Top 50 Accounting Interview Questions
Question 1 of 116
What is FIFO?
Question 2 of 116
What are the different types of internal audit?
Financial, operational, compliance, IT, consulting.
Question 3 of 116
How does higher management benefit from payroll reports?
Faster and more effective.
It is important to understand the cost of labor to a business, as it can indicate how efficiently that business is using its human resource.
The management gets a better view of the employee cost.
To see if the proper resources are being spent.
Question 4 of 116
What software do you have experience in, when dealing with payroll?
I use quickbooks for payroll services.
I'm familiar with various bookkeeping programs such as QuickBooks, Xero and MYOB.
Question 5 of 116
How committed are you to work the hours necessary around tax season?
I am committed to working as many extra hours as my supervisor requests of me.
Question 6 of 116
What is an accrual?
Accounting method that measure the performance and position of a company by recognizing economic events regardless of when cash transactions occur.
A transaction that is charged to the account but not yet paid.
Is recording accounting transaction during the period of transation.
Question 7 of 116
Tell me about invoice discrepancy that you discovered and how you resolved the discrepancy?
How much money have you saved the company and how did you do this.
There was an invoice dated last year which was past due. I sent a statement and the company contacted me and said it had already been paid. I went into quickbooks, searched for the invoice and it was still marked unpaid. I checked the bank account and found that a deposit made for the invoice date, didn't actually apply to the invoice. I fixed it and notified them.
Wrong vat percentage added,
Wrong currency I sent them back for correction.
Question 8 of 116
Explain to me the different ratios in accounting?
How do you feel about working with indigent patients.
Profitability, liquidity, gearing,
Question 9 of 116
What is your experience with excel?
I can make salary sheet pay rioll sheet and other data recorded and more.
Good- worked at my voluntay accountancy practice.
Question 10 of 116
Define a bad employee?
Employee who shout on you when you fail a question.
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Question 11 of 116
What is notional cost?
Question 12 of 116
Give me examples of internal control procedures that you have developed and maintained?
Question 13 of 116
Tell me about an invoice discreptancy you have discovered in the past, and what you did about it?
Question 14 of 116
Would you make it mandatory for your employees to be on direct deposit?
Question 15 of 116
How would you generate a cash flow statement?
Question 16 of 116
How do you record retained earnings when you sold company shares for closing of the books?
Question 17 of 116
What is the meaning of per diem?
Question 18 of 116
What is the difference between cost accounting and management accounting?
Question 19 of 116
I dislike to ask this question, but in what area of accounting are you the weakest?
Question 20 of 116
Tell me about the financial forecasting that you have been responsible for?
According to the source of fiance we must tool the financial decision ... And make the plan fot he future . Where fund is collected and where it 's used . And mail target of plan is acheived more profis.
Question 21 of 116
In which areas of accounting would you say you are the best at?
Question 22 of 116
What is the purpose of an audit comittee inside a firm and its role with external auditors?
Question 23 of 116
How can you link between materiality and audit report?
Question 24 of 116
What is the planning budget in a general ledger?
Question 25 of 116
Explain to a ten year old what a balance sheet is?
Question 26 of 116
How many invoices have you handled on a monthly basis, in the past?
Finished all worked ... No at all in number.
Question 27 of 116
Can you work under high pressure business situations?
Question 28 of 116
Describe to me any account process that you have developed or revised?
Question 29 of 116
Give me your thoughts on Sarbanes-Oxley?
Question 30 of 116
What cost-cutting measure have you been in charge of implenting?
Question 31 of 116
In detail, tell me what Sarbanes-Oxley act has changed accounting?
Question 32 of 116
What are variable costs?
Question 33 of 116
What is the general ledger?
Question 34 of 116
Tell me whose job it is to audit the audit firms?
Question 35 of 116
How is goodwill calculated?
Question 36 of 116
Can we deduct TDS on hire purchases?
Question 37 of 116
What is the pool rate?
Question 38 of 116
What is meant by single audit process?
The Single Audit's objective is to provide assurance to the US federal government as to the management and use of such funds by recipients such as states, cities, universities, and non-profit organizations.
What is meant by single audit process?
Question 39 of 116
For payroll, how would you calculate gratuity?
