Finance Accounts Interview Questions
1.How would you feel your skills garnered in college will help you in the professional world?
In the university, I have been exposed to a number of different accounting & finance systems e.g. EasyFinance, SmartNumber, UberAccount, NetSuite, SAP and a few others. Not only were we, the students, exposed to the theory – we also had some deep practical experience in them.
While the name and proprietary of each system differs, essentially they all require a set of good knowledge and expertise in accounting and finance subjects. So I would not have much issue in adapting to distinguished system because I know my basic accounting exposure will prepare me for the working and professional world.
2.What are your greatest strengths you will bring to the company?
I am fast and meticulous – an important combination of attributes for this line of work. Coupled with my competency and speedy adaptation to new environment, I can assure you someone who would make a difference in your organization. I have proven this in the past; I know I will do it again.
Additionally, I have outstanding interpersonal skills, which would benefit this organization in this service oriented business. I develop and maintain rapport with team mates and customers seamlessly, developing respect internally and externally for the company.
3.In your opinion, what would be the main challenges in your role, if you take up this job?
I have been made understand before that the SAP system is in the process of implementation now. Since not everyone in the team is well verse in this system, training and development would be a major focus. I foresee my main challenge, as a certified SAP practitioner, to be leveraging the knowledge and make sure adequate support to the team members.
However, while this can be a challenge, I believe in a couple of months, we will start seeing the benefits of the implementation. The robustness of the SAP system is a major plus, which I believe can help the company streamlining and consolidating the business data with ease and convenience.
4.In this line of work, what makes a good superior?
In my opinion, in any line of work, we need an inspiring leader or superior. He or she may have different style of leading and giving instructions, but the important thing is he knows how to drive the subordinates to loving what they are doing, accomplishing all the tasks and deliver the job beyond the expectations. Winning teams in common have inspiring leaders.
5. What makes you choose finance/accounting?
I love numbers. Not only that, I am good in them. My academic results are proofs of my capability in this line. I know I can grow really big in this career.
6.What interests you about this position?
This is one step ahead of my current position. I have been working with the current company for five years now. With the amount of experience and exposure, I believe the time is right for me to make a move. In other words, I am prepared to take up a more leadership role.
7.It seems the finance team in your current organization is bigger than us. Why you choose this company?
First, I believe growth does not necessarily involve the size of a team or department. It’s about challenges and how you cope with them. Also, I have been following up closely with the development of this company and let me say that I never underestimate this company’s potential. What I have is admiration.
Even though it’s only been in this country for only about 5 years, its long time existence for over half a century deserves some respect. I know that this company can only grow in the right direction.
8.What are important criteria for your next job?
I consider myself someone who is not contented with only the routine work. I would like my potential to be challenged, fulfilled and realized. What important is, I get thrown with new challenges, and given a chance to prove what I can do best.
9.In finance/accounting, is professional qualification such as ACCA considered better than an MBA?
That depends on how we foresee ourselves to grow. Professional qualifications such as ACCA, CIMA is important to stamp ourselves as authority in the subject matter and will be even more important when we want to start our own accounting practice.
An MBA is on the other hand, prepares us for leadership position in major organizations and with the right recipe, one day, we can hold key position such as CEO or MD of public listed companies and may possibly make a lateral move from one industry to another.
10.How would you handle a new implemented finance/accounting system, of which you have no knowledge before?
There has to be a start to something new. To be honest, I am all excited to learn and acquire new skills and knowledge of any new accounting and finance system. The important thing is, I am given adequate time to adapt and learn.
I believe that these days, new system implementation comes with at least some basic training. This would be helpful, but with the right amount of time and space, I will be able to be competent and master this new system.
Showing posts with label accounting. Show all posts
Showing posts with label accounting. Show all posts
Accounting Interview Questions with Answers
Accounting Interview Questions with Answers
1)What do Debit and Credit terms mean to a financial accountant?
