6/7/2019 Accounting interview questions with answers | TestingBrain
Accounting interview questions with answers
The surest way to excel at job interviews is to adequately prepare, and the same rule
applies to Accounting job interviews. The interview will comprise a series of
questions peculiar to Accounting processes and general job interview questions, and
it is expected of you to answer them excellently. Proper preparation will definitely
help you ace the interview.
Here is a sample of questions to expect during an Accounting job Interview: Also
refer list of accounting questions in PDF format
Question: Tell us about yourself.
Answer: This is a familiar way to start the interview and create
communication with the interviewee. It should be given a very
compelling response so that the HR professional will be endeared to
you. It is recommended you do a SWOT analysis of yourself in the
context of accounting job interview. Evaluate the industry, the
organisation, and the job role using a SWOT analysis and look for
chances to sell your strength.
Question: How come you chose accounting as your profession?
Answer: I have always liked playing with figures and solving financial
problems. So when I ad distinction in Accounting, I decided to adopt it
as a profession.
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Question: Do you possess any professional experience in the field of
Accounting?
Answer: Yes, I worked as an accountant in my previous two jobs.
Question: Did you make use of accounting programs at your previous jobs or
prefer to work manually?
Answer: Yes, I made use of Advanced Business Solutions as well as
AME Accounting Software at the places I worked previously.
Question: Can you mention any other accounting program you know?
Answer: Yes, I am conversant with Financial Force, CGram Software,
Microsoft Dynamics AX Microsoft Accounting Professional and
Microsoft Small Business Financials.
Question: Which accounting program do you prefer the most and why?
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Answer: All are good but when asked to choose which is best I would
choose Microsoft Accounting Professional because it offers
dependable and quick processing of accounting operations that
increases proficiency and saves time.
Question: What do you know as the abbreviation for the accounting terms
credit and debit?
Answer: Credit abbreviation is “cr” while Debit abbreviation is “dr”.
Question: How many types of business operations are there in accounting?
Answer: There exist two types of transactions in accounting and they
are capital and revenue.
Question: What is the balance sheet?
Answer: Balance sheet is a statement that displays all assets and
liabilities of the company at a particular period.
Question: Have you ever heard of TDS, if yes what is it?
Answer: Yes, TDS stands for Tax Deduction at Source.
Question: where do you show TDS on your balance sheet?
Answer: it is displayed on the assets column just right after the head
current asset.
Question: what do you know about Excise or Service Tax?
Answer: this is a type of hidden tax contained in the service supplied
by the service provider which is taken care of by the service receiver.
Question: In your opinion, is there any difference between dormant and
inactive accounts?
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Answer: there is a difference; they are dissimilar terms in Accounting.
An Inactive account is an account that is closed and will not be
opened or used in future. A Dormant account is an account that is not
working today but might be used or opened in the future.
Question: define Tally accounting?
Answer: This is a software used accounting by small businesses and
shops for handling routine accounting transactions.
Question; what is departmental accounting?
Answer: Departmental accounting is a type of accounting whereby
different departments have separate accounts. The accounts are
managed differently and the balance sheet displays it independently.
Question: what is executive accounting?
Answer: Executive accounting is a type of accounting that is custom
designed for the enterprise that provides service to users.
Question : what Is Company’s payable cycle?
Answer: this is the time mandatory for the company to pay all of its
account payables.
Question: what is retail banking?
Answer: this is a type of banking that engages retail clients. The
clients are the regular people and not one of the organisational
clients.
Question: What is Depreciation and types of depreciation?
Answer: depreciation means that the value of an asset in use is going
down. There are two types of depreciation and they are: STRAIGHT
LINE METHOD as well as WRIITEN DOWN VALUE METHOD.
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Question: differentiate between depreciation expense and accumulated
depreciation
Answer: depreciation expense is different from accumulated
depression in the following way:
Depreciation expense is the sum of depreciation that is stated on the
income statement. It is focused on period of time shown or being
considered on the income statement.
While
Accumulated depreciation is the entire sum of depreciation which has
been recorded on a company’s assets right up to the time of the
balance sheet.
Question: can you mention some examples for liability accounts?
Answer:
Accrued Expenses
Unearned or Deferred Revenues
Accounts payable
Current Portion of long-term debt
Mortgage loans payable
Instalment Loans Payable
Short-term loans Payable
Question: what is the difference between Consignee and Consignor?
Answer: Consignor is the person that owns the goods or the person
who delivers the goods to another person referred to as consignee. A
consignee is that person who takes delivery of the goods.
Question: What is balancing in accounting?
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Answer: it is the act of equating the two sides of the T-account, this
means the credit and debit sides of a T-account has to be balanced or
equal.
Question: what is the level of statistics knowledge that is necessary in
accounting?
Answer: an accountant should be well versed in Statistics so as to
excel in accounting. On the contrary, little knowledge of statistics will
negatively affect your day to day operations and thereby your output.
Adequate knowledge of statistics is relevant in accounting and for an
accountant.
Question: define Project Implementation.
Answer: Project Implementation comprises a total of 6 steps and they
are:
1. Identify the need
2. Generate and scrutinize ideas
3. Conduct feasible study
4. Build the project
5. Execute the project
6. Project Control
Question: what is Public Accounting?
Answer: Public accounting proffers audits and Certified Public
Accountants to re-evaluate company financial standings to establish
accountability. It is designed for general public.
Question: In accounting, what is Scrap value?
Answer: this is the left-over value of an asset. The left-over or residual
value is the actual value that any asset has at the end of its estimated
life time.
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