As much as accounting can be fun for someone who actually digs the subject, accounting interview questions require a skillful display of abilities. An accountant’s expertise generally lies in preparing and analyzing financial reports which include balance sheets, income and expenditure statements and tax returns. Thus, in an accounting interview, a lot of questions are based on implementation of tax exchanges in the company, preparation of management accounts, different accounting packages, etc. In order to get through an interview, a candidate must have good knowledge of not only accounting practices and principles but also economic principles and auditing practices – the devil lies in the detail and detail comes from the basics. As accountants spend a lot of time looking under the hoods of businesses, they understand every bit of an enterprise’s functioning and that makes them key employees of their organizations. Thus, an accounting interview is detailed and grilling. However, there is a specific set of questions that every accounting interview touches upon. Some of such questions are mentioned below to assist you in facing an accounting interview.
Questions And Answers For Accounting Interviews
Why Do You Want To Be An Accountant?
Just saying that accountancy offers professional qualifications that pave way for a wide variety of opportunities in business is a good answer. You can also say that you hold the capability of bringing about a change as accountancy is a fast changing profession.
What Qualities, Do You Think, Make A Good Accountant?
The qualities for a good accountant are largely similar to those of any good employee. While you include determination and self-discipline, you must also focus on you key deliverables. Mention that you are a team player and possess strong analytical skills along with saying that you are keenly interested in auditing/accounting. Also, don’t forget to highlight the various accounting softwares that you are familiar with.
Why Have You Applied To Our Firm?
The interviewer expects you to do some research about the company and go for the interview. Facts worth mentioning in an answer to this question would include availability of opportunities, offices in various cities and the general mood of the market towards the firm – an accounting organisation is always referred to as a firm and not a company.
Describe A Recent Tough Financial Analysis Problem You Faced On The Job
Explain a recent situation and how you were able to identify key issues and detect problems from relevant information and how exactly did you go about managing the case. Include all the skills that you put to use to get through the situation and also mention the alternatives that you considered – don’t forget to explain as to why did you choose a particular alternative over others. Be specific while answering this question instead of narrating a story.
Subject Related Questions
Explain The Relationship Between Cost Accounting, Financial Accounting And Managerial Accounting
Ahh…the magic of basics! You can run, you can hide but you cannot escape this question in an accounting interview – even if you are biggest player in your present firm. This questions checks your familiarity with the basics so, brush up your knowledge – even the high school level – before you go for any interview at all. The best way to answer this question would be to frame the definition of each term and then explain the relationships – this will not only show your subject knowledge but also give a preview of how efficiently can you apply knowledge to practical situations
Explain The Accounts Payable Cycle.
Basics again! This question, more than checking your knowledge, checks the validity of your work experience. Be to the point and demonstrate the cycle followed by your current firm along with the other possible variations.
What Do You Understand By Bank Reconciliation Statement?
Explain at the beginning, in a layman’s language as here the interviewer is trying to check how much you remember what you had studied in your early days. Start with settling the differences between bank pass-books and bank ledgers and then graduate to more complex details without boring the interviewer with too much information.
Accounting keeps a track of resources, be it tangible or intangible. All it commands is a strong knowledge of numbers and an interest in being competent and efficient. Hope the above article helped clarify your doubts regarding accounting interview questions and answers.