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Retail Accounting Interview Questions & Answers - Learning Mode

Retail Accounting Interview Questions & Answers - Learning Mode

Retail Accounting is a method of accounting to account for inventory using retail prices only for sales, purchases, beginning inventory, and ending inventory. It is an accounting procedure for estimating the value of a store's merchandise. This method calculates a store's total inventory value by taking the total retail value of the items that were originally in inventory, subtracting the total sales, then multiplying that dollar amount by the cost-to-retail ratio (the percentage by which goods are marked up from their wholesale purchase price to their retail sales price).

Try Retail Accounting Interview Questions & Answers - Exam Mode

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Retail Accounting Interview Questions & Answers - Learning Mode
Try Retail Accounting Interview Questions & Answers - Exam Mode
Question: How will you make customers feel welcome in our store?

Answer: Countless potential customers in retail shops go unnoticed every day. It is often this attitude of indifference that leads people to shop at other places. Make sure that you have a candidate that will meet and greet your customers. Interviewees, let your personality shine here. Let your interviewer know that you are not afraid to introduce yourself to customers, and that you will not be hiding in the back restocking something. Source:
Question: If you were a wholesaler, how would you choose a retailer to distribute your goods and services?

Answer: Applicant should answer that he/she would review the requirements of the establishments and determine quantity and the different types of purchases involved. Study the market reports, sales promotional materials, visit trade shows, factories, and product manufacturing places and understand its requirements and will select a retailer which best fits the establishment?s requirements. Source:
Question: Why do you want this retailing job?

Answer: With retail, there is sometimes a balance between coming across as good enough for the job, on the one hand, and not being seen as too qualified on the other hand. Many good candidates are rejected, in retail, because the employer thinks they will not stay in the job for any length of time. Think, therefore, about the role that you are applying for and how best to convince them that you are keen on getting the job. Source:
Question: Are you familiar with (company name)?

Answer: In this question, I am not looking for a company history. I like to hear some basic things. If you are a large retailer, candidates should know your basics. "I understand that you are a major retailer in almost all 50 states." If you were on a smaller scale, it would help if the candidate checked out your website, or came in to browse a little bit before their scheduled interview.

After your first few "warm-up" questions, it is time to start asking some of the harder questions. Do not be Source:
Question: Why are you the best person for this retails job?

Answer: This can be a question, which people find uncomfortable to answer, as many are uncomfortable selling themselves so directly. Try to highlight examples of what you have done in previous jobs. By focusing on these rather than just saying 'I'm a good team player', then it should not feel so hard! Source:
Question: Can you tell of a time when you provided excellent customer service?

Answer: Again, this is all about establishing the importance that you place on customer service. It may also be an opportunity for you to show how you used your initiative and went the extra mile to help a customer. Source:
Question: As a Supervisor, how would you plan your financials for your budget?

Answer: Applicant should answer that as a supervisor he/she would analyze actual spend vs. forecast and plan future sales and retail storage. Provide sales adjustments/discounts reporting and analysis, which could be helpful in further analysis of the business. As a supervisor I would ensure, that I keep a track of all the finances and expenses incurred during the process of transportation, salaries and wages of drivers and other helpers in loading and unloading the goods and services. Maintain a ledger Source:
Question: What interests you most about selling to customers?

Answer: Again, do not accept the "people-person" cliche. In my business, I am looking for someone that is fun, fashion-forward, and friendly. I like people who are enterprising people, and enjoy suggesting things to people. Source:
Question: What interests do you have outside your work?

Answer: This shows whether you are a one-dimensional person who just plays football. For example, someone who also uses his or her brains and is not just tied to one activity. More important, sometimes companies promote a particular sport among their staff and want team players for it. For example, if you are a good golfer, that could come in handy for company golfing events and would add to your appeal. Again you have to be honest here, or it could come back to haunt you! Source:
Question: What experience in retail have you had to qualify you for this position?

Answer: This is really about your career history but do not make it into a boring autobiography. Identify things you have done which match the current job role and describe them briefly so that your experience speaks for itself. For example, if you have been used to buying merchandise or working in the after care section make sure that the one you highlight aligns well with what you would also be doing in the new job. Pointless stressing your role as a buyer if you will be dealing with customer complain Source:
Question: What is your minimum salary requirement for retailing job?

