Accountant Interview Questions & Answers
HR & Finance Round Questions
In this article, you are going to read about Questions and Answers asked in Accounting Job Interview :
Startup/HR Interview Questions
Q. Tell me
about yourself (FOR EXPERIENCED CANDIDATES)
“Thank you
for inviting me to be interviewed for this accounting position with your
company.
Today. I am
an experienced accountant with a strong academic background and extensive
experience in The accounting industry. I have a degree in accounting from [Name
of University], and throughout My career, I have regularly been praised for
continuously providing accurate financial insights and Meeting strict
compliance standards.
From my time at [Previous Company], where I managed complex financial reconciliations, to My current job at [Current Company], where I oversee financial reporting for a wide range of Clients, i've had jobs with increasing levels of responsibility. This has helped me learn a Great deal about financial analysis, regulatory compliance, and risk assessment.
I place a high priority on continuing my professional development, as shown by the fact that I have A [Certification Name] and regularly attend industry seminars. My diverse range of skills Includes high attention to detail, financial software proficiency, optimizing processes, and Collaborating well with a team.
Together, my careful attention to detail and my ability to analyze complex financial data make me a good fit for a team that upholds the highest standards of financial integrity and excellence. If you hire me, you can count on me to work hard and be dedicated to helping you reach your commercial goals.”
FOR FRESHERS/NON-EXPERIENCED CANDIDATES
“Thank you for inviting me to be interviewed for this accounting position with your Company today.
I recently graduated from [University Name] with a degree in Accounting. During my time in Education, I learned a great deal about how finance works and grew passionate about discovering more about the intricacies of accounting.
Even though I don't have direct professional experience yet, my internships and academic projects have given me the chance to put what i've learned into practice. I am proficient in accounting software such as Xero, Sage, and Oracle Netsuite, and I have strong Analytical skills, which I showed when I worked on projects that required me to analyze and reconcile data with high levels of accuracy.
My academic achievements and extracurricular activities show how much I want to learn and grow in the field of accounting. I am a hard worker with a strong work ethic who is willing to change quickly and learn new things. I am excited to contribute my fresh perspective, technological proficiency, and hunger to embrace challenges to a team that values development and innovation.
Having read the job description in detail, I feel this role is an ideal fit for me, and I’d love to start my career and bring my energy, determination, and dedication to getting things right to a team of forward-thinking accountants such as yours.”
Q2. Why do you
want to be an accountant?
1. When answering this question, make sure to highlight your strengths and passion for wanting to be an accountant (or whatever the accounting position is you’re applying for).
2. My advice is to relate your answer to wanting high levels of RESPONSIBILITY and your enjoyment of being ANALYTICAL and working with numbers!
“lam drawn to accounting because of the high level of responsibility the role provides, for example, it impacts how businesses operate and make decisions. I have always been a 'numbers' person, and I have a deep appreciation for the precision and accuracy that financial management demands.
Conversely, if I don’t do my job well, the repercussions can be extensive. The level of accountability and responsibility really appeals to me as I am someone who is analytical, works well under pressure, but also holds themselves to high standards.
My aptitude for math and analytical problem-solving naturally fits with the duties of an accountant. I find the duties of being an accountant rewarding as i have the chance to navigate complicated financial data, ensure legal compliance, and offer insightful information to help clients succeed.
I am a patient, curious person with exceptional attention to detail skills, which together make me the ideal candidate to work as an accountant for your company.”
Q3. Where do
you see yourself in 5 years’ time?
The hiring manager is asking this question for TWO reasons:
1. They want to know you want to work for their organization for the LONG-TERM!
2. They also want to know that you are ambitious, have a vision for your professional development, and in turn, will ADD VALUE to their organization.
“In five years, I see myself progressing within the company to the point where not only am I a well-respected accountant by my peers, but i’ve also taken on further responsibilities and developed professionally.
I believe that, in five years, I will have proven myself as an invaluable member of the team. I intend to accomplish this by advancing my knowledge and skills, taking on new challenges and opportunities, and cultivating close bonds with my coworkers and clients.
Q4. Why do you
work for our company as an accountant?
This interview question is a tough one!
Tip 1 : It is designed to weed out those who are applying en masse (Together) to all accounting firms. The hiring managers instead want to find those that truly respect and have a desire to work for their company.
