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When you are interviewing for an Accounting job, in addition to the basic interview questions you will be asked during a job interview, you will be asked more focused and specific accounting questions, about your education, skills, certifications, languages, and accounting software you have expertise in.
Therefore, preparing for an accounting interview can be a daunting task, especially if you are unsure about the types of questions that might come your way. Whether you are a recent graduate or a season professional, acing an accounting interview requires a solid understanding of financial principles and the ability to articulate your knowledge effectively.
The hiring manager will want to know, in detail, how equipped you are to handle the position.
Prepare for the interview by considering the job qualifications - what skills, knowledge, and experiences you'll need for to be successful in the job.
Take the job requirements that are included in the posting and make a list of the top qualifications the employer is looking for. Then match your credentials to the list. Be ready to discuss why you have each attribute the company wants.
Review this list of accounting interview questions and take the time to prepare responses based on your qualifications for the job. When responding give specific examples, whenever possible, of how you have handled a project or situation. Providing details will show the interviewer how and why you are qualified for the job.
To help you in your preparation, we have compiled a comprehensive list of accounting questions along with detailed answers. Moreover, we have provided a free PDF download of this valuable resource to assist you in your journey towards a successful accounting career.
Well, I was quite good in accounting throughout but in my masters, when I got distinction I decided to adopt this field as a profession.
Yes, I have worked as an accountant at two different places.
Yes, I have used Advanced Business Solutions and AME Accounting Software in my previous jobs.
Yes, I am familiar with CGram Software, Financial Force, Microsoft Accounting Professional, Microsoft Dynamics AX and Microsoft Small Business Financials.
I think all are good though but Microsoft Accounting Professional is best because it offers reliable and fast processing of accounting transactions that saves time and increases proficiency.
Debit abbreviation is “dr” and credit abbreviation is “cr”.
There are two types of transactions in accounting i.e. revenue and capital.
It is a statement that states all the liabilities and assets of the company at certain point.
Yes, TDS abbreviates Tax Deduction at Source.
It is shown on the assets section, right after the head current asset.
It is a kind of hidden tax that is included in the service provided by the service provider and paid by the service receiver.
Yes, both are different terms in accounting. Inactive accounts means that accounts have been closed and will not be used in future as well. While dormant accounts are those that are not functional today but may be used in future.
It is the software used for accounting in small business and shops for managing routine accounting transactions.
It is a type of accounting in which separate account is created for departments. It is managed separately as well as shown independently in the balance sheet.
These are the assets that cannot be shown or touch. Fictitious assets can only be felt such as good will, rights etc.
In the first one i.e. the perpetual inventory system, the accounts are adjusted on continual basis. In the periodic inventory system, the accounts are adjusted periodically.
Premises refer to fixed assets that are shown in the balance sheet.
VAT means Value Added Tax.
Yes, as per my knowledge there are total 33 accounting standards published so far by ICAI. The purpose of these standards is to implement same policies and practices in any country.
It is the abbreviation of Institute of Chartered Accountants in India.
We know that accounting is all about assets, liabilities and capital. Therefore, the accounting equation is:
Assets = Liabilities + Owners Equity.
It is a type of accounting that is specifically designed for the business that offers services to users.
Public accounting offers audits and CPAs to review company financial records to ensure accountability. It is for general public.
CPA stands for Certified Public Accountant. To become a CPA, one should have to do many other qualifications as well. It is a qualification with 150-hour requirement; it means that one should complete 150 credit hours at any accredited university.
A reconciliation statement is prepared when the passbook balance differs from the cashbook balance.
Public accounting is a type of accounting that is done by one company for another company. Private accounting is done for your own company.
Project implementation involves six steps in total such as:
Yes, I do believe that accounting standards play a very important role to prepare good quality and accurate financial reports. It ensures reliability and relevance in financial reports.
There are three branches of accounting named as “Financial Accounting”, “Management Accounting” and “Cost Accounting”.
Accounting is all about recording daily business activities while auditing is the checking that whether all these events have been noted down correctly or not.
As the name implies, the dual aspect concept states that every transaction has two sides. For example, when you buy something, you give the cash and get the thing. Similarly, when you sale something, you lose the thing and gets the money. So this getting and losing is basically two aspects of every transaction.
It is the term introduced in the records for every defective or unsatisfactory good returned back to its supplier.
Material facts are the bills or any document that becomes the base of every account book. It means that all those documents, on which account book is prepared, are called material facts.
Yes, I have prepared few MIS reports during my previous jobs. MIS reports are created to identify the efficiency of any department of a company.
It is the time required by the company to pay all its account payables.
