Accounting and Audit Assistant Interview Questions and Answers

Excel formulas are essential for data analysis, calculations, and automating tasks in accounting and auditing.

• SUM: Adds a range of cells. Example: =SUM(A1:A10) totals values from A1 to A10.

• AVERAGE: Calculates the mean of a range. Example: =AVERAGE(B1:B10) finds the average of values in B1 to B10.

• IF: Performs a logical test. Example: =IF(C1>100, 'Over Budget', 'Within Budget') checks if C1 is over 100.

• VLOOKUP: Searches for a value in the first column of a range. Example: =VLOO...read more

Planning for work involves setting objectives, determining resources needed, and creating a timeline.

• Identify the objectives and goals of the work

• Determine the resources required, such as personnel, equipment, and budget

• Create a timeline or schedule to outline the tasks and deadlines

• Assign responsibilities and roles to team members

• Monitor progress and make adjustments as necessary

Yes, journal entries are the primary way of recording financial transactions in accounting.

• Journal entries are used to record transactions in chronological order

• They include the date, accounts involved, and amounts debited or credited

• Journal entries are then posted to the general ledger to create a trial balance

• Examples of journal entries include recording a sale, paying a bill, or adjusting an account

Accounts are matched to ensure accuracy and completeness of financial transactions.

• Matching accounts helps to identify errors and discrepancies in financial records.

• It ensures that all transactions are recorded accurately and completely.

• Matching accounts also helps to detect fraud and other financial irregularities.

• For example, if a company records a sale but does not match it with the corresponding payment received, it may indicate a potential issue.

• Similarly, if a company r...read more