10+ Porter Interview Questions and Answers

An accountant is a professional who manages financial records and prepares financial reports. There are basic rules of accounting.

• Accountants manage financial records and prepare financial reports

• Basic rules of accounting include the accounting equation, double-entry accounting, and the matching principle

• Accountants must follow generally accepted accounting principles (GAAP) and maintain ethical standards

• Examples of accounting tasks include bookkeeping, tax preparation, and f...read more

Yes, there is an entry for purchase sales.

• The entry for purchase sales is a double-entry accounting system.

• The purchase is recorded as a debit to the inventory account and a credit to the accounts payable account.

• The sale is recorded as a credit to the sales account and a debit to the accounts receivable account.

• The cost of goods sold is recorded as a debit to the cost of goods sold account and a credit to the inventory account.

• Examples include recording the purchase of inven...read more

A ledger is a book or computer program used to record financial transactions. There are two types of ledgers: general and subsidiary.

• A ledger is used to keep track of financial transactions.

• It can be in the form of a physical book or a computer program.

• There are two types of ledgers: general and subsidiary.

• The general ledger contains all the financial transactions of a company.

• The subsidiary ledger contains specific accounts, such as accounts receivable or accounts payable.

To ensure a journal is correct, one must verify accuracy, completeness, and proper documentation.

• Verify that all transactions are accurately recorded in the journal

• Ensure that the journal is complete and includes all necessary entries

• Check that each entry is properly documented with supporting evidence

• Reconcile the journal with other financial records to identify any discrepancies

• Perform regular reviews and audits to maintain accuracy and integrity

Yes, I can improve your company's business by analyzing financial data, identifying areas of improvement, and implementing cost-saving measures.

• Conduct a thorough analysis of financial data to identify areas of improvement

• Implement cost-saving measures such as reducing unnecessary expenses

• Develop and implement a strategic financial plan to increase revenue

• Provide regular financial reports to track progress and make necessary adjustments

• Offer advice on tax planning and complia...read more

Accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions.

• Classification of accounting includes financial accounting, management accounting, tax accounting, and auditing.

• Financial accounting involves recording and reporting financial transactions for external stakeholders.

• Management accounting involves providing financial information to internal stakeholders to aid in decision...read more

Accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions.

• Accounting involves recording financial transactions

• It includes classifying and summarizing financial data

• The information is used to make business decisions

• Examples of financial transactions include sales, purchases, and expenses

Accrued expenses are expenses that have been incurred but not yet paid for.

• Debit the expense account for the amount of the expense

• Credit the accrued liability account for the same amount

• Adjust the entry when the expense is paid

• Example: Journal entry for $1,000 of accrued salaries: Debit Salaries Expense $1,000, Credit Salaries Payable $1,000

The fixed asset cycle refers to the process of acquiring, using, maintaining, and disposing of fixed assets.

• Acquiring fixed assets through purchase or construction

• Using fixed assets in business operations

• Maintaining fixed assets through repairs and upgrades

• Disposing of fixed assets through sale or retirement

• Tracking fixed assets through an asset register

• Examples include buildings, machinery, and vehicles

My last working company was XYZ Corporation.

• Worked as an accountant for 2 years

• Managed financial statements and reports

• Collaborated with cross-functional teams for budget planning

• Implemented cost-saving measures resulting in 10% reduction in expenses

I'm sorry, but the question seems to be incomplete. Could you please provide more context?

Yes, I have technical skills in various accounting software and Microsoft Excel.

• Proficient in QuickBooks and Xero accounting software

• Skilled in Microsoft Excel for financial analysis and reporting

• Familiar with SAP and Oracle financial systems

• Experience in data migration and system implementation

• Ability to troubleshoot and resolve technical issues