200+ Accounts Manager Interview Questions and Answers

To factor customers or prospects, analyze their needs, budget, decision-making process, and competition.

• Identify the customer's pain points and how your product can solve them

• Determine the customer's budget and if your product fits within it

• Understand the customer's decision-making process and who the key decision-makers are

• Analyze the competition and how your product compares

• Consider the customer's industry and how your product can benefit them

• Use data and analytics to track...read more

I would invest in a diversified portfolio of stocks, bonds, and real estate to minimize risk and maximize returns.

• I would allocate a portion of the funds towards blue-chip stocks with a proven track record of consistent growth and dividends.

• I would also invest in a mix of government and corporate bonds to provide a steady stream of income.

• To further diversify, I would invest in real estate through REITs or rental properties.

• My estimated CAGR would be around 8-10% based on his...read more

Answering questions related to Java 8 features, microservices, RDBMS vs NoSQL DB, defect severity and priority, defect density and slippage, handling difficult clients and conflicts within the team.

• Java 8 features include lambda expressions, streams, functional interfaces, and default methods.

• Disadvantages of microservices include increased complexity, difficulty in testing, and potential communication issues.

• RDBMS is a relational database management system that uses tables w...read more

I managed to fill the form for my banking examination by carefully reading the instructions and double-checking my answers.

• I read the instructions thoroughly before starting to fill the form.

• I made sure to understand the format and structure of the form.

• I double-checked all my answers before submitting the form.

• I sought help from the bank staff if I had any doubts or questions.

• I kept a copy of the filled form for my reference.

LTCG and STCG have different tax implications. Losses can be set off and carried forward.

• LTCG (Long Term Capital Gains) are taxed at a lower rate than STCG (Short Term Capital Gains).

• STCG is added to the income and taxed as per the applicable tax slab.

• Losses from both LTCG and STCG can be set off against gains from the same category.

• If there are no gains in the same category, losses can be carried forward for up to 8 years.

• For example, if you have a loss of Rs. 50,000 from ST...read more

GSTR 3B and 1 require detailed information for claiming RCM credit and receiving GST invoice and goods.

• GSTR 3B and 1 require detailed information on reverse charge mechanism (RCM) credit to be claimed.

• Both GSTR 3B and 1 require the receipt of GST invoice and goods for claiming credit.

• Claiming RCM credit involves reporting purchases from unregistered dealers in GSTR 3B and 1.

• Ensure accurate reporting of RCM transactions to claim credit correctly.

• Timely reconciliation of invoic...read more

Telecom industry refers to the companies that provide communication services through electronic means.

• Telecom industry includes companies that provide services like voice calling, messaging, internet, and television.

• Major players in the telecom industry include AT&T, Verizon, T-Mobile, and Sprint.

• The industry has seen significant advancements in technology, such as the transition from 3G to 4G and now 5G networks.

• Telecom industry is highly regulated by government agencies lik...read more

I would like to add a feature that allows users to filter restaurants based on their sustainability practices.

• Users can select filters such as 'locally sourced ingredients', 'compostable packaging', and 'renewable energy usage'

• Restaurants can display their sustainability practices on their profile for users to see

• This feature can attract environmentally conscious users and promote sustainable practices in the food industry

If there is a change in costs, the budget will be affected.

• A change in costs directly impacts the budget as it determines the allocation of funds.

• Estimates are typically based on projected costs and may need to be revised if actual costs change.

• For example, if the cost of raw materials increases, the budget may need to be adjusted to accommodate the higher expenses.

I have generated an average of 50 leads per month.

• Generated an average of 50 leads per month

• Utilized various lead generation strategies such as cold calling, email campaigns, and networking events

• Collaborated with marketing team to create targeted lead generation campaigns

To record a sale with half proceeds in cash and half in credit, create two entries. To record purchase returns, debit the purchase returns account and credit the accounts payable account.

• Create two entries for the sale, one for the cash received and one for the credit sale

• Debit the cash account and credit the sales account for the cash received

• Debit the accounts receivable account and credit the sales account for the credit sale

• To record purchase returns, debit the purchase r...read more

Trade payables are shown as a liability on the balance sheet. Interest liability may accrue for delays in payment.

