10+ Assistant Accountant Executive Interview Questions and Answers

Debit note and credit note are financial documents used to record adjustments in accounts payable and accounts receivable.

• Debit note is issued when a buyer returns goods to a seller or when there is an overcharge in the invoice amount.

• Credit note is issued when a seller returns goods to a buyer or when there is an undercharge in the invoice amount.

• Debit note increases the buyer's accounts payable and decreases the seller's accounts receivable.

• Credit note decreases the buyer's...read more

I am familiar with a variety of T-Codes in SAP, including but not limited to FI, CO, MM, and SD modules.

• I am familiar with T-Codes related to Financial Accounting (FI) such as F-02 (Enter G/L Account Posting) and F-30 (Post with Clearing)

• I am knowledgeable about Controlling (CO) T-Codes like KSB1 (Cost Centers) and KSB2 (Cost Elements)

• I have experience with Material Management (MM) T-Codes like MIGO (Goods Movement) and ME21N (Create Purchase Order)

• I am also familiar with Sal...read more

Accounting fundamentals are the basic principles and concepts that guide the preparation and presentation of financial statements.

• Accounting equation (Assets = Liabilities + Equity)

• Double-entry accounting

• Accrual vs. cash basis accounting

• Revenue recognition principles

• Matching principle

• Conservatism principle

• Historical cost principle

• Materiality principle

Accounts payable is the amount of money a company owes to its suppliers or vendors for goods or services purchased on credit.

• Accounts payable represents the short-term debt a company owes to its suppliers.

• It is listed as a liability on the company's balance sheet.

• Accounts payable is typically paid within a certain period, often 30, 60, or 90 days.

• Examples include invoices from suppliers for inventory purchases, utilities, or services rendered.

• Managing accounts payable effecti...read more

PTP Process stands for Procure-to-Pay Process, which involves the entire cycle of purchasing goods or services, receiving them, and paying for them.

• PTP Process starts with the creation of a purchase order (PO) based on the requirements of the organization.

• Once the goods or services are received, the receiving department matches the received items with the PO to ensure accuracy.

• After verification, the invoice is processed for payment, which involves approval from relevant stak...read more

Provision for bad debts is an estimated amount set aside by a company to cover potential losses from customers who may not pay their debts.

• Provision for bad debts is recorded as a contra asset account on the balance sheet.

• It is typically calculated as a percentage of accounts receivable or based on historical data of bad debts.

• The entry for provision for bad debts involves debiting the bad debt expense account and crediting the provision for bad debts account.

• For example, if ...read more

P2P cycle stands for Procure to Pay cycle, which is the process of obtaining goods or services from a vendor and paying for them.

• P2P cycle involves requisitioning, purchasing, receiving, and paying for goods or services.

• It starts with a purchase requisition, followed by purchase order creation, goods receipt, invoice verification, and payment processing.

• Efficient P2P cycle management helps in controlling costs, improving vendor relationships, and ensuring timely payments.

• Exam...read more

My current CTC is $50,000 per year.

• My current CTC is $50,000 per year

• I am currently earning $50,000 annually

• My current salary package is $50,000 per annum

A pivot table in MS Excel is a powerful tool used to summarize and analyze large amounts of data.

• Pivot tables allow you to reorganize and summarize selected columns and rows of data in a spreadsheet.

• You can easily create pivot tables by selecting the data you want to analyze and then inserting a pivot table.

• Pivot tables can help you quickly analyze trends, patterns, and relationships within your data.

• You can also use pivot tables to create charts and graphs based on your summ...read more