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Accountancy Interview Questions & Answers - Learning Mode

Accountancy Interview Questions & Answers - Learning Mode

Nov 19, 2011 - Accountancy is the practice of recording, classifying, and reporting on financial transactions for a business. It provides feedback to management regarding the financial results and status of an organization. Accountancy is the process of managing the income and expenses of a business. Manage your accountancy needs with a comprehensive accounting system such as Debitoor. The process of recording and summarizing financial transactions is known as 'bookkeeping'.

Try Accountancy Interview Questions & Answers - Exam Mode

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Accountancy Interview Questions & Answers - Learning Mode
Try Accountancy Interview Questions & Answers - Exam Mode
Question: What is the difference between cost accounting management accounting and financial accounting?

Answer: For simplistic purposes, there is not much, if any, difference between "cost accounting" and "management accounting". These terms refer to the accounting techniques used internally by a company's management to determine the costs of running the business and help in decision making. For example, reports that compare budgeted to actual expenses are commonly used to monitor the successful management of a specific department or store within a larger enterprise.

Financial Accounting refers Source:
Question: What do you consider to be the biggest challenge facing the accounting profession today?

Answer: A sample answer to accounting interview questions like this is:
In response to the changing market accountancy professionals have to provide more management and consulting services, in addition to financial management. They have to assume a greater advisory role and develop more complex and flexible accounting systems.
Then continue to explain how you can meet this challenge. Source:
Question: What are the most important goals of accounts receivable?

Answer: These goals will depend on the needs of the organization. Show how you are aware of organizational needs and then identify the appropriate goals to meet them. Demonstrate a thorough understanding of what the goals express and how they support department and company objectives. Common aspects include positively impacting on company cash cycle, increasing cash flow, reducing DSO, reducing bad debt and write offs. Source:
Question: Have you ever been involved in an invoice dispute? How did you manage the problem?

Answer: Accounting job interview questions like this explore your conflict management skills. Emphasize your interpersonal skills, your maturity and your ability to stay calm in the face of difficulty. Describe the techniques you use to diffuse disputes such as asking questions to determine the reason for the dispute, not conveying blame and not becoming too emotional. Demonstrate your ability to work together with others to reach an acceptable resolution. Source:
Question: Describe the advantages and disadvantages of the different accounting packages/systems you have used recently in your accountant jobs.

Answer: Focus on how the packages supported and simplified company specific processes, and how they met your exact business requirements. Display your knowledge of how the packages differ in areas such as price, complexity and functionality. Source:
Question: How to do Cost Accounting in Tally

Answer: No answer available currently.
Question: What qualities have you got that would make you a good accountant?

Answer: Aside from the obvious ones such as numeracy and interpersonal skills, key skills will include determination and self discipline (to get through the difficult professional examinations) and an interest in the business world generally. An ability to work in (and ultimately lead) teams, strong analytical skills, good verbal and written communication skills and curiosity (particularly on the audit side) are some of the others you could mention - if you aren't strong in some of these areas then Source:
Question: What have you read in the newspapers in the last few days that particularly interested you?

Answer: Questions like this are testing your general interest in business and finance and your commercial awareness. You will be expected to come up with stories from the political, finance or other specialist sections of the papers that may be relevant to the firm or its clients.

Make sure that you read a quality newspaper regularly so that you are up to date with current business and financial affairs (One of the Big Four firms asks interviewees if they read the Financial Times). Try not to sid Source:
Question: What is the relationship between cost accounting financial accounting and managerial accounting?

Answer: Financial accounting relates to the information presented based on past events and records.

Cost and managerial accounting is the presentation of financial information to the management to be used in decision making while in managerial accounting projections are made based on past trends.

Financial accounting relates to the information presented based on past events and records.

Cost and managerial accounting is the presentation of financial information to the management to Source:
Question: Why did you choose the A-levels you did?

Answer: The A-level subjects you chose are largely irrelevant, so answer this question honestly, although A levels which demand numeracy, analytical skills and communication skills may help.

If you have not done A levels, but entered university by some other route such as an Access course, explain why this was so - you may find the selectors will in this case put a lot of weight on your degree performance.

A-levels are close to the heart of Accountancy firms. This is because your performan Source:
Question: Describe any accounting process that you have developed or revised.

Answer: Highlight how you have monitored and analyzed work processes to develop more efficient procedures and use of resources while still maintaining accurate and quality work outputs. Source:
Question: What role did you play in collections?

Answer: Again focus on the skills and abilities you bring to the collections function. Demonstrate how you have used your good interpersonal skills, perseverance, ability to managing conflict, negotiation skills and communication ability for successful collections. Source:
Question: What other careers are you considering?

