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

I have over 7 years of experience in accounting, specializing in financial reporting, tax compliance, and budget management.

• Managed monthly financial close processes, ensuring accuracy and compliance with GAAP.

• Prepared detailed financial reports for management, highlighting key performance indicators.

• Led the annual budgeting process, collaborating with department heads to align financial goals.

• Conducted audits and reco...read more

My extensive accounting experience equips me with the skills to excel in this Senior Accountant role, ensuring accuracy and compliance.

• Proficient in financial reporting: In my previous role, I prepared monthly financial statements that improved decision-making for management.

• Expertise in tax compliance: I successfully managed tax filings for multiple entities, resulting in a 15% reduction in tax liabilities through str...read more

Non-Profit Organizations focus on social missions, relying on donations and grants rather than profit generation.

• NFPs operate to fulfill a specific mission, such as education, health, or community service.

• Funding typically comes from donations, grants, and fundraising events rather than sales.

• Financial reporting is crucial; NFPs must adhere to specific accounting standards like FASB 117.

• Examples include charities, foun...read more

I have experience with various journal entries, including standard, adjusting, and closing entries.

• Standard Journal Entries: Record routine transactions like sales and purchases. Example: Debit Cash, Credit Sales Revenue.

• Adjusting Journal Entries: Made at the end of an accounting period to update account balances. Example: Accruing unpaid expenses.

• Closing Journal Entries: Used to close temporary accounts at year-end. E...read more