QX Global Group Senior Accounts Officer Interview Questions, Process, and Tips

Q1. Almost all technicals about US Accounting process: Accrued & Deferred concept US GAAP AR & AP Financials statement analysis etc..
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Q1. What is prepaid expense ?
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A prepaid expense is a payment made in advance for goods or services to be received in the future, recorded as an asset.
• Prepaid expenses are recorded as current assets on the balance sheet.

• Common examples include prepaid insurance, rent, and subscriptions.

• They are gradually expensed over time as the benefits are realized.

• For instance, if you pay a year's insurance premium upfront, it is a prepaid expense.

• As each month ...read more
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Q2. What is accrual system of accounting?
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The accrual system of accounting recognizes revenues and expenses when they occur, regardless of cash flow.
• Revenues are recorded when earned, not when cash is received. Example: A company delivers a service in December but receives payment in January.

• Expenses are recorded when incurred, not when paid. Example: A business receives a utility bill in January for December's usage.

• This method provides a more accurate financ...read more
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Q3. How to perform month end closing activities?
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Month-end closing activities ensure accurate financial reporting and compliance with accounting standards.
• Reconcile accounts: Ensure all transactions are recorded accurately by comparing ledger balances with bank statements.

• Accruals and deferrals: Record any expenses incurred but not yet paid, and revenues earned but not yet received.

• Review journal entries: Verify all journal entries for accuracy and completeness befor...read more
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Q4. How do you analyse Balance sheet and Income statement
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Analyzing balance sheets and income statements involves assessing financial health, performance, and trends over time.
• Review key ratios: liquidity ratios (e.g., current ratio) indicate short-term financial health.

• Examine profitability: net profit margin shows how much profit is generated from revenue.

• Analyze trends: compare current statements with previous periods to identify growth or decline.

• Assess asset management: ...read more
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Q5. What is bank reconciliation?
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Bank reconciliation is the process of comparing a company's financial records with bank statements to ensure accuracy.
• Identifies discrepancies between bank statements and company records.

• Ensures all transactions are accounted for, such as deposits and withdrawals.

• Helps detect errors or fraudulent activities in financial records.

• Example: A company finds a bank fee not recorded in its books.

• Typically performed monthly to
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Q6. What is mortgage payment and how do you perform it ?
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A mortgage payment is a monthly payment made towards a loan secured by real estate, covering principal and interest.
• Mortgage payments typically consist of principal, interest, taxes, and insurance (PITI).

• For example, if you have a $200,000 mortgage at 4% interest for 30 years, your monthly payment would be approximately $955.

• Payments can be calculated using a mortgage calculator or formula: M = P[r(1+r)^n] / [(1+r)^n –...read more
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Q1. Normal HR questions
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Q2. Tell me about your self? Past experience.
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Normal aptitude MCQ. Like quant basic English

Q1. Prepare for Journal questions on accounting
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Q2. Accounts questions -Accruals -Prepayments -Inventory
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Q1. Basic Question related to our self
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Q1. Related to experience
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Q1. Tell me about yourself
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Q2. Reason for leavong previous organisation
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Q3. Total work experience
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Q1. I have been asked regarding joining and salary
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Q1. I have been asked regarding joining date and profile comfort
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Q2. Start of joining and knowledge on past experiences
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