VNC Global Interview Questions and Answers

Q1. Work experience
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Q2. Software Knowledge
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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
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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
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Q1. Work experience, more accounting related questions
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Q2. Growth plans
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Basic accounting and computer knowledge were assessed.

Q1. Can you tell me about yourself?
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Q2. Salary, job profile and about company?
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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
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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
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Balance sheet and p & l analysis

Q1. Finance and accounts technical questions like ratio analysis
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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
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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
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