VNC Global Interview Questions, Process, and Tips

Q1. Work experience
Add your answer
Q2. Software Knowledge
Add your answer

Questions on basic and advanced accounting

Q1. Accounting entry for prepayment,
Ans. 
Accounting entry for prepayment involves recording an expense before it is incurred.
• Prepayment is recorded as a current asset on the balance sheet until the expense is incurred.

• When the expense is incurred, the prepayment is then transferred to an expense account on the income statement.

• The journal entry for prepayment involves debiting the Prepaid Expense account and crediting the Cash or Accounts Payable account.

• Exam...read more
Answered by AI
Add your answer
Q2. How to perform reconciliations (vendor, customer, Bank etc)
Ans. 
Reconciliations involve comparing financial records to ensure accuracy and consistency.
• Gather all relevant financial records (invoices, receipts, statements)

• Compare the records to identify discrepancies or errors

• Investigate and resolve any discrepancies found

• Update the financial records to reflect the correct information

• Document the reconciliation process for future reference
Answered by AI
Add your answer

Q1. Work experience, more accounting related questions
Add your answer
Q2. Growth plans
Add your answer

Basic accounting and computer knowledge were assessed.

Q1. Can you tell me about yourself?
Add your answer
Q2. Salary, job profile and about company?
Add your answer

Q1. What is your experience in accounting?
Ans. 
I have over 10 years of experience in accounting, specializing in financial reporting, budgeting, and compliance.
• Managed financial reporting for a $5 million budget, ensuring accuracy and compliance with GAAP.

• Led a team in the implementation of a new accounting software, improving efficiency by 30%.

• Conducted audits that identified cost-saving opportunities, resulting in a 15% reduction in operational expenses.

• Developed...read more
Answered by AI
Add your answer

Q1. Brief about your self ? Current company details and job description
Ans. 
I am a dedicated Assistant Chartered Accountant with experience in financial analysis and reporting. Currently working at XYZ Corp as a part of the audit team.
• Experience in financial analysis and reporting

• Part of the audit team at XYZ Corp

• Proficient in accounting software such as QuickBooks

• Strong attention to detail and analytical skills
Answered by AI
Add your answer

Balance sheet and p & l analysis

Q1. Finance and accounts technical questions like ratio analysis
Add your answer

Q1. How do you ensure the accuracy and timeliness of Financial Statements
Ans. 
Ensuring accuracy and timeliness of financial statements through rigorous review processes and timely data collection.
• Implementing strict review processes to catch any errors or discrepancies

• Utilizing automated financial software to streamline data collection and reporting

• Regularly reconciling financial data with supporting documentation

• Setting clear deadlines for financial reporting to ensure timeliness

• Training and ed...read more
Answered by AI
Add your answer
Q2. Experience with Budgeting and Forecasting
Ans. 
I have extensive experience in budgeting and forecasting, including creating detailed financial models and analyzing variances.
• Developing annual budgets based on historical data and future projections

• Creating rolling forecasts to track performance against budget

• Analyzing variances and identifying areas for improvement

• Utilizing financial modeling techniques to support strategic decision-making

• Collaborating with cross-fu...read more
Answered by AI
Add your answer