myStartUpCFO Interview Questions and Answers

The aptitude test was quite challenging, conducted through Test Gorilla, and required us to sit for 1.5 hours to complete it. We need to review each and every accounting entry to prepare for it.

Q1. What was your experience in the second round of the interview conducted by the manager, particularly regarding the nature of the questions and any cross-examinations that occurred?
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Q2. Is it necessary for individuals filing taxes to maintain books of accounts according to GAAP or IFRS, and what are the implications of not doing so?
Ans. 
Individuals filing taxes do not need to follow GAAP or IFRS, but proper accounting practices are essential for accuracy.
• Tax filings can be done using simpler accounting methods, such as cash or accrual basis, rather than full GAAP or IFRS.

• Not maintaining proper books can lead to inaccuracies in tax returns, resulting in potential audits or penalties.

• For example, a small business may use a cash basis for tax purposes, w...read more
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Q1. Was the final round conducted by the CFO, and what projects did they primarily ask you about?
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Q1. Debt vs equity difference
Ans. 
Debt involves borrowing money that must be repaid with interest, while equity involves selling ownership in the company.
• Debt involves taking on a loan or issuing bonds that must be repaid with interest.

• Equity involves selling ownership in the company to investors in exchange for capital.

• Debt holders have priority over equity holders in case of bankruptcy.

• Debt typically has a fixed repayment schedule, while equity does ...read more
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Q2. Ifrs vs us gaap
Ans. 
IFRS and US GAAP are two sets of accounting standards used globally, with some key differences.
• IFRS (International Financial Reporting Standards) is used in over 120 countries, while US GAAP (Generally Accepted Accounting Principles) is used primarily in the United States.

• IFRS is more principles-based, focusing on the overall objective of financial reporting, while US GAAP is more rules-based with specific guidelines f...read more
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Q1. Tell me something about yourself
Ans. 
I am a detail-oriented and organized individual with a passion for numbers and problem-solving.
• I have a degree in accounting and have worked as a bookkeeper for 5 years.

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

• I have strong analytical skills and attention to detail, which helps me in reconciling accounts accurately.

• I enjoy working with numbers and finding solutions to financial discrepa...read more
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Q2. Do you know about Ap process
Ans. 
Yes, AP process refers to accounts payable process which involves managing and recording financial transactions.
• AP process involves receiving, verifying, and recording invoices from suppliers.

• It also includes making payments to suppliers and reconciling accounts.

• Efficient AP process helps in maintaining good relationships with suppliers and managing cash flow effectively.
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Q1. They test your basic knowledge of accounting
Ans. It starts from Golden rules of Accounting
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Q2. Few questions on your current role
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