Answer:On 1st January 1998 the provision for Bad Debts stood at Rs.1, 100/-. During the year Bad Debts totaled to Rs.900/-. At the end of the year the Sundry Debtors were Rs.24, 000/-. The firm wishes to maintain the provision for Bad Debts @ 5% on Debts. In the year 1999 Bad Debts totaled to Rs.1, 600/- and at the end of the year the Debtors were Rs.42, 000/-. At the end of year 2000, the sundry Debtors were Rs.48, 500/- out of which Rs.500 were bad and had to be written off. In all the three years mentioned above firm was maintaining the provision @ 5% Debtors. You are required to choose the correct answer from the question from the options given below: (all working should a part of your answer). a) The provision for bad debts account at the end of 1998 shows a balance of : i) Rs.1, 100 ii) Rs.1, 200 iii) Rs.1, 155 iv) Rs.1, 400 b) The sundry debtors amount shown in the balance sheet of 31Dec., 1998 was ---- i) Rs.23, 100 ii) Rs.21, 900 iii) Rs.22, 800/- iv) Rs.21, 945 c) The amount of Bad Debts and provision for Bad Debts put together charged to the Profit and Loss A/c for the year ended 31st December 1999 was ---- i) Rs.2, 500 ii) Rs.3, 77 iii) Rs.2, 020 iv) Rs.3, 620 d) The provision for Bad Debts account at the end of the year 2000 shows a balance of ---- i) Rs.2, 400 ii) Rs.4, 000 iii) Rs.2, 425 iv) Rs.1, 900 e) The Sundry Debtors shown in the Balance Sheet of 31st December 2000 amounts to ---- i) Rs.48, 500 ii) Rs.48, 000 iii) Rs.45, 600 iv) Rs.46, 075. Ans to Q.No.2. a) ii) PBD – 5% of Rs.24, 000 = Rs.1, 200 b) iii) S.Debtors – Rs.24, 000 less Rs.1, 200 = Rs.22, 800 c) i) Rs.2, 500 (Bad debts Rs.1, 600 plus new PBD Rs.2, 100 minus old PBD Rs.1, 200) Note: Bad Debts are already written off in the year 1998 and 1999. d) i) Rs.2, 400 (Debtors Rs.48, 500 less Bad Debts Rs.500 and then 5% PBD) e) iii) Rs.45, 600 (Debtors Rs.48, 500 less Bad Debts Rs.500 and PBD Rs.2, 400).
2)What do Accrual Accounting System term mean to a financial accountant?
Answer:Accrual Accounting System: Accounting is normally done on accrual basis i.e. income and expenses are recorded as and when they become due and as and when they are actually received and paid. b. Debit and credit: Debit means an entry made on the left hand side of an account prepared in the horizontal format, an account which receive the benefit of a transaction. And credit made an entry made on the right hand side of an account prepared in the horizontal format, an account that gives the benefit of transaction. c. Transposition error: An error made in accounts while entering the total of debit to credit or vice-versa before calculating the balance or when wrongly an amount is carried forward to the next page of the same account. d. Capital Work in progress: The value of unfinished project or construction work as on date of balance sheet, whose work is still in progress. e. Statutory Reserves: Compulsory reserve to be maintained by an organization according to the statutes governed by it. f. Fluctuating capital method: Under this method, all the transaction relating to a partner are entered in only one capital account maintained for him. No current account is opened as in the Fixed Capital Method. Capital account is credited not only with the amount contributed by him as capital but other transactions such as interest on capital, drawings and share of profits are also recorded in the same capital account. g. Non-performing assets: Assets, which do not bring any revenue to the firm, is known as non-performing assets
3)Does the fixed capital of partners also change?
Answer:Yes. The fixed capital of partners also changes in the following two conditions:i. When a partner introduces additional amount as capital in the firm i.e. additional capital
ii. When a partner withdraws an amount of capital invested in the firm i.e. drawings against capital/drawings out of capital.
4)Is written partnership agreement necessary to form a partnership firm?
Answer:No. A partnership firm can be constituted with a partnership agreement implied between/among the partners while it is advisable only to have a written partnership agreement to avoid future disputes and also to produce to the income tax authorities and other interested parties dealing with the firm.
5)Give four items that may appear on the credit side of a Partner’s Current Account?
Answer:The four items that may appear on the credit side of a Partner’s Current Account are:
i.Salary payable to the Partner;
ii.Commission payable to the partner;
iii.Profit-share of the partner;
iv.Interest on Partner’s Capital.
6.What do you mean by past adjustments?
Answer:Past adjustments refer to the journal entries passed to adjust the effect of the transactions either recorded erroneously or omitted in the past. Past adjustments may also occur as a consequence of change in the terms of the partnership agreement with retrospective effect. For example; interest on drawings charged excessively, interest on capital omitted or treating manager as a partner with retrospective effect.
7.What is called average capital?
Answer:The weighted average with reference to time the partner’s capital has been used in the business is computed to determine the ratio in which profit or loss will be shared by the partners. This is called Average Capital.
1)What do Debit and Credit terms mean to a financial accountant?
