Accounting and Audit Assistant Interview Questions and Answers

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