Question 40 of 116
What is retropay?
Question 41 of 116
What about payroll do you like?
Question 42 of 116
How would you account for the leasing of a vehicle?
Question 43 of 116
What are you future plans with the company?
Question 44 of 116
What is a fiscal year?
Question 45 of 116
What is the difference between direct and indirect expenses?
Question 46 of 116
Do you plan to open up your own accounting firm?
Question 47 of 116
What is GAP analysis?
Question 48 of 116
What is the future period and adjustment period?
Question 49 of 116
Can you describe to me the scenario of a multi-organization set up?
Question 50 of 116
How difficult is it to set up an LLC?
Question 51 of 116
What experience do you have with general ledger?
Question 52 of 116
What is the difference between debenture and preference share?
Question 53 of 116
What is the golden rule of accounting?
Basicaly accounting rule divided in to two patr historical rule / modernhistrorical rule persone: receiveer dr / giver credit real : what come in dr / what goes out crnominal: all exp and loss dr\ all profil and income cradvance rule assets ing dr decreasing cr laiability inc cr decreasing dr exp dr income cr.
Debit what goes in, credit what comes out.
Question 54 of 116
What is the difference between account payables and bills payable?
Question 55 of 116
What is a bank guarantee?
Question 56 of 116
What is the difference between CTC and Salary?
Question 57 of 116
Explain to me the weighted cost of capital?
Question 58 of 116
How do you keep updated on all the accounting rules and techniques?
I attend professional accounting associations and attend seminars when possible.
Question 59 of 116
Discuss your experience in financial analysis of your previous companies projects?
Question 60 of 116
What salary are you seeking?
Question 61 of 116
Explain to me GAAP.
GAAP is a set of accounting rules used to prepare and standardize the reporting of financial statements, such as balance sheet, income statements and cashflow statement for publicly traded companies and many private companies held in United States.
Question 62 of 116
Explan to me Activity Based Accounting?
All economical activity which can be measured in money.
Question 63 of 116
What is the difference between nominal, real, and personal accounts?
Question 64 of 116
What type of auditing experience do you have?
Question 65 of 116
Discuss your experience in tax planning and preparation?
Question 66 of 116
What are the steps you take to approve an invoice before payment?
Question 67 of 116
What information do you require before you approve an invoice for payment?
Question 68 of 116
What are the reasons for getting audited?
Audits are peformed to make sure the information is valid and reliable. Also provide an appraisal of the sytems internal control.
Question 69 of 116
In the past, how many employees were under your payroll?
Question 70 of 116
What is the difference between singel and double entry?
Single entry have single coloum ony one entry is there received paument double entry have dr and cr side and equll dr cr.
Question 71 of 116
What is your knowledge and experience using Quickbooks?
No idea abt quick book.
What evidence do you have that can oversee a quickbooks systems for a quickly growing organization.
Question 72 of 116
When do you plan on attaining your CPA?
Question 73 of 116
What are the payroll inputs?
Name of persion and firm name.
Question 74 of 116
Why do companies need adjusting journal entries?
Question 75 of 116
Give me examples of the accounting reports you have prepared?
Question 76 of 116
How do you label a reconciliation spreadsheet for a customer that is billed monthly in advanced?
Question 77 of 116
What is the component level default processing?
What is the component level default processing?
Question 78 of 116
Which accounting applications are you familiar with?
I am familiar with all Microsoft programs and QuickBooks.
Question 79 of 116
Tell me about the most challenging audit you have ever done?
Question 80 of 116
Tell me about the most challenging tax preparation you have ever done?
Question 81 of 116
What courses did you like best in your preparation to be an accountant?
Question 82 of 116
Why have you choosen a career in accounting?
Because im interested inthis field nad make the career is here . I woild like control the finacial activity of anorganigation.
I am strongly analytical, enjoy working with numbers and people, and highly compliant.
Question 83 of 116
What is the minimum alternative tax?
Question 84 of 116
Where is audit data stored?
Question 85 of 116
What are the vital attributes present in an audit report?
What are all the vital attributes present in an Audit Report?
Question 86 of 116
If you are just coming out of college, what classes did you take to gain valueable knowledge in payroll?
