Mott MacDonald Accountant Interview Questions and Answers

Journal entry for prepaid expenses involves debiting Prepaid Expense account and crediting Cash or Bank account.

• Debit Prepaid Expense account to record the expense paid in advance

• Credit Cash or Bank account to show the decrease in cash due to prepayment

• Prepaid expenses are considered assets until they are used up or expire

• Example: Journal entry for prepaid rent - Debit Prepaid Rent, Credit Cash/Bank

Bank reconciliation is the process of comparing a company's records with those of its bank to ensure they match.

• Bank reconciliation involves comparing the company's records of its financial transactions with the bank's records.

• It helps identify any discrepancies such as missing transactions, errors, or fraudulent activity.

• The process involves adjusting the company's records to match the bank's records by reconciling an...read more

I am a detail-oriented accountant with 5 years of experience in financial reporting and analysis.

• I have a Bachelor's degree in Accounting from XYZ University.

• I am proficient in using accounting software such as QuickBooks and SAP.

• I have experience preparing monthly financial statements and analyzing variances.

• I am skilled in budgeting and forecasting.

• I have excellent communication and interpersonal skills.

Current CTC refers to the total salary package of an employee including all benefits and allowances.

• CTC includes salary, bonuses, benefits, and allowances

• It does not include deductions like taxes or insurance premiums

• Example: An employee's CTC is $60,000 per year

Accounts refer to the financial records of an organization that track its transactions and financial position.

• Accounts are used to record financial transactions such as sales, purchases, and expenses.

• They help in tracking the financial position of an organization by maintaining records of assets, liabilities, and equity.

• Accounts are classified into different categories such as revenue, expenses, assets, liabilities, an...read more

GST is a value-added tax levied on goods and services in India.

• Pro's: Simplifies tax structure, reduces tax evasion, promotes ease of doing business

• Cons: Initial implementation challenges, increased compliance burden for small businesses

• Example: GST replaced multiple indirect taxes like VAT, service tax, excise duty, etc.

• Example: GST has different tax rates for different goods and services, ranging from 0% to 28%

• Exampl...read more