Answer:On 1st January 1998 the provision for Bad Debts stood at Rs.1, 100/-. During the year Bad Debts totaled to Rs.900/-. At the end of the year the Sundry Debtors were Rs.24, 000/-. The firm wishes to maintain the provision for Bad Debts @ 5% on Debts. In the year 1999 Bad Debts totaled to Rs.1, 600/- and at the end of the year the Debtors were Rs.42, 000/-. At the end of year 2000, the sundry Debtors were Rs.48, 500/- out of which Rs.500 were bad and had to be written off. In all the three years mentioned above firm was maintaining the provision @ 5% Debtors. You are required to choose the correct answer from the question from the options given below: (all working should a part of your answer). a) The provision for bad debts account at the end of 1998 shows a balance of : i) Rs.1, 100 ii) Rs.1, 200 iii) Rs.1, 155 iv) Rs.1, 400 b) The sundry debtors amount shown in the balance sheet of 31Dec., 1998 was ---- i) Rs.23, 100 ii) Rs.21, 900 iii) Rs.22, 800/- iv) Rs.21, 945 c) The amount of Bad Debts and provision for Bad Debts put together charged to the Profit and Loss A/c for the year ended 31st December 1999 was ---- i) Rs.2, 500 ii) Rs.3, 77 iii) Rs.2, 020 iv) Rs.3, 620 d) The provision for Bad Debts account at the end of the year 2000 shows a balance of ---- i) Rs.2, 400 ii) Rs.4, 000 iii) Rs.2, 425 iv) Rs.1, 900 e) The Sundry Debtors shown in the Balance Sheet of 31st December 2000 amounts to ---- i) Rs.48, 500 ii) Rs.48, 000 iii) Rs.45, 600 iv) Rs.46, 075. Ans to Q.No.2. a) ii) PBD – 5% of Rs.24, 000 = Rs.1, 200 b) iii) S.Debtors – Rs.24, 000 less Rs.1, 200 = Rs.22, 800 c) i) Rs.2, 500 (Bad debts Rs.1, 600 plus new PBD Rs.2, 100 minus old PBD Rs.1, 200) Note: Bad Debts are already written off in the year 1998 and 1999. d) i) Rs.2, 400 (Debtors Rs.48, 500 less Bad Debts Rs.500 and then 5% PBD) e) iii) Rs.45, 600 (Debtors Rs.48, 500 less Bad Debts Rs.500 and PBD Rs.2, 400).
2)What do Accrual Accounting System term mean to a financial accountant?
Answer:Accrual Accounting System: Accounting is normally done on accrual basis i.e. income and expenses are recorded as and when they become due and as and when they are actually received and paid. b. Debit and credit: Debit means an entry made on the left hand side of an account prepared in the horizontal format, an account which receive the benefit of a transaction. And credit made an entry made on the right hand side of an account prepared in the horizontal format, an account that gives the benefit of transaction. c. Transposition error: An error made in accounts while entering the total of debit to credit or vice-versa before calculating the balance or when wrongly an amount is carried forward to the next page of the same account. d. Capital Work in progress: The value of unfinished project or construction work as on date of balance sheet, whose work is still in progress. e. Statutory Reserves: Compulsory reserve to be maintained by an organization according to the statutes governed by it. f. Fluctuating capital method: Under this method, all the transaction relating to a partner are entered in only one capital account maintained for him. No current account is opened as in the Fixed Capital Method. Capital account is credited not only with the amount contributed by him as capital but other transactions such as interest on capital, drawings and share of profits are also recorded in the same capital account. g. Non-performing assets: Assets, which do not bring any revenue to the firm, is known as non-performing assets
3)Does the fixed capital of partners also change?
Answer:Yes. The fixed capital of partners also changes in the following two conditions:i. When a partner introduces additional amount as capital in the firm i.e. additional capital
ii. When a partner withdraws an amount of capital invested in the firm i.e. drawings against capital/drawings out of capital.
4)Is written partnership agreement necessary to form a partnership firm?
Answer:No. A partnership firm can be constituted with a partnership agreement implied between/among the partners while it is advisable only to have a written partnership agreement to avoid future disputes and also to produce to the income tax authorities and other interested parties dealing with the firm.
5)Give four items that may appear on the credit side of a Partner’s Current Account?
Answer:The four items that may appear on the credit side of a Partner’s Current Account are:
i.Salary payable to the Partner;
ii.Commission payable to the partner;
iii.Profit-share of the partner;
iv.Interest on Partner’s Capital.
6.What do you mean by past adjustments?
Answer:Past adjustments refer to the journal entries passed to adjust the effect of the transactions either recorded erroneously or omitted in the past. Past adjustments may also occur as a consequence of change in the terms of the partnership agreement with retrospective effect. For example; interest on drawings charged excessively, interest on capital omitted or treating manager as a partner with retrospective effect.
7.What is called average capital?
Answer:The weighted average with reference to time the partner’s capital has been used in the business is computed to determine the ratio in which profit or loss will be shared by the partners. This is called Average Capital.
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