It is a type of banking that involves a retail client. These clients are the normal people and not any organizational customers.
Not much knowledge but basic mathematical background is required in accounting for operations like addition, subtraction, multiplication, and division.
All types of exchange bills, bonds and other securities owned by a merchant that is payable to him are said as bills receivable.
By depreciation we mean that a value of an asset is decreasing as it is in use. It has two types such as “Straight Line Method” and “Written Down Value Method”.
Consigner is the owner of the goods or you can say he is the person who delivers the goods to the consignee. The consignee is the person who receives the goods.
Balancing means to equate both sides of the T-account i.e., the debit and credit sides of a Taccount must be equal/balanced.
You must be very good at statistics if you want to do well in accounting. Otherwise, with minimum knowledge you cannot manage your day-to-day transactions effectively in accounting.
It is the residual value of an asset. The residual value is the value that any asset holds after its estimated lifetime.
Suppose you have to produce an additional unit of output. The estimated cost of additional inputs to produce that output is actually the marginal cost.
It is a kind of groups made on the basis of same responses by a system.
Provisions are the liabilities or the anticipated items such as depreciation. You can say provisions are expenses. Reserves are the profits of any company, and a part of that profit is placed back to the business to keep it sustainable in tough times of a company.
Offset accounting is one that decreases the net amount of another account to create a net balance.
It is the indirect expenditure of a company such as salaries, rent dues etc.
We know that all types of transactions need to be documented. The trade bills are the documents, generated against each transaction.
As per fair value accounting, a company has to show the value of all of its assets in terms of price on balance sheet on which that asset can be sold.
A compound journal entry is just like other accounting entry where there is more than one debit, more than one credit, or more than one of both debits and credits. It is essentially a combination of several simple journal entries.
The accounting events that are frequently involved in compound entries are;
Double entry book-keeping involves five types of accounts,
The rules for debit and credit for different accounts,
The disadvantage of double entry system,
The General ledger account is an account where the company records all the information for its various expenses and income types into separate accounts. Such that all the debits and credits pertaining to that particular type of transaction can be entered in one place and kept balanced.
The general classification of accounts that usually ledger account involves are
In a bank reconciliation statement, following thing can be excluded.
When service or goods have been delivered, then revenues are reported in the accounting period.
The unearned revenues falls under “Liability” account.
The account “Cash” will be credited when a company pays a bill.
Assets minus liabilities is equal to owners’ equity or stockholders equity.
Entries to revenues accounts such as Service Revenues usually goes into credit side.
The difference between accumulated depreciation and depreciation expense is that
Some of the examples for liability accounts
To adjust entries into account, you can sort entries into five categories.
A deferred asset refers to a deferred debit or a deferred charge. An example of a deferred charge is bond issue costs. These costs involve all the fees or charges that an organization incurs in order to register and issue bonds. These fees are paid in a near time when the bonds are issued but it will not be expensed at that time
A bank reconciliation is a process done by a company to ensure that the company’s records (check register, balance sheet, general ledger account, etc.) are correct and that the bank’s records are also correct.
A deposit in transit is a checks and cash that have been received and recorded by an entity, but which have not yet been entered in the records of the bank where the funds are deposited.
An over accrual is a condition where the estimate for an accrual journal entry is too high. This estimate may apply to an accrual of expense or revenue.
A short term amounts due from buyers to a seller, who have purchased goods or services from the seller on credit is referred as account receivable.
The cash flow statement showcase the cash generated and used during the year or months. Various activities that are involved for the Cash Flow are
Due to double entry, the “cash account” will increase as such the liability account increases.
Account which is responsible or affected by the interest payable is “Current liability account”
Reversing journal entries are entries made at the beginning of an accounting period to cancel out the adjusting journal entries made at the end of the previous accounting period.
Accrued expenses usually tend to be extremely short-term. So, you would record them within the “current liabilities section” of the balance sheet.
Deferred taxation is a part of owner’s equity.
The investment of personal assets by the owner will increase total assets and increase owner’s equity.
The equation for Acid-Test Ratio in accounting
Things that fall under intangible asset are,
In accounting, trial balance is an accounting report that lists the balances in each of an organization’s general ledger accounts. This is done at the end of posting journal entry to ensure that there are no posting errors.
A cash discount should be recorded in journal entry as a reduction of expense in “cash account”.
Some asset accounts have a credit balance due to following reasons,
A Bad debt expense is the amount of an account receivable that is considered to NOT be collectible.
A Master Account has subsidiary accounts. A master account receivable could be anything, it could be account receivable for various individual receivable accounts.
The unpresented cheque will get recorded as a credit to the cash account in the company’s General ledger.
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