Inventory Accountant Mock Interview
Master 25 Inventory Accountant interview questions covering GAAP, variance analysis, and cost accounting systems.
Question 11 of 25
What are the steps involved in the accounting close process?
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Brian Schuchart is a CPA and Senior Finance Business Partner. His professional experience includes senior management roles with NBC Sports, Virtual Health, and the Children's Hospital of Philadephia.
This question is used to assess whether your understanding of the accounting close process aligns with the organization's. 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.
Brian Schuchart is a CPA and Senior Finance Business Partner. His professional experience includes senior management roles with NBC Sports, Virtual Health, and the Children's Hospital of Philadephia.
"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?"
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