quatrro business support services Senior Accountant Interview Questions and Answers

Closing books of accounts involves preparing financial statements, adjusting entries, reconciling accounts, and ensuring accuracy.

• Prepare adjusting entries to update accounts for accruals, deferrals, and depreciation

• Reconcile all accounts to ensure accuracy and completeness

• Prepare financial statements including income statement, balance sheet, and cash flow statement

• Close revenue and expense accounts to retained earnin...read more

I would investigate the discrepancy by reviewing creditor statements, invoices, and payment records to identify and rectify any errors.

• Review creditor statements to identify any missing or incorrect entries

• Check invoices and payment records for accuracy and completeness

• Reconcile creditor balances with general ledger accounts to ensure accuracy

• Communicate with creditors to resolve any discrepancies or outstanding issues

• ...read more

Journal entry for disposal of assets with accumulated balance

• Debit the accumulated depreciation account to remove the accumulated balance

• Credit the asset account to remove the asset from the books

• Record any gain or loss on disposal in the income statement

• Ensure the total debits equal the total credits in the journal entry