Answer: The obvious answer would be careers in banking and insurance and other finance areas, but it is OK to mention any career here as long as you can argue your case effectively e.g. by demonstrating that the skills required are similar to those of an accountant.

Interviewers will be looking for evidence that you have analyzed your skills and interests in a logical manner when coming to a career decision, and also for signs of your commitment to accountancy.

However, in an interview you Source:
Question: Which accounting applications are your familiar with?

Answer: Discuss the applications you have worked with. Focus on how you implemented the application, the steps taken during the conversion and integration of the accounting system and the training of staff to use the application. Source:
Question: What information do you require before you approve an invoice for payment?

Answer: Focus on your monitoring and checking skills. Demonstrate your understanding of the documentation required for verification before payment is made. Source:
Question: What software applications have your used for accounts receivable?

Answer: List the applications you have used and expand on the value of the solutions they offered to your particular company. Look at aspects such as tracking transactions, assessing late payments, creating past due notices and printing out relevant reports. Source:
Question: How many invoices on average do you handle on a weekly/monthly basis?

Answer: Show your understanding of the invoice verification process. Go through each step in detail such as checking that goods have been received in proper condition or services rendered in a satisfactory manner. Explain the importance of each step. Source:
Question: What is the difference between liquid asset and fixed asset?

Answer: liquid asset is a current asset like cash,bills <br>receivable,debtors,temporary investment while fixed asset is <br>fixed in nature like furniture,stock in hand etc. Source:
Question: What information is included in a bill for services?

Answer: List the information, make sure you cover everything and highlight your attention to detail. Include a sample of a bill for service that you created in your interview portfolio. Source:
Question: What is your greatest achievement and why?

Answer: Before your interview think through everything you have done in the last five years and try to find at least one example which fits each of these situations.

Don't worry if your examples are not earth-shattering, as long as they give some evidence for possessing the quality in question.

You can answer these questions by first describing the SITUATION and/or TASK you had to achieve, then the ACTION you took in the situation and finally the RESULT or outcome. Some interviews cons Source:

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Latest 20 Questions
An offer which is open for acceptance over a period of time is: (a) Cross Offer (b) Counter Offer (c) Standing Offer (d) Implied Offer
Specific offer can be communicated to__________ (a) All the parties of contract (b) General public in universe (c) Specific person (d) None of the above
_________ amounts to rejection of the original offer. (a) Cross offer (b) Special offer (c) Standing offer (d) Counter offer
A advertises to sell his old car by advertising in a newspaper. This offer is caleed: (a) General Offer (b) Special Offer (c) Continuing Offer (d) None of the above
In case a counter offer is made, the original offer stands: (a) Rejected (b) Accepted automatically (c) Accepted subject to certain modifications and variations (d) None of the above
In case of unenforceable contract having some technical defect, parties (a) Can sue upon it (b) Cannot sue upon it (c) Should consider it to be illegal (d) None of the above
If entire specified goods is perished before entering into contract of sale, the contract is (a) Valid (b) Void (c) Voidable (d) Cancelled
______________ contracts are also caled contracts with executed consideration. (a) Unilateral (b) Completed (c) Bilateral (d) Executory
A offers B to supply books @ Rs 100 each but B accepts the same with condition of 10% discount. This is a case of (a) Counter Offer (b) Cross Offer (c) Specific Offer (d) General Offer
_____________ is a game of chance. (a) Conditional Contract (b) Contingent Contract (c) Wagering Contract (d) Quasi Contract
There is no binding contract in case of _______ as one's offer cannot be constructed as acceptance (a) Cross Offer (b) Standing Offer (c) Counter Offer (d) Special Offer
An offer is made with an intention to have negotiation from other party. This type of offer is: (a) Invitation to offer (b) Valid offer (c) Voidable (d) None of the above
When an offer is made to the world at large, it is ____________ offer. (a) Counter (b) Special (c) General (d) None of the above
Implied contract even if not in writing or express words is perfectly _______________ if all the conditions are satisfied:- (a) Void (b) Voidable (c) Valid (d) Illegal
A specific offer can be accepted by ___________. (a) Any person (b) Any friend to offeror (c) The person to whom it is made (d) Any friend of offeree
An agreement toput a fire on a person's car is a ______: (a) Legal (b) Voidable (c) Valid (d) Illegal
"Holiday Packages" announced as an advertisement are an example of _________: (a) Offer (b) Counter Offer (c) Invitation to Offer (d) None of the above
A match fixing contract between a player and a broker is a: (a) Valid Contract (b) Unenforceable Contract (c) Void Contract (d) Illegal Contract
When a bookseller sells a book on cash payment then it is called as ___________: (a) Unilateral Contract (b) Bilateral Contract (c) Executed Contract (d) Executory Contract
____________ agreements are created by situation: (a) Written (b) Oral (c) Void (d) Implied
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