Pierian Services Accountant Interview Questions and Answers

Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions of a business.

• Accounting involves recording financial transactions such as sales, purchases, and expenses.

• It includes summarizing the financial data into financial statements like balance sheets and income statements.

• Accounting also involves analyzing the financial information to provide insights for decision-making.

• Rep...read more

A journal is a detailed record of financial transactions in chronological order.

• A journal is used to record all financial transactions of a business.

• It includes the date, description, and amount of each transaction.

• Journals are typically organized by accounts, such as cash, accounts receivable, and accounts payable.

• The information recorded in a journal is later transferred to the general ledger for financial reporting.

• ...read more

Forward contracts are private agreements, while futures are standardized and traded on exchanges.

• Forward contracts are customized agreements between two parties, while futures are standardized contracts traded on exchanges.

• Futures contracts have daily settlement and margin requirements, whereas forward contracts settle at the end of the contract period.

• Example: A farmer may enter a forward contract to sell wheat at a s...read more

Swaps are financial derivatives where two parties exchange cash flows or liabilities to manage risk or speculate.

• Types of swaps include interest rate swaps, currency swaps, and commodity swaps.

• In an interest rate swap, one party pays a fixed interest rate while receiving a variable rate, and vice versa.

• Currency swaps involve exchanging principal and interest payments in different currencies, useful for hedging foreign ...read more

The sales life cycle involves prospecting, qualifying leads, presenting offers, closing deals, and providing post-sales support.

• Prospecting: Identifying potential customers and gathering information about their needs.

• Qualifying leads: Determining if the prospect is a good fit for the product or service.

• Presenting offers: Demonstrating how the product or service meets the prospect's needs.

• Closing deals: Finalizing the s...read more