Senior accountant interview questions – with answers

/
/
/
182 Views

Senior accountant interview questions

If you are waiting for the interview as a senior accountant in the company. Then these questions in the interview will help you to impress your employer or HR manager. Furthermore, get the job that you are looking for. Moreover, These questions below are made for you to crack any senior accountant interview questions. What to put on a resume

Not only the senior accountant interview questions and answers it will be helpful for the interview of an accountant, finance manager, accounts manager, accounts officer, and other positions that are related to the accounts genre. Senior accountant interview questions

How many years of experience do you have in the field of accounting, taxation, and audit?

Answer: Your answer must be to the point and you must tell the maximum years of experience that you have in the field in which the employer wants you to work. Moreover, In the position of senior accountant/Finance manager the minimum experience, required is at least 3 to 5 years.

Tell me the name of companies that you have work for and for how many years you have worked for in the respective companies?

Answer: You should tell the companies name that you have worked in past in point basis along with the number of years you have worked. Similarly, The employer’s main intention to ask for the number of years that you have work. Above all, In respective companies are to check that if you can stick with them for a long period of time or not.

No employer wants to have a quick turnover of the employees as it harms the companies operation. Moreover, If you have work for a long period of time with companies. Therefore, And don’t switch the company early then the chances of selection of you will be high. Most importantly, The minimum number of years that you should work for one company will be 2 years

Marketing interview questions

Comparison of Traditional vs Activity-based costing approach

senior accountant interview questions

Traditional Approach

  1. Primary Distribution(Allocation and apportionment of overheads to department/cost centers).
  2. Secondary Distribution – (Re-apportionment of service departments’ cost to production departments’).
  3. Calculation of departmental overhead rate based on labor hours, machine hours, etc.
  4. Computation of overhead cost per unit.

Activity-based costing approach

  1. Identification of the major activities of the organization
  2. Creation of cost pool for all major activities
  3. Calculation of absorption rate for each cost pool based in relevant activity’s cost driver
  4. Computation of overhead cost per unit

Accounting Interview questions to ask

Can you handle pressure and meet the deadline on time?

Cost Accountant interview questions

Answer: Since most of the work in the corporate sectors have deadlines and reports are to be presented in the management timely. So, In order to meet deadlines, you have to work with the cool mind in the pressure situations. Therefore, you will have to answer that I will first look after the most important tasks and do that first. Moreover, I would make a hierarchy and note which work is important and accomplish it accordingly. Senior accountant interview questions and answers

Concept of GAAP and how it is used in accounting?

Answer: GAAP stands for generally accepted accounting principles. Above all, GAAP is the set of rules and concepts that are used in the accountancy formally for financial reporting. Furthermore, it provides details about the method of accounting used in different companies and the industries. Furthermore, it has the basic concepts for the preparation of the set of financial statements that include. Certainly, Balances sheet, income statement, cash flow statement, statement of changes in equity, and notes to account.

Furthermore, GAAP is a commons set of accounting principles, rules, guidelines, and concepts that are issued by the FASB(Financial accounting standard board). Moreover, It provides the rules to disclose the materiality of misstatements that are include in the financial statement, whether to disclose it or not. Moreover, its effects while presenting the financial reports.

What are the differences between GAAP and IFRS?

Accounting interview questions

Answer: The differences are mentioned below;

  1. Method of valuation of Inventory: Under GAAP, Inventory is valued on the cost of market value whichever is lower. Above all, GAAP allows using the FIFO method, Weighted average method, and the LIFO method for recording the cost of inventory. On the other hand Under IFRS, Inventory is valued at the cost or net realizable value(NRV) whichever is lower. Above all, IFRS prohibits allowing the LIFO method for recording the cost of inventory.
  2. R&D Costs: Under GAAP all the costs incurred as Research and development cost should be charged to expenses. Furthermore, Under IFRS, R&D cost can be capitalized if it meets certain conditions and amortizes over multiple periods.
  3. Reversal of write-downs: GAAP does not allow to reverse the write-down amount of the fixed assets or inventory if the market value of assets increases subsequently. Therefore, IFRS allows reversing the value to write down. Senior accountant interview questions and answers
senior accountant interview questions

How will you detect and remove fraud and error in the books of accounts?

Answer: Frauds and error are the most critical issues in the field of accountancy. In order to detect it the following steps can be taken into action:

  1. In order to detect the fraud and errors, the timely reconciliation of the books of accounts in important. The reconciliation will be of the books of accounts such as bank reconciliations, debtors reconciliations, and creditors reconciliations. Following cash reconciliation which will help in a large extent to detect and remove the errors in the books of accounts.
  2. There should be a timely audit so that there will be transparency in the books. If the audit is carried out from the base that included vouching and verification, checking of double-entry, and applying other majors will help a lot.

Staff accountant interview questions and answers

What are the accounting soft wares that you can work in?

Answer: I can work in different accounting software such as Fresh books, net suite ERP, Tipalti, Zoho books, etc as per your experience to work in the accounting software. Further, if you have no experience in the accounting software that the employe company works for then you will have to be a bit diplomatic. And say I have experience in many software but it would not be a big deal to work in this as well.

Can you prepare budgets? How will you prepare it?

Answer: Yes, I can prepare budgets. While preparing budgets we need to determine a couple of things such as the income available in the company. Further, the expenses must be determined. Moreover, the income must be compared to the expenses and further checked its feasibility. Adding to this, the budget for the procurement of the materials is determined on the basis of which or how much amount the company sets aside to complete the procedures. The total cost of materials must be determined on such basis as well. Senior accountant interview questions and answers

Can you lead a team as a leader?

Answer: Yes I can lead a team from the front. Since I have been working experience in the field of accounting and finance for 5 years now. I know the process of how to handle the staff and take care of them. Furthermore, the good team is essential in the fulfillment and ticking off all the boxes so that company can work in the very good condition. The capabilities to be an upfront leader and manager for the company is the thing I want to own.

senior accountant interview questions

Apportionment of manufacturing overheads

Answer: There are many overhead costs which are incurred for the factory as a whole, not for any particular department or cost center. It is not possible to give a complete list of all possible items. Some of these items are:

  1. Rent, Rate and taxes
  2. Power
  3. Salary or security staff
  4. Salary of works manager
  5. Depreciation
  6. Insurance of the building
  7. Air-conditioning expenses

Interview questions for accountant

Can you make journal entries of the following?

  1. Sold goods to john for rs. 10,000

john a/c Dr 10,000

To Sales a/c 10,000

When the good is sold to john then in such case john is debited and sales are credited.

2. Received cash 10,000 from john

Cash a/c dr. 10,000

To john a/c 10,000

When cash is received from john then in such case cash account is debited and john accounts are credited.

3. Prepaid Insurance 10,000

Insurance Expenses a/c dr. 10,000

To Prepaid Insurance 10,000

In the case of prepaid insurance, the insurance expenses account is debited by 10,000 and the prepaid insurance account is credited.

4. Cash Deposited in bank 20,000

Bank a/c dr. 20,0000

To cash a/c 20,000

In case of cash deposited in the bank account is debited by 20,000 and cash account is credited by 20,000

5. Cash withdrawn from bank 20,000

Cash a/c dr. 20,000

To bank a/c 20,000

In case of cash withdrawn from bank then cash account is debited by 20,000 and bank account is credited by 20,000

6. Purchased goods from mary 10,000

Purchase a/c dr. 10,000

To mary a/c 10,000

In case of purchase of goods, Purchase account is debited by 10,000 and mary account is credited by 10,000

7. Payment made to mary 10,000

Mary a/c dr. 10,000

To cash a/c 10,000

In case the payment is made, then mary account is debited by 10,000 and cash account is credited by 10,000

Rules of accountancy

Entry Level Accounting Interview Questions2

There are three golden rules of accountancy;

  • Real Account: The accounting rule for the real account is Debit: What comes in and Credit: What goes out
  • Nominal Account: Accounting rule for the nominal account is Debit: Expenses and losses and Credit: Income and Gains
  • Personal Account: The accounting tule for the personal account is Debit: The receiver and Credit: The giver

Bookkeeper interview questions and answers

Solve the following questions:

  1. Make a trial balance from the following given data as on march end 2020:
ParticularsAmount
Capital Account     17,323,696.52
Loans (Liability)        3,029,724.37
Current Liabilities        1,266,795.81
Advance Income Tax        4,299,670.12
Fixed Assets        4,037,667.11
Investments              54,300.00
Current Assets     17,527,232.20
Advance from Customers        1,825,000.00
Sales Accounts           621,646.01
Sales Returns     51,426,543.39
Purchase Accounts     38,328,867.26
Indirect Incomes              26,243.28
Indirect Expenses     10,028,620.67

Solution:

Trial balance as on march end 2020

ParticularsDebit ( Amount )Credit ( Amount )
Capital Account                              –          17,323,696.52
Loans (Liability)                              –            3,029,724.37
Current Liabilities           1,266,795.81
Advance Income Tax         4,299,670.12 
Fixed Assets         4,037,667.11                                –  
Investments               54,300.00                                –  
Current Assets       17,527,232.20 
Advance from Customers           1,825,000.00
Sales Accounts             621,646.01 
Sales Returns         51,426,543.39
Purchase Accounts       38,328,867.26                                –  
Indirect Incomes                              –                  26,243.28
Indirect Expenses       10,028,620.67 
Total       74,898,003.37        74,898,003.37

Why you are interested in the job?

Answer: I am interested in this job since this is a lower-level job which will give me an opportunity to learn a lot of things from the senior level accounting other than the accounting entries but also the analyzing and financial statements part. Above all, I want to do all the things but also learn various aspects of accountancy that will help me in my career growth both personally and professionally. Senior accountant interview questions and answers

How Bookkeeper differs from an accountant?

Answer: The bookkeeper differs from the accountant’s job on the basis of their position. Similarly, The accountant is a senior level position as compared to that of the bookkeeper. Furthermore, the differences between the bookkeeper and the accountant are noted down below:

  1. The bookkeeper is responsible for making the entries related to sales, purchases, and other financial data but the accountants are responsible for analyzing and interpreting those data and making any adjustments that are required in the books of accounts.
  2. The role of the bookkeeper is to make entries and the role of the accountant is to make the financial statement based on the data entered by the bookkeeper.
  3. A bookkeeper keeps the records of the accounting data whereas the accountant does the financial analysis and prepares the strategy.
  4. Above all, The company’s whole and sole decisions are not made by the bookkeeper’s accounting data. but it is made on the basis of the final data that are prepared by the accountants after reviewing and analyzing all the aspects.
  5. Moreover, The key role of the bookkeeper if all about maintaining the journals and ledgers from those journals. But the key role of the accountants is to prepare a balance sheet, income statement ( profit or loss statement ), cash flow statements, and statements of changes in equity.
  6. Similarly, The skills required by the bookkeeper is not that high that is required by the accountants.
  7. The bookkeeper simply does the clerical work but the accountants do the complex activities.
Senior accountant interview questions - with answers

What is bookkeeping?

Answer: Bookkeeping is the process of recording the large volume of transactions in a small-sized and large-sized organizations. Above all, The transactions that bookkeeping includes are:

  1. The entry of sales.
  2. Entry related to purchases.
  3. Organizing all the journal vouchers, payment vouchers, and contra vouchers.
  4. Make every entry for all the expenses and banking entries.
Senior accountant interview questions - with answers

Who is a bookkeeper?

Answer: Bookkeeper is a person or an individual who looks after the process of recording sales, purchases, and other financial transactions. Similarly, A bookkeeper is employed at the small and mid-level business houses that look after the large transaction involving sales, purchases, expenses, payroll management, and other management of receivables or payables.

Senior accountant interview questions - with answers

How stock is valued under absorption costing?

The unit cost of production, opening stock, and closing stock in the absence of value of an opening stock are the same. Moreover, It consists of both variable costs as well as fixed manufacturing cost in the income statement under absorption costing. Mathematically, it can be expressed as

Unit cost = Direct material per unit + Direct labor per unit + Variable Manufacturing cost per unit + Fixed manufacturing cost per unit

Unit cost also can be ascertained on total manufacturing cost that includes both variables as well as fixed and unit produced

Unit cost = Total manufacturing cost / Production units

Value of opening stock = unit cost * opening stock units

value of closing stock = unit cost * closing stock units

Give the rectification entry for the following

  • Rs. 2160 received from Vibek was posted to the debit of his accounts.

Answer: Suspense a/c dr. 4320

To Vibek a/c 4320

( Being rectification of Rs. 2000 received from bibek wrongly debited to his account)

  • Interest received for Rs. 1,000 was not posted in interest account

Answer: Suspense a/c dr. 1000

To suspense a/c 1000

( Being rectification of interest received not posted to interest account)

  • Rs. 2296 paid for the whitewashing of the building was debited to building account as Rs. 696

Answer: Repair and maintenance a/c dr. 2296

To Building a/c 696

To Suspense a/c 1600

( Being rectification of whitewashing of building Rs. 2296 wrongly debited to building account Rs. 696)

In conclusion, summing up this blog, the Accounting profession is a very well rated profession all over the world. This profession provides you a lot of respect all over the world along with the high monetary values. I hope these questions will meet the requirement of senior accountant interview questions to help you to get one job that you wish for.

Do not forget to leave your valuable comment in the comment section below. We admire and appreciate each and every comment that you share.

Until next blog Ta Da!

Leave a Comment

Your email address will not be published. Required fields are marked *

This div height required for enabling the sticky sidebar
Ad Clicks :Ad Views : Ad Clicks :Ad Views : Ad Clicks :Ad Views : Ad Clicks :Ad Views : Ad Clicks :Ad Views : Ad Clicks :Ad Views : Ad Clicks :Ad Views :