• Trade payables are recorded as a current liability on the balance sheet, representing amounts owed to suppliers for goods or services purchased on credit.

• Interest liability for delays in payment may arise if there are specific terms in the supplier contracts or agreements.

• The interest liability would be recorded as an additional expense on the income statement.

• For...read more

When goods are returned after a sale, the entry in the books of accounts is a debit to the Sales Returns account and a credit to the Accounts Receivable account.

• Create a Sales Returns account to record returns

• Debit the Sales Returns account to increase it

• Credit the Accounts Receivable account to decrease it

• Include details of the returned goods in the entry

I identified a discrepancy in inventory valuation and resolved it by conducting a thorough reconciliation process.

• Identified the discrepancy during a routine audit of inventory records

• Conducted a detailed analysis of purchase orders, sales records, and physical inventory counts

• Discovered a misallocation of costs leading to the discrepancy

• Implemented new controls to ensure accurate recording of inventory costs

• Regularly monitored and reconciled inventory records to prevent futu...read more

Inventory lost by theft can be booked as an expense by debiting the inventory loss account and crediting the inventory account.

• Create a journal entry to record the inventory loss

• Debit the inventory loss account to increase the expense

• Credit the inventory account to decrease the inventory value

• Ensure proper documentation and investigation of the theft

• Consider reporting the theft to the authorities and insurance company

To check Google campaign performance against competitors, use Google Ads Auction Insights report.

• Access the Google Ads account and select the campaign to analyze.

• Click on the Campaigns tab and select the Auction Insights option.

• Choose the time period and the competitors to compare against.

• Analyze the data provided in the report, including impression share, average position, and overlap rate.

• Use the insights gained to optimize the campaign and improve performance.

• Consider adju...read more

I analyzed complex sales data to identify trends and improve performance.

• I collected sales data from multiple sources, including CRM and financial reports.

• I used data visualization tools to create charts and graphs for better understanding.

• I identified a correlation between marketing campaigns and sales performance.

• I recommended reallocating resources to focus on successful campaigns.

• The outcome was a significant increase in sales and improved ROI.

• In hindsight, I would have i...read more

Profit and Loss account is a financial statement that shows a company's revenues, expenses, and net income or loss over a specific period.

• It is also known as an income statement.

• It shows the company's financial performance over a specific period.

• The revenue section includes sales, fees, and other income.

• The expense section includes cost of goods sold, salaries, rent, and other expenses.

• The net income or loss is calculated by subtracting expenses from revenue.

• It helps in deter...read more

Stay current with changes in accounting regulations and standards

• Regularly attend accounting seminars and conferences

• Subscribe to accounting journals and newsletters

• Participate in online webinars and courses

• Network with other accounting professionals to discuss updates

• Encourage team members to pursue continuing education and certifications

To draw a budget in comparison with estimate, first identify the differences between the two and adjust accordingly.

• Identify the differences between the budget and estimate

• Adjust the budget to reflect any changes

• Ensure the budget aligns with company goals and objectives

Account Payable is the amount a company owes to its vendors or suppliers for goods or services received but not yet paid for.

• Account Payable is a liability account in the balance sheet.

• It represents the amount owed by the company to its vendors or suppliers.

• It is recorded when the company receives goods or services on credit.

• Example: If a company purchases $10,000 worth of goods on credit from a supplier, the account payable balance will increase by $10,000.

• The balance is red...read more

Direct online ordering solutions are hard to scale in India due to logistical challenges, payment preferences, and trust issues.

• Logistical challenges such as last-mile delivery and infrastructure limitations hinder scalability.

• Payment preferences in India vary widely, with many customers preferring cash on delivery over online payments.

• Trust issues related to online transactions and data security also impact the scalability of direct online ordering solutions.

• Improvements can...read more

Yes, I have experience in calculating IRR, XIRR, and CAGR.

• I have experience in using Excel to calculate financial metrics such as IRR, XIRR, and CAGR.

• I have used these calculations in my previous roles as an Accounts Manager.

• For example, I have calculated the IRR for a project that involved multiple cash flows over a period of several years.

• I am comfortable using Excel functions such as NPV, PV, and RATE to perform these calculations.

• I am also familiar with the concept of tim...read more

The threshold limit and TDS rate vary based on different sections of the Income Tax Act.

