Gallagher & Mohan Senior Accountant Interview Questions and Answers

Technical Questions from Accounting domain.

Q1. Introduce yourself?
Ans. 
Experienced Senior Accountant with a strong background in financial analysis and reporting.
• Over 8 years of experience in accounting and finance

• Expertise in financial analysis, budgeting, and forecasting

• Strong knowledge of GAAP and financial regulations

• Managed a team of accountants to ensure accurate financial reporting
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Q2. Provisions and Accrual Concept in Accounting ?
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Provisions and accruals are accounting concepts used to recognize expenses and liabilities in the appropriate accounting period.
• Provisions are recognized liabilities based on estimates of future obligations, such as warranties or legal claims.

• Accruals are expenses incurred but not yet paid, such as salaries or utilities.

• Both provisions and accruals ensure that expenses are matched with revenues in the correct accountin...read more
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Q3. Contingent Liabilities and their Accounting treatment?
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Contingent liabilities are potential liabilities that may arise in the future based on certain events. They are disclosed in the financial statements.
• Contingent liabilities are not recognized in the financial statements but are disclosed in the notes to the financial statements.

• They are potential obligations that depend on the outcome of future events, such as lawsuits, warranties, or guarantees.

• If the likelihood of th...read more
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Q1. Tell me about yourself?
Ans. 
Experienced Senior Accountant with a strong background in financial analysis and reporting.
• Over 8 years of experience in accounting and finance

• Proficient in financial analysis, budgeting, and forecasting

• Strong knowledge of GAAP and financial regulations

• Managed a team of accountants to ensure accurate and timely financial reporting

• Implemented cost-saving measures that resulted in significant savings for the company
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Q2. Purchases with discount entry ?
Ans. 
Purchases with discount entry involves recording the purchase of goods or services at a reduced price.
• Record the full purchase amount as a debit to the Purchases account

• Record the discount amount as a credit to the Discounts account

• Calculate the net amount by subtracting the discount from the full purchase amount

• Record the net amount as a credit to the Accounts Payable account
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Q3. Prepaid and Accrual concept with entries for a particular transaction given by interviewer
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Q4. CV related questions
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Q5. Expected salary & notice period
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Q6. Are you ok with Shift timings ?
Ans. 
Yes, I am flexible with shift timings and can adjust as needed.
• I am open to working different shifts to accommodate business needs

• I have experience working in roles with varying shift schedules

• I understand the importance of meeting deadlines and can adjust my schedule accordingly
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