Question 87 of 116
What are the general deductions made while doing payroll for an employee in an organization?
State/local/federal tax, fica, social security, medical/medicare.
Question 88 of 116
What is your experience with cash flow statements?
What is Component Level Default Processing?
Where is audit data stored.
Question 89 of 116
What is the meaning of GL reconciliation?
Question 90 of 116
What is the difference between letter of credit and letter of guarantee?
A letter of Credit is an financial Instrument opening by the bank and letter of guarantee issued by any of the cebcern.
Question 91 of 116
What is consolidation?
Question 92 of 116
Describe to me a difficult situation at work and you how disfused it?
Question 93 of 116
What is your defintion of business?
Question 94 of 116
Why does a company require an accounts payable process?
Ghfkj;',/,Showing Answers 1 - 7 of 7 Answers Mary Schaeffer Answered On : May 7th, 2008 The traditional three way match would apply here. This means the accounts payable processor should compare the purchase order with the receiving document and the invoice. If all three match, the invoice can be paid - although may organizations still insist that the invoice be approved. This approval is in addition to the matching process. If the invoice is f.
Question 95 of 116
Give me an example of a sub ledger?
An example of a sub ledger could be accounts receivable ledger.
Sub means under, so it would be a lower ledger that the accutual ledger.
Plant and machinewry, furniture, cash etc..............
Question 96 of 116
What are the procedures of elimination during consolidation of financial statements?
Question 97 of 116
What is the difference between tangible and intangible assets?
Tangible assets are assets of quantitative value and they exist (eg: furnitures, land, etc) while intangible assets are those which cannot be seen or quantified yet they are give some value.
Question 98 of 116
What is a payroll disbursement journal?
Question 99 of 116
Tell us about any accounting process that you have either developed or revised?
Just fallow the accounting concept but I could not challenge rule of account as proved by senior's.
Question 100 of 116
What aspects of accounting do you dislike the most?
Accural basis and real basis have some controversy ... It not 100 percent truth in life.
Question 101 of 116
Explain to a 14 year old girl/boy how depreciation works?
Question 102 of 116
Explain to me different types of audits.
Question 103 of 116
Tell me about your experiences in conducting audits?
Question 104 of 116
Are you prepared to work side-by-side with well diversed personalities?
Question 105 of 116
If you have done bookkeeping in the past for small businesses, tell me about your experience doing that.
Question 106 of 116
How do subledgers integrate with GL?
In general ledger we record the business transaction.. But sub ledger we separated oen the each and every account.
Question 107 of 116
What entry is recored when $90.00 of supplies are purchased on account?
Question 108 of 116
What is form 1099?
Question 109 of 116
How do you calculate aging dates?
Question 110 of 116
What is the accounts payable cycle?
Question 111 of 116
How soon do you plan to achieve partner?
Question 112 of 116
Tell me about a project leader, whom you admire. What skills did they have that you really liked?
Question 113 of 116
Summarize to me, your time spent at your current company.
Question 114 of 116
What are you hoping to learn, or in what ways are you hoping to benefit your long term career, by working with our company?
Question 115 of 116
What types of projects that you work on bring you the most motivation and excitement?
Question 116 of 116
How did you get started in this area of accounting?
August 17th, 2017
Accounting professionals handle all the financial dealings of the company they are working with. Their specific duties may vary depending on the size of the company as well as the industry they are working in. Generally, accounting professionals analyze accounting data, prepare asset and liability reports, document financial transactions, audit documents and recommend financial actions when necessary.
A bachelor's degree in finance, economics, accounting or related fields may be sufficient to get hired by a smaller organization. Larger corporates will only hire applicants with a master's degree in the above fields along with substantial experience. The best way to get the necessary experience is by doing an internship with an experienced accountant. This will help you learn all the duties and responsibilities of the role and also boost your chances of employment.
Most of the questions asked at your interview will be aimed at evaluating your competency and skills in accounting. The interviewer will ask you several questions to gauge your knowledge and skills and also to determine your career goals. How you answer the question about your career goals will speak volumes about how long you are likely to stay on in the job. Most employers are looking for long term employees so you need to be careful how you answer this and all other questions. A look through mock interview questions can prove to be very helpful.