QUESTION 15 OF 25

What are the steps to the monthly financial accounting close?

This question is used to assess whether your understanding of the accounting close process aligns with the organization. Don't go into too much detail - rather, just hit the key steps and then ask how it compares or differs from the organization's process.

"First and foremost, there needs to be a closing calendar so that deadlines are set for all departments. Next, all data must be gathered. This includes departments such as payroll and accounts payable preparing reports needed for journal entries. Next, all journal entries are booked. After journal entries are booked and reviewed, financial statements are prepared and balance sheet reconciliations are completed. Finally, the results are reviewed with leadership. Is there anything I described that differs from the process here at XYZ Corporation?"

Unlock all 25 Controller questions

Unlock expert responses to technical accounting and strategic finance questions.

Get Started

Previous Question Next Question

Controller Mock Interview

What are the steps to the monthly financial accounting close?

Unlock all 25 Controller questions

25 Controller Interview Questions & Answers