohibited
33. Explain me what information do you require before you approve an invoice for payment?
Focus on your monitoring and checking skills. Demonstrate your understanding of the documentation required for verification before payment is made.
34. Explain have you ever been involved in an invoice dispute? How did you manage the problem?
Accounting job interview questions like this explore your conflict management skills. Emphasize your interpersonal skills, your maturity and your ability to stay calm in the face of difficulty. Describe the techniques you use to diffuse disputes such as asking questions to determine the reason for the dispute, not conveying blame and not becoming too emotional. Demonstrate your ability to work together with others to reach an acceptable resolution.
Accounting has been a part of today's life in today's environment and it has to be given more progress because it is very important
