Accounting interview questions with answers



The surest way to excel at job interviews is to adequately prepare, and the same rule applies to Accounting job interviews. The interview will comprise a series of questions peculiar to Accounting processes and general job interview questions, and it is expected of you to answer them excellently. Proper preparation will definitely help you ace the interview.

Here is a sample of questions to expect during an Accounting job Interview: Also refer list of accounting questions in PDF format

Question: Tell us about yourself.

Answer: This is a familiar way to start the interview and create communication with the interviewee. It should be given a very compelling response so that the HR professional will be endeared to you. It is recommended you do a SWOT analysis of yourself in the context of accounting job interview. Evaluate the industry, the organisation, and the job role using a SWOT analysis and look for chances to sell your strength.

Question: How come you chose accounting as your profession?

Answer: I have always liked playing with figures and solving financial problems. So when I ad distinction in Accounting, I decided to adopt it as a  profession.

accounting interview questions with answers

Question: Do you possess any professional experience in the field of Accounting?

Answer: Yes, I worked as an accountant in my previous two jobs.

Question: Did you make use of accounting programs at your previous jobs or prefer to work manually?

Answer: Yes, I made use of Advanced Business Solutions as well as AME Accounting Software at the places I worked previously.

Question: Can you mention any other accounting program you know?

Answer: Yes, I am conversant with Financial Force, CGram Software, Microsoft Dynamics AX Microsoft Accounting Professional and Microsoft Small Business Financials.

Question: Which accounting program do you prefer the most and why?

Answer: All are good but when asked to choose which is best I would choose Microsoft Accounting Professional because it offers dependable and quick processing of accounting operations that increases proficiency and saves time.

Question: What do you know as the abbreviation for the accounting terms credit and debit?

Answer: Credit abbreviation is “cr” while Debit abbreviation is “dr”.

Question: How many types of business operations are there in accounting?

Answer: There exist two types of transactions in accounting and they are capital and revenue.

Question: What is the balance sheet?

Answer: Balance sheet is a statement that displays all assets and liabilities of the company at a particular period.

Question: Have you ever heard of TDS, if yes what is it?

Answer:  Yes, TDS stands for Tax Deduction at Source.

Question: where do you show TDS on your balance sheet?

Answer: it is displayed on the assets column just right after the head current asset.

Question: what do you know about Excise or Service Tax?

Answer: this is a type of hidden tax contained in the service supplied by the service provider which is taken care of by the service receiver.

Question: In your opinion, is there any difference between dormant and inactive accounts?

Answer: there is a difference; they are dissimilar terms in Accounting. An Inactive account is an account that is closed and will not be opened or used in future. A Dormant account is an account that is not working today but might be used or opened in the future.

Question: define Tally accounting?

Answer:  This is a software used accounting by small businesses and shops for handling routine accounting transactions.

Question; what is departmental accounting?

Answer: Departmental accounting is a type of accounting whereby different departments have separate accounts. The accounts are managed differently and the balance sheet displays it independently.

Question: what is executive accounting?

Answer:  Executive accounting is a type of accounting that is custom designed for the enterprise that provides service to users.

Question : what Is Company’s payable cycle?

Answer: this is the time mandatory for the company to pay all of its account payables.

Question: what is retail banking?

Answer: this is a type of banking that engages retail clients. The clients are the regular people and not one of the organisational clients.

Question: What is Depreciation and types of depreciation?

Answer: depreciation means that the value of an asset in use is going down.  There are two types of depreciation and they are: STRAIGHT LINE METHOD as well as WRIITEN DOWN VALUE METHOD.

Question: differentiate between depreciation expense and accumulated depreciation

Answer: depreciation expense is different from accumulated depression in the following way:

Depreciation expense is the sum of depreciation that is stated on the income statement. It is focused on period of time shown or being considered on the income statement.

While

Accumulated depreciation is the entire sum of depreciation which has been recorded on a company’s assets right up to the time of the balance sheet.

Question: can you mention some examples for liability accounts?

Answer:

  • Accrued Expenses
  • Unearned or Deferred Revenues
  • Accounts payable
  • Current Portion of long-term debt
  • Mortgage loans payable
  • Instalment Loans Payable
  • Short-term loans Payable

Question: what is the difference between Consignee and Consignor?

Answer: Consignor is the person that owns the goods or the person who delivers the goods to another person referred to as consignee. A consignee is that person who takes delivery of the goods.

Question: What is balancing in accounting?

Answer: it is the act of equating the two sides of the T-account, this means the credit and debit sides of a T-account has to be balanced or equal.

Question: what is the level of statistics knowledge that is necessary in accounting?

Answer: an accountant should be well versed in Statistics so as to excel in accounting. On the contrary, little knowledge of statistics will negatively affect your day to day operations and thereby your output. Adequate knowledge of statistics is relevant in accounting and for an accountant.

Question: define Project Implementation.

Answer: Project Implementation comprises a total of 6 steps and they are:

  1. Identify the need
  2. Generate and scrutinize ideas
  3. Conduct feasible study
  4. Build the project
  5. Execute the project
  6. Project Control

Question: what is Public Accounting?

Answer: Public accounting proffers audits and Certified Public Accountants to re-evaluate company financial standings to establish accountability. It is designed for general public.

Question: In accounting, what is Scrap value?

Answer: this is the left-over value of an asset. The left-over or residual value is the actual value that any asset has at the end of its estimated life time.