600+ Executive Accountant Interview Questions and Answers

This is a journal entry for a purchase transaction where the GST is also included.

• The purchase account is debited for the cost of the item purchased.

• The GST account is also debited for the amount of GST paid.

• The party name account is credited for the total amount paid.

• For example, if the purchase cost is $100 and the GST rate is 10%, the journal entry would be: Purchase DR $100, GST DR $10, Party Name CR $110.

I am most familiar with Python and SQL.

• Identify the symptoms of the crashing program

• Check for any error messages or logs

• Review the code for any syntax or logical errors

• Debug the program by using breakpoints or print statements

• Test the program with different inputs to reproduce the crash

• Analyze the crash dump or core dump if available

• Research and consult relevant documentation or online resources

• Collaborate with team members or developers for assistance

The shortcut button for receipt and sales is Ctrl + R.

• The shortcut button for receipt and sales is Ctrl + R.

• Pressing Ctrl + R will open the receipt and sales window.

• This shortcut is commonly used in accounting software like QuickBooks or Excel.

• It allows for quick access to the receipt and sales functions, saving time and improving efficiency.

I regularly use SQL in my work as an Executive Accountant.

• SQL is used for managing and querying databases

• I write SQL queries to extract and analyze financial data

• Examples: SELECT, INSERT, UPDATE, DELETE statements

Accounts executives are responsible for managing financial transactions, preparing financial reports, and ensuring compliance with accounting regulations.

• Managing financial transactions

• Preparing financial reports

• Ensuring compliance with accounting regulations

• Developing and implementing accounting policies and procedures

• Analyzing financial data and providing insights to management

• Managing accounts payable and receivable

• Preparing budgets and financial forecasts

• Assisting with au...read more

Double entry is an accounting principle where every debit entry must have a corresponding credit entry.

• Double entry is a fundamental accounting concept where every transaction has equal and opposite effects on at least two accounts.

• For example, when recording a sale, revenue is credited and accounts receivable or cash is debited.

• The journal entry for GST would involve debiting the GST receivable or payable account and crediting the corresponding tax liability account.

• Similarl...read more

Scrap value in accounting refers to the residual value of an asset at the end of its useful life.

• Scrap value is the amount that an asset can be sold for after it has been fully depreciated.

• It is also known as salvage value or residual value.

• Scrap value is used to calculate depreciation expense for an asset.

• For example, if a company buys a machine for $10,000 and expects it to have a useful life of 5 years, the scrap value might be estimated at $1,000. This means that the comp...read more

Stock management can be efficiently managed using Excel and software.

• Create a spreadsheet to track inventory levels, sales, and purchases.

• Use formulas to calculate reorder points and safety stock levels.

• Utilize data analysis tools to identify trends and optimize inventory levels.

• Consider using specialized inventory management software for more complex operations.

• Regularly update and reconcile inventory records to ensure accuracy.

Yes, I have experience in cash handling.

• I have worked as a cashier at a retail store for 2 years.

• I have also handled cash transactions as part of my previous job as an Accounts Assistant.

• I am familiar with handling cash, counting money, and ensuring accuracy in transactions.

I have a strong foundation in accounting principles and practices.

• I have a degree in accounting and have worked in the field for 3 years.

• I am proficient in using accounting software such as QuickBooks and Xero.

• I have experience in preparing financial statements, managing accounts payable and receivable, and reconciling bank statements.

• I keep up-to-date with changes in accounting standards and regulations.

• I am able to analyze financial data and provide insights to management f...read more

Use the VLOOKUP formula to retrieve data from a table based on a specified value.

• VLOOKUP is a function in Excel used to search for a value in the first column of a table and retrieve a corresponding value from another column.

• The formula syntax is: =VLOOKUP(lookup_value, table_array, col_index_num, [range_lookup])

• lookup_value is the value to search for, table_array is the range of cells that contains the data, col_index_num is the column number from which to retrieve the data,...read more

GST is a tax levied on the supply of goods and services in India, while TDS is a tax deducted at source on certain types of payments.

• GST stands for Goods and Services Tax, which is a comprehensive indirect tax levied on the supply of goods and services in India.

• It was implemented in India on July 1, 2017, replacing multiple indirect taxes like VAT, excise duty, and service tax.

• GST is categorized into Central GST (CGST), State GST (SGST), and Integrated GST (IGST) depending on...read more

The journal entry for machinery purchase involves debiting Machinery account and crediting Cash or Accounts Payable account.

• Debit Machinery account for the cost of the machinery

• Credit Cash account if paid in cash or Accounts Payable account if purchased on credit

• Example: Debit Machinery $10,000, Credit Cash $10,000

Digital marketing focuses on online channels to promote products/services, while sales involves direct interaction with customers to generate revenue.

• Digital marketing uses online platforms like social media, email, and websites to reach target audiences.

• Sales involves face-to-face interactions, phone calls, and emails to persuade customers to make a purchase.

• Digital marketing aims to create brand awareness and generate leads, while sales focuses on closing deals and generati...read more

Zero and 0% in terms of GST are not the same. Zero-rated supplies are taxable but at 0% rate, while exempt supplies are not taxable at all.

• Zero-rated supplies are taxable but at 0% rate

• Exempt supplies are not taxable at all

• Zero-rated supplies include exports and certain food items

• Exempt supplies include healthcare and education services

Account golden rules are basic principles of accounting that help in maintaining accurate financial records.

• There are three golden rules of accounting: Debit the receiver, Credit the giver; Debit what comes in, Credit what goes out; Debit expenses and losses, Credit income and gains.

• These rules are used to record transactions in the journal and ledger.

• For example, if a company receives cash from a customer, the entry would be: Debit Cash (what comes in), Credit Accounts Recei...read more

Cash basis accounting records transactions when cash is received or paid, while accrual basis accounting records transactions when they occur.

• Cash basis accounting is simpler and easier to maintain than accrual basis accounting.

• Accrual basis accounting provides a more accurate picture of a company's financial health.

• Cash basis accounting is commonly used by small businesses, while accrual basis accounting is used by larger businesses.

• In cash basis accounting, revenue is recog...read more

Bookkeeping is the process of recording financial transactions, while a balance sheet is a financial statement that shows a company's assets, liabilities, and equity at a specific point in time.

• Bookkeeping involves recording financial transactions such as sales, purchases, receipts, and payments.

• It is important for businesses to keep accurate and up-to-date records for tax purposes and to make informed financial decisions.

• A balance sheet is a snapshot of a company's financial...read more

Fair value is the estimated price at which