Answer: This question has to be asked. If you are speaking to an employee who is looking to make between $10 and $12, and you know that you can only realistically offer $8.50 (or that is what your commission based associates are averaging), do not go any further. It would not be fair to you or the candidate to bring them on board, train them, and then have them leave because the money just is not there. Source:
Question: Why did you leave your last retailing job?

Answer: A particularly relevant question for a retail job, given that retail staff often does not stay in one job for their whole career. The key with this question is to focus on the positive reasons for wanting to take on this new job, rather than any negatives over the previous job. Of course, there may be valid reasons why you need to change job such as your spouse has been re-located to another city. Source:
Question: What did you enjoy most and least in your last retailing job?

Answer: This is another very good question because it helps to pin down what makes you tick, what you really like and what would put you off. This is about self-knowledge. You need to appreciate what turns you on and off and what has helped to get you to where you are today. For example, if the things you did not enjoy were allied to what you are applying for now, that would rule you out because you would be getting more of the same in another form. It also helps to draw out your sincerity in what you r Source:
Question: How would you ensure that all the goods and services are being transported properly from wholesale market to retail market?

Answer: Applicant should answer that he/she would directly supervise and co-ordinate the transportation activities and material moving machine and vehicle operators and take a physical count of the goods being transported and check with the actual numbers. He/She would also keep a track of it and would cross check with his retailer suppliers for the exact number of goods and services being transported. Source:
Question: What would you say are your weaknesses in retails job?

Answer: You probably do not want to be brutally honest in answering this question. 'I'm dreadful at time management' or 'I have anger management issues' are not advisable, especially if you are dealing directly with customers! Similarly, 'I don't think I have any weaknesses' suggests that you are not being honest, or lack self-awareness. What should you say then? There is no doubt that this can be a difficult question to answer. A common response is to take a weakness tha Source:
Question: As a supervisor or an employee in wholesale market, what would you do to improve your services for your customers?

Answer: Candidate should answer that as an employee of a wholesale market, I would ensure what are my customer or retailers priorities and ensure that I address those issues first and I would consider the budgetary constraints. Overall, I would take a holistic approach to ensure my end customers and my retailers get that extra distinctive edge for using our products. Its not only on working for the product betterment, but to improve on each and every touch of customer, from contact strategies, day to da Source:
Question: How would your co-workers describe you?

Answer: This is one of the most important questions about how you are perceived by others, and your ability to work in a team, not how you would like them to see you. It must not sound too gushing and syrupy or too negative. A healthy balance in your personality and aptitude would go down well. Descriptions that include mainly positive observations will make you appear more realistic and human. However, stress aspects to do with your ability to do the job, not just personal things. For example, they wou Source:
Question: How do you get more retailers / customers for your business? What are the steps you would take?

Answer: Applicant should answer that being in a wholesale market, he/she would plan and direct advertising and promotional activities to attract more retailer suppliers. Promotional activities like posters, contests, coupons, give-away to create extra interest in the purchase of a product or services from customers or retailers. Source:
Question: Do you prefer to have a job with set tasks and responsibilities, or where your tasks change on a frequent basis?

Answer: This question aims to separate the leaders from the followers. If you were good at using your initiative and being self-directed then you would be different in approach and appeal from someone who prefers closer direction, routine, and more regularity. By stating which type of job, you prefer the interviewers would be able to see your potential development while gauging your personality and ambitions more accurately. Be clear about which would suit you so that you would then be placed in the rig Source:
Question: What are the main skill sets you have, which makes you fit in wholesale and retail market?

Answer: Applicant should answer that the main skill sets I have to be a part of this wholesale and retail market is the ability to move merchandize and drive profit out of it, whether I move large quantity of goods and services and serve high volume wholesale department store or if I? am a wholesaler distributor to small retail outlets. Applicant should answer that he/she has that desire to do what it takes to close a deal. 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
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When an offer is made to the world at large, it is ____________ offer. (a) Counter (b) Special (c) General (d) None of the above
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