Tip 2 : You must demonstrate your PASSION for their accounting firm, show you understand their BRAND and REPUTATION, and your commitment to wanting to work for them for the LONG-TERM.
“Having researched your company in-depth, I'm genuinely excited by your company's reputation for supporting innovation and adopting cutting-edge accounting methods.
Q5. Why should we hire you?
Answer 1:
The position that you are hiring for suits me the best. I am sure that with the skills that I bring to the table, I would help the company grow as I have a proven track record of managing the company’s finances effectively.
Answer 2:
I possess the required qualification and skills for this job. I am a pro with numbers and accounting software. I also have good analytical skills, besides being good at mathematics, which I believe are important for an accountant.
Q6. Do you have any questions for us?
You can ask general questions about the company culture or specific questions related to your profile. Some of the sample questions to ask:
1. What accounting softwares are used in the company?
2. What are the main projects the team is working on currently?
3. What are the existing challenges of the accounts department?
4. How often are the financial review meetings conducted?
5. What are the next steps in the interviewing process?
Accounting/Technical Interview Questions
Q1. Can you name the different branches of accounting?
Different branches of accounting are:
1. Financial accounting
2. Management accounting
3. Cost accounting
Q2. What does the term dual aspect mean in terms of accounting?
The term dual aspect means every transaction that you carry out has two aspects, i.e., it affects two accounts in their respective opposite sides. For example, to make a purchase, you have to give cash in exchange for the product or service you avail and when you sell something you get the money in exchange for the sale you make. So in short, losing and receiving money are the two aspects of a financial transaction. Therefore, the transaction should be recorded in two places.
The concept of duality in terms of fundamental accounting equation is:
Assets = Liabilities + Capital
Q3. What is inactive and dormant account?
Inactive accounts are the accounts that are closed and will not be used anytime in the future. Dormant accounts are accounts that are not functional but can be used in the future.
Q4. What are the accounting applications you have used?
Possible answer 1:
I have experience in using Microsoft Accounting Professional, Microsoft Small Business Financials, Financial Force, etc.
Possible answer 2:
To improve accuracy and simply the calculation process, I have previously worked on software such as Tally, Zoho Books, Microsoft Accounting Professional and others.
Q5. What is GST?
It is goods and service tax; a type of indirect tax that is charged by the seller to the customer on the value of the goods or service availed. GST was implemented in India on 1st July 2017. This type of tax has replaced all the previously existing indirect taxes in India.
Q6. In your view, what are the concepts/terms that an accountant should have good knowledge of?
An accountant should have good knowledge of the following:
• Analyzing and reporting financial data
• Budget planning
• Account management
• Basic accounting principles and practices
• Knowledge of financial rules and regulations
• Knowledge of various accounting softwares
Q7. Define What is Balance Sheet?
A balance sheet is a statement consisting of all the assets, liabilities, and capital of a company at certain point.
Q8. How do you maintain accounting accuracy?
This is among the most basic accounting questions that employers ask all levels of candidates. Focus on mentioning the importance of keeping up with accuracy at all times and the tools you know how to use.
An example of answering a general accounting interview question like this one is given below.
Maintaining the accuracy of an organization’s accounting is an important activity as it can result in a huge loss. There are various tools and resources which can be used to limit the potential for errors to creep in and address them quickly if any errors do arise. My favourite is MS Excel.
Some of the most common ways of maintaining accuracy in accounting are:
- Identify revenue streams
- Keep a close eye on invoices and receipts
- Prepare tax returns to avoid penalty
- Prepare financial statements
- Keep tabs on deductible expenses.
Q9. What is Bank Reconcilation Statement?
A bank reconciliation statement or BRS is a form that allows individuals to compare their personal bank account records to that of the bank. BRS is prepared when the passbook balance differs from the cashbook balance.
The main purpose of a bank reconciliation statement is to identify and rectify discrepancies between the cash balance shown in the company’s books and the balance reported by the bank. These discrepancies may arise due to various reasons, such as outstanding checks, deposits in transit, bank fees, or errors in recording transactions.
Q10. Tell me the Golden Rules Of Accounting?
This accounting interview question tests your professional view of the subject. You can mention by elaborating this accounting interview answer on the three golden rules of accounting.
- Debit the receiver, credit the giver
- Debit what comes in, credit what goes out
- Debit all expenses and losses, credit all incomes and gains.
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