• Section 192: TDS on salary income

• Section 194A: TDS on interest income

• Section 194C: TDS on payment to contractors

• Section 194J: TDS on professional or technical services

• Section 195: TDS on payment to non-residents

• Section 206C: TDS on sale of goods

• Section 194H: TDS on commission or brokerage

• Section 194I: TDS on rent

• Section 194IA: TDS on purchase of immovable property

Ecommerce in India refers to the buying and selling of goods and services online. The future of ecommerce in India looks promising with increasing internet penetration and digital adoption.

• Ecommerce in India has seen rapid growth in recent years, driven by factors such as increasing internet penetration, smartphone usage, and digital payment options.

• Major players in the Indian ecommerce market include Amazon, Flipkart, and Paytm Mall.

• The future of ecommerce in India is expect...read more

I have extensive experience with Excel and Pivot Tables.

• I have been using Excel for over 5 years and have created complex spreadsheets for data analysis and reporting.

• I am proficient in using Pivot Tables to summarize and analyze large data sets.

• I have also created macros to automate repetitive tasks and improve efficiency.

• In my previous role, I used Excel and Pivot Tables to track sales data and create reports for management.

To eliminate errors while recording financial documents, one can implement various measures.

• Establishing clear and standardized procedures for recording financial transactions

• Implementing regular checks and audits to ensure accuracy

• Using accounting software with built-in error-checking features

• Providing training and education to staff on proper financial recording practices

• Maintaining proper documentation and record-keeping

• Double-checking all entries before finalizing financi...read more

A GST invoice must have details like supplier name, address, GSTIN, invoice number, date, item details, HSN code, tax rate, and amount.

• Supplier name and address

• GSTIN of the supplier

• Invoice number and date

• Item details and HSN code

• Tax rate and amount

• Place of supply

• Shipping address

• Payment and delivery terms

Finalization of balance sheet involves computation of all taxes, payments, TDS, GST filing, etc.

• Finalization of balance sheet is the process of preparing the final version of the balance sheet after adjusting all the accounts.

• It involves computing all taxes, payments, TDS, GST filing, etc.

• The process ensures that all accounts are accurate and up-to-date.

• It is important for businesses to finalize their balance sheets to get a clear picture of their financial health.

• For example...read more

I maintain regular communication with vendors and clients to ensure timely payments and resolve any issues that may arise.

• Establish clear payment terms with vendors and clients

• Send out invoices promptly and follow up on overdue payments

• Address any discrepancies or disputes in a timely manner

• Negotiate payment plans if necessary to ensure timely payments

• Maintain accurate records of all transactions and communications

Debenture holders are creditors while preference shareholders are part owners of the company.

• Debenture holders are lenders to the company and have no voting rights.

• Preference shareholders are part owners of the company and have voting rights.

• Debenture holders receive a fixed rate of interest while preference shareholders receive a fixed dividend.

• In case of liquidation, debenture holders are paid before preference shareholders.

Implemented ad copy testing, keyword optimization, and landing page improvements to increase CTR and CVR.

• Conducted A/B testing on ad copies to identify high-performing messaging

• Optimized keywords to target relevant audience and improve ad relevance

• Made improvements to landing pages to enhance user experience and increase conversions

Co-education allows for better socialization and understanding between genders, but separate education can provide a more focused learning environment.

• Co-education promotes gender equality and helps in breaking stereotypes.

• Separate education can lead to less distractions and better academic performance in some cases.

• Co-education can help in developing communication and teamwork skills.

• Separate education may cater to specific learning styles and preferences of students.

• Co-educ...read more

Capital gains can be eligible for deductions in income tax.

• Long-term capital gains are taxed at a lower rate than short-term gains.

• Investments in certain sectors like infrastructure and startups may be eligible for tax exemptions.

• Losses from capital gains can be carried forward to offset future gains.

• Tax-saving investments like ELSS can also help in reducing tax liability on capital gains.

Analyze campaign performance metrics and compare against goals to determine if more budget is needed.

• Review key performance indicators (KPIs) such as click-through rate (CTR), conversion rate, and cost per conversion

• Compare KPIs against campaign goals and benchmarks

• Consider the competition and market trends

• Evaluate the impact of increasing the budget on campaign performance

• Use data-driven insights to make informed decisions

Offer promotions, improve ambiance, provide excellent service, and create a loyalty program.

