IMTS Enterprise Solutions Accounting and Finance Executive Interview Questions and Answers

What if you buy the stock of 100000 from ABC Company. What will be the Journal Entry for the same?

Q1. Why should i hire you
Ans. 
I have a strong background in accounting and finance with proven experience in driving financial growth and efficiency.
• I have a solid track record of successfully managing financial operations and implementing cost-saving strategies.

• I possess excellent analytical skills and attention to detail, ensuring accurate financial reporting and analysis.

• I am a strategic thinker who can identify opportunities for business growth...read more
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Q2. Where are you from
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I am from a small town in the Midwest called Springfield.
• I grew up in a close-knit community surrounded by farmland

• The town had a population of around 10,000 people

• I attended the local high school and then went on to study accounting at a nearby university
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Q1. What work I do in your company?
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Q2. Do you have any technical work in your company?
Ans. 
Yes, we have technical work in our company.
• We use accounting software for financial transactions.

• We utilize spreadsheets for data analysis and reporting.

• Our team is trained in using ERP systems for inventory management.

• We have automated processes for payroll calculations.
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Q1. Your company is famous or not?
Ans. 
Yes, our company is well-known in the industry for providing top-notch accounting services.
• Our company has been featured in several industry publications for our innovative accounting solutions.

• We have a strong client base consisting of well-known companies in various sectors.

• Our company has won multiple awards for excellence in accounting services.

• Our employees regularly attend and speak at industry conferences and ev...read more
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Q2. I easily work in your company yes or no?
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Q1. What is Accrual?
Ans. 
Accrual is an accounting method that recognizes revenues and expenses when they are incurred, regardless of when cash is exchanged.
• Accrual accounting matches revenues with expenses in the same accounting period

• It provides a more accurate picture of a company's financial position

• Examples include recognizing revenue when a service is performed, even if payment is not received until a later date
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Q2. What is defeerd revenue?
Ans. 
Deferred revenue is revenue that has been received by a company, but has not yet been earned.
• Deferred revenue is a liability on the company's balance sheet.

• It represents revenue that has been collected in advance of being earned.

• As the revenue is earned, it is recognized on the income statement.

• Common examples include subscription services, gift cards, and advance payments for services.

• Deferred revenue is also known as
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Q3. What is financial statement
Ans. 
Financial statements are formal records of the financial activities and position of a business, organization, or individual.
• Financial statements include the balance sheet, income statement, and cash flow statement.

• They provide information on the financial performance, financial position, and cash flows of an entity.

• They are used by investors, creditors, and management to make informed decisions.

• Examples of financial st...read more
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Q1. What is Golden rules of Accounting
Ans. 
Golden rules of accounting are basic principles that guide the process of recording financial transactions.
• There are 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.

• These rules ensure that every transaction is recorded accurately and consistently.

• For example, when a company receives cash from a...read more
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Q2. What is accrual
Ans. 
Accrual is an accounting method that recognizes revenues and expenses when they are incurred, regardless of when cash is exchanged.
• Accrual accounting matches revenues to the time period in which they are earned and expenses to the time period in which they are incurred.

• It provides a more accurate picture of a company's financial position compared to cash accounting.

• Accruals are recorded as adjusting journal entries at ...read more
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Q3. What is fixed assets
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Fixed assets are long-term tangible assets that are used in the production of income and are not expected to be consumed or converted into cash within a year.
• Fixed assets include property, plant, and equipment (PP&E) such as buildings, machinery, vehicles, and furniture.

• They are recorded on the balance sheet at their original cost minus accumulated depreciation.

• Fixed assets are not intended for sale in the normal cours...read more
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Q4. What is inventory
Ans. 
Inventory refers to the goods and materials a business holds for the purpose of resale or production.
• Inventory includes raw materials, work-in-progress, and finished goods.

• It is an important asset on a company's balance sheet.

• Inventory management involves tracking, ordering, and storing inventory efficiently.

• Examples of inventory include merchandise in a retail store, components in a manufacturing plant, and supplies i
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Q5. What is Asset life cycle
Ans. 
Asset life cycle refers to the stages an asset goes through from acquisition to disposal.
• Includes acquisition, maintenance, depreciation, and disposal of assets

• Helps in tracking the value and condition of assets over time

• Optimizing asset life cycle can lead to cost savings and improved efficiency
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Aptitude test has simple test

Group discussion as discussed with important topics and developed company

Coding test as coding with all employees

Q1. What are the checkpoints of invoice Processing
Ans. 
Checkpoints of invoice processing ensure accuracy and compliance.
• Verify invoice details match purchase order

• Check for correct pricing and quantities

• Ensure proper approval and authorization

• Confirm invoice is coded correctly in accounting system

• Review for any discrepancies or errors
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Q1. Tell about your self
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Q2. What is your Hobbies
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Q3. What is your age
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Q4. My age is 22
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