10+ Spaarkz Interview Questions and Answers

There are several types of invoices to process depending on the nature of the transaction.

• There are sales invoices for goods or services sold to customers.

• There are purchase invoices for goods or services purchased from suppliers.

• There are credit notes for returns or discounts.

• There are proforma invoices for advance payments or pre-orders.

• There are recurring invoices for regular payments.

• There are self-billing invoices for suppliers to invoice themselves.

• There are debit notes...read more

Interview questions for Assistant Accountant including previous employment process, GRN, depreciation journal entry, and Oracle software based questions.

• Previous employment process - discuss previous roles and responsibilities, reason for leaving, and skills gained

• GRN - Goods Received Note, a document used to confirm delivery of goods and receipt of payment

• Depreciation journal entry - an accounting entry used to record the decrease in value of an asset over time

• Oracle softwar...read more

The golden rules of accounting are basic principles that guide the recording of financial transactions.

• The golden rules include the rules of debit and credit, which determine how transactions are recorded in the books of accounts.

• The three golden rules are: 1) Debit what comes in, credit what goes out; 2) Debit the receiver, credit the giver; 3) Debit all expenses and losses, credit all incomes and gains.

• For example, when a company receives cash from a customer, it would debi...read more

A credit note can be identified by its unique number, date, and the reason for the credit.

• Look for a unique number assigned to the credit note

• Check the date on the credit note to ensure it matches the transaction date

• Verify the reason for the credit note, which should be stated clearly

• Compare the credit note to the original invoice to ensure accuracy

To validate an invoice, check for accuracy and completeness of information.

• Verify the vendor's name and address

• Check the invoice date and number

• Ensure the goods or services were received

• Confirm the prices and quantities match the purchase order

• Check for any discounts or credits

• Ensure the invoice is authorized for payment

• Compare the invoice to the general ledger

• Check for any tax or shipping charges

• Ensure the invoice is within the payment terms

• Confirm the invoice is not a dupli...read more

Vendor reconciliation is the process of comparing a company's records with those of its vendors to ensure accuracy and resolve discrepancies.

• Vendor reconciliation involves comparing invoices, payments, and other financial records with those of the vendor.

• It helps to identify any discrepancies or errors in the records and resolve them in a timely manner.

• The process helps to maintain good relationships with vendors and ensures accurate financial reporting.

• Examples of vendor rec...read more

Depreciation is the decrease in value of an asset over time due to wear and tear, obsolescence or other factors.

• Depreciation is a non-cash expense that reduces the value of an asset on the balance sheet.

• It is calculated based on the useful life of the asset and the method of depreciation chosen.

• Examples of assets that can be depreciated include buildings, vehicles, machinery, and equipment.

• Depreciation can be straight-line, accelerated, or units of production method.

• Depreciat...read more

2way matching compares purchase order to invoice, 3way matching adds receipt of goods to comparison.

• 2way matching compares purchase order to invoice for accuracy

• 3way matching adds receipt of goods to comparison for completeness

• 2way matching ensures correct pricing and quantities

• 3way matching verifies that goods were received before payment is made

P2P cycle is the process of purchasing goods or services from a supplier and paying for them.

• The cycle starts with identifying the need for goods or services.

• A purchase order is then created and sent to the supplier.

• The supplier delivers the goods or services and sends an invoice.

• The invoice is matched with the purchase order and goods receipt.

• Payment is then made to the supplier.

• The cycle ends with recording the transaction in the accounting system.

Accruals are expenses incurred but not yet paid or revenues earned but not yet received.

• Accruals are a key concept in accounting, representing expenses or revenues that have been incurred or earned but not yet recorded in the financial statements.

• Accruals help match expenses with revenues in the same accounting period, providing a more accurate picture of a company's financial performance.

• Examples of accruals include accrued interest, accrued salaries, and accrued taxes.

• Accru...read more

Accounts payable is the amount of money a company owes to its suppliers or vendors for goods or services purchased on credit.

• Accounts payable represents a company's short-term financial obligations to pay for goods or services received.

• It is listed as a liability on the balance sheet.

• Accounts payable is typically settled within a short period, often within 30 to 60 days.

• Examples of accounts payable include invoices from suppliers for inventory purchases or utility bills.

• Manag...read more

Three way matching is a process used in accounting to ensure that the purchase order, invoice, and receiving report all match before payment is made.

• Three way matching involves comparing the purchase order, invoice, and receiving report to ensure accuracy.

• It helps prevent errors such as overbilling or paying for goods that were not received.

• If all three documents match, the payment can be processed.

• If there are discrepancies, they must be resolved before payment is made.

• Examp...read more

A credit card is a payment card issued by a financial institution that allows the cardholder to borrow funds to pay for goods and services.

• Credit cards allow users to make purchases on credit, with the promise to repay the borrowed amount at a later date.

• They often come with a credit limit, which is the maximum amount the cardholder can borrow.

• Interest is charged on the outstanding balance if not paid in full by the due date.

• Credit cards may also offer rewards, cashback, or o...read more

Provisions are liabilities or expenses that are anticipated to occur in the future based on past events.

• Provisions are recognized in the financial statements when there is a probable obligation and the amount can be reliably estimated.

• They are used to account for future expenses or losses that are likely to happen but the exact timing or amount is uncertain.

• Examples of provisions include warranty provisions, restructuring provisions, and legal provisions.

• Provisions are import...read more

I have 3 years of experience in accounts payable and receivable, bank reconciliations, and financial reporting.

• Managed accounts payable process, including vendor payments and reconciliations

• Handled accounts receivable, invoicing, and collections

• Prepared monthly financial reports and assisted with budgeting

• Experience with QuickBooks and Excel for financial analysis

• Assisted in year-end audit preparations

My day-to-day working as an Assistant Accountant involves managing financial transactions, preparing reports, and assisting with budgeting.

• Processing invoices and payments

• Reconciling bank statements

• Assisting with budget preparation

• Preparing financial reports

• Communicating with vendors and clients

• Assisting with audits