Accenture Accountant Interview Questions and Answers

I left my previous company to seek new challenges and opportunities for professional growth in a dynamic environment.

• I wanted to expand my skill set in a more challenging role, as my previous position had limited growth opportunities.

• I was looking for a company culture that aligns more closely with my values, particularly in teamwork and innovation.

• I sought a position that offered more responsibility and the chance to ...read more

There are three main types of financial statements: balance sheet, income statement, and cash flow statement.

• Balance sheet shows a company's assets, liabilities, and shareholders' equity at a specific point in time.

• Income statement shows a company's revenues, expenses, and profits over a period of time.

• Cash flow statement shows how changes in balance sheet and income statement affect cash and cash equivalents.

Trial balance is a list of all ledger accounts with their closing balances, while balance sheet is a financial statement showing assets, liabilities, and equity at a specific point in time.

• Trial balance is an internal document used to ensure the debits and credits are equal before preparing financial statements.

• Balance sheet is a financial statement that shows the company's financial position at a specific point in tim...read more

Journal entry for prepaid expenses involves debiting an asset account and crediting a prepaid expense account.

• Prepaid expenses are expenses paid in advance but not yet incurred.

• To record prepaid expenses, debit the Prepaid Expense account and credit the Cash/Bank account.

• As the prepaid expense is incurred, it is transferred from the Prepaid Expense account to the Expense account.

• Example: Payment of insurance premium in...read more

Journal entry for purchase return involves debiting accounts payable and crediting inventory account.

• Debit accounts payable to reduce liability

• Credit inventory account to reduce inventory on hand

• Example: Debit Accounts Payable $500, Credit Inventory $500

Assets are valuable resources owned by an individual or entity, contributing to their financial health.

• Assets can be classified into current and non-current assets.

• Current assets include cash, inventory, and accounts receivable.

• Non-current assets include property, equipment, and intangible assets like patents.

• Assets are recorded on the balance sheet and are essential for assessing financial stability.

Liabilities are financial obligations a company owes to outside parties, representing debts or future sacrifices of economic benefits.

• Current Liabilities: Obligations due within one year, e.g., accounts payable, short-term loans.

• Long-term Liabilities: Obligations due beyond one year, e.g., bonds payable, long-term leases.

• Contingent Liabilities: Potential obligations that may arise from future events, e.g., lawsuits.

• Ope...read more

Accounts receivable refers to the money owed to a company by its customers for goods or services delivered but not yet paid for.

• Represents outstanding invoices a company has issued to customers.

• Is considered a current asset on the balance sheet.

• Example: A company sells $1,000 worth of products on credit; this amount is recorded as accounts receivable.

• Affects cash flow; timely collection is crucial for business operatio...read more

Working capital is the difference between a company's current assets and current liabilities, indicating its short-term financial health.

• Current Assets include cash, inventory, and accounts receivable.

• Current Liabilities include accounts payable and short-term debt.

• Positive working capital indicates a company can cover its short-term obligations.

• Example: If a company has $100,000 in current assets and $60,000 in curren...read more

As an accountant, I manage financial records, ensure compliance, and provide insights for informed decision-making.

• Prepare and analyze financial statements, such as balance sheets and income statements.

• Ensure compliance with tax regulations by preparing and filing tax returns accurately.

• Manage accounts payable and receivable to maintain cash flow.

• Conduct audits to ensure accuracy and integrity of financial data.

• Provide...read more

My hobby is photography, which allows me to capture moments and express creativity through the lens of my camera.

• I enjoy landscape photography, especially during sunrise and sunset for the beautiful lighting.

• I often participate in local photography contests to challenge myself and improve my skills.

• Traveling to new places inspires me to capture diverse cultures and environments.

• I also enjoy editing my photos, experimen...read more