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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: 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: 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: 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: How would you educate yourself about the products that we sell?

Answer: It is important to have knowledgeable sales people. Since they are the front line between the customers and the organization, you want them to be armed with product knowledge. In today's information-rich society, there are many ways for a person to gain that knowledge. As a potential employee, make sure that you understand how to get the information that you need. Do not be afraid to ask if there are seminars, or informational materials that have been written about the products that you migh 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:
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: In what ways do you think you can contribute to our organization?

Answer: You would have thought about your personal impact you hope to make on the new job. People will not hire just for looks and personality. It is all about getting the job done in the public service, keeping the public and your colleagues happy. If you can contribute to making that happen in some way, you would be most valued. Is there anything you could better? Anything you could introduce to make the service more effective. Any suggestion would show your careful thought about the job and the fact 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 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: 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: As a wholesaler what are the problems you would face in ensuring the commitment to your retail suppliers?

Answer: As a wholesaler, applicant should say that he/she would face production problem, growing consumption, not concentrating on important market segment, scale of operations not being proper, delivery to different stores and having some issues with suppliers and not a good relationship with suppliers. I would face these problems in reaching the target commitment to suppliers as a wholesaler. 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: What are you ideas on handling store management?

Answer: Applicant should answer that store management is a very critical think, especially if you are not able to transport everything on the same day or a given deadline; you need to store the goods and services properly until it is transported to the correct destination or to the proper retailer. It involves managing and refining the goods, forecasting the process, inventory and product strategies, and their impact on store level performance. 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: 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: 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 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:

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