Accounting Sample Interview Questions and Answers

What do you think is bank reconciliation statement?q

A reconciliation statement is prepared when the passbook balance differs from the cashbook balance.

Differentiate accounting and auditing

Accounting is all about recording daily business activities while auditing is the checking that whether all these events have been noted down correctly or not.

What is a t-account

An informal term accountants use to do double entry bookkeeping

Can you say the basic accounting equation

Assets = Liabilities + Owner's Equity

Why are accounting firms needed?

Businesses will use them to calculate payroll and the accounting firm will calculate the amount of taxes taken out.

What are the basic assumptions in accounting?

Economic Entity Assumption Going Concern Assumption Monetary Unit Periodicity Assumption

Can you name different branches of accounting

Financial Accounting Managerial Accounting Cost Accounting. Auditing Tax Accounting Accounting Information Systems

What is the difference of Cost Accounting and Financial Accounting?

Financial accounting encompasses all account presented on the face of the financial statement, its presentation, recognition, measurement and disclosures. Where as cost accounting is only focused on the cost of inventory.

Can you name any other accounting software?

I am familiar with Microsoft Accounting Professional and Xero

Do you have any professional experience in this field?

I have gone through two internships in my past 1. At a non-profit organization called Change Happens in Houston as an accounting assistant 2. Working for my school as a tax assistant

Which accounting software do you prefer most and why?

I prefer Intuit QuickBooks because from my experience I like the way the software organizes all of the individual, tabs, and it is easy to learn as well as offers reliable and fast processing of accounting transactions that saves time & increases efficiency.

Did you use any accounting software at your previous internships?

I used Intuit QuickBooks and a tax preparation software sponsored by the IRS, I cannot remember the name off the top of my head but I know it is used for the VITA sites.

By saying, perpetual or periodic inventory system; what do we mean?

In the first one i.e. the perpetual inventory system, the accounts are adjusted on continual basis. In the periodic inventory system, the accounts are adjusted periodically.

Do you have any idea about Service Tax or Excise?

It is a kind of hidden tax that is included in the service provided by the service provider and paid by the service receiver.

How can you define departmental accounting

It is a type of accounting in which separate account is created for departments. It is managed separately as well as shown independently in the balance sheet.

In balance sheet, where do you show TDS?

It is shown on the assets section, right after the head current asset

What is tally accounting

It is the software used for accounting in small business and shops for managing routine accounting transactions.

What is the balance sheet

It is the statement that shows all the assets, liabilities, and owner's equity of the company at a certain point

What do we mean by purchase return in accounting?

It is the term introduced in the records for every defective or unsatisfactory good returned back to its supplier.

What made you select accounting as your profession?

Math was always my favorite subject in school, but I wasn't a fan of all of the geometry and calculus so I tried an accounting class and I enjoyed it so I decided to stick through to it.

What would you say is your biggest weakness

My biggest weakness is that I will at times tend to overthink at times. This would occur to me many times during exams where I would overthink an answer that I previously had and I would just have that need to want to change my answer. How I can overcome this is to increase my time that I prepare for situations as those so that when I prepare, I will be more confident in my decisions.

In accounting, how do you define premises?

Premises refer to fixed assets that are shown in the balance sheet.

Differentiate Public and Private Accounting?

Public accounting is a type of accounting that is done by one company for another company. Private accounting is done for your own company.

Define Public accounting?

Public accounting offers audits and CPAs to review company financial records to ensure accountability. It is for general public.

What are some of your major strengths

Some of my main strengths would be that I have good time management, organization, and a good team leader. Being a student athlete in college I was able to balance 30/hrs a week of practice and games + travel and still maintain a steady GPA. Many times I would choose to wake up early and finish a couple assignments ahead so that whenever I would leave to go on road trips I would not have to worry about those as much and could study on whatever I needed while I was in my hotel room. I was a soccer player in my younger days so I naturally have that team first tendency inside me. Whatever I can do to contribute to the success of the team, I'm willing to do.

Definition of Accounting

The art of recording, classifying, and summarizing in a significant manner financial transactions pertaining to a business.

What is project implementation?

The phase where visions and plans become reality • Identify Need • Generate and Screen Ideas • Conduct Feasible Study • Develop the Project • Implement the Project • Control the Project

Define fictitious assets?

These are the assets that cannot be shown or touch. Fictitious assets can only be felt such as good will, rights etc.

What future goals do you have for yourself

To one day be certified as a CPA and to work as a senior accountant.

In accounting, VAT abbreviates what?

VAT means Value Added Tax.

Do you think Accounting Standards are mandatory and why?

Yes I believe so because it ensures liabilitiy and relevance in financial reports

Have you ever heard about TDS, what it is?

Yes, TDS is short for Tax Deduction at Source.

Do you think there is any difference between inactive and dormant accounts?

Yes, both are different in terms of accounting, inactive accounts are accounts that are closed and will not be used in the future, while dormant accounts are accounts that are closed but may be used in the future

What is the abbreviation for the accounting terms debit and credit?

dr & cr

Define dual aspect term in accounting?

the dual aspect concept states that every transaction has two sides. For example, when you buy something, you give the cash and get the thing.

How many types of business transactions are there in accounting?

there are two types of business transactions in accounting, revenue and capital