• Offer happy hour specials to attract customers during slow hours

• Create a cozy and inviting atmosphere with comfortable seating and lighting

• Train staff to provide exceptional service and make customers feel welcome

• Implement a loyalty program to reward repeat customers and encourage return visits

Yes, I own a bike and I am an avid cyclist.

• Yes, I own a bike and use it for commuting and recreational purposes.

• I am familiar with bike maintenance and safety practices.

• I have participated in cycling events and races.

To authorize purchase invoice for goods, follow these checklists.

• Verify the purchase order and ensure it matches the invoice.

• Check the quantity and quality of goods received.

• Ensure the prices and discounts are correct.

• Verify the vendor's details and ensure they are accurate.

• Check for any additional charges like taxes and shipping fees.

• Ensure the invoice is properly authorized and approved.

• Match the invoice with the goods received note.

• Ensure the invoice is recorded in the acc...read more

A custom website is built from scratch while a CMS is a pre-built platform for website creation and management.

• Custom websites are unique and tailored to specific needs while CMS websites are more standardized.

• Custom websites require more time and resources to build while CMS websites can be created quickly.

• Custom websites offer more flexibility and control over design and functionality while CMS websites have limitations.

• Examples of CMS platforms include WordPress, Drupal, a...read more

The latest notification issued by the GST department is related to the extension of the due date for filing GSTR-3B for the month of May 2021.

• The notification extends the due date for filing GSTR-3B for the month of May 2021 to June 20, 2021.

• Taxpayers with turnover of over Rs. 5 crore in the previous financial year are required to file GSTR-3B by the 20th of the following month.

• The notification also mentions that interest will be charged on the tax liability from the original...read more

The methodology to sell assets purchased two years back involves evaluating current market value, identifying potential buyers, marketing the assets effectively, negotiating prices, and completing the sale transaction.

• Evaluate the current market value of the assets to determine a competitive selling price.

• Identify potential buyers through networking, advertising, or utilizing a broker.

• Market the assets effectively through online platforms, auctions, or direct sales.

• Negotiate ...read more

Input credit in GST can be taken on bills related to business expenses such as office supplies, rent, and professional services.

• Input credit can be taken on bills for goods and services used in the course of business

• Examples include office supplies, rent, professional services, etc.

• Input credit is not available on personal expenses or items used for non-business purposes

Private cloud is preferred when security, compliance, and customization are top priorities.

• Private cloud offers greater control over data and infrastructure

• It is ideal for organizations with strict security and compliance requirements

• Customization options are more flexible in private cloud

• Public cloud is more cost-effective for smaller organizations or those with fluctuating workloads

• Hybrid cloud can offer the best of both worlds, combining the benefits of private and public ...read more

I would approach the client by conducting thorough market research, creating a detailed presentation, and highlighting the unique selling points of the new product.

• Conduct market research to understand the target audience and competition

• Create a detailed presentation outlining the benefits and features of the new product

• Highlight the unique selling points and competitive advantages of the product

• Offer samples or demonstrations to showcase the product's quality and effectivene...read more

Handling large accounts requires strategic planning and effective communication.

• Develop a strong relationship with the client

• Assign a dedicated account manager

• Create a customized plan for the client's needs

• Regularly communicate with the client to ensure satisfaction

• Anticipate and address any potential issues

• Provide exceptional customer service

• Use data analysis to identify opportunities for growth

• Collaborate with other departments to provide comprehensive solutions

Direct costs are expenses that can be directly attributed to a specific product or service, while indirect costs are expenses that cannot be directly linked to a specific product or service.

• Direct costs include raw materials, labor costs, and manufacturing overhead.

• Indirect costs include rent, utilities, and administrative expenses.

• Direct costs are easily traceable to a product or service, while indirect costs are allocated to multiple products or services.

• Direct costs are ty...read more

TDS stands for Tax Deducted at Source. It is a system in which tax is deducted at the time of making payments.

• TDS is a method of collecting tax in India

• It is applicable to various types of payments like salary, rent, interest, etc.

• The person making the payment deducts a certain percentage of tax and deposits it with the government

• TDS ensures regular inflow of tax and reduces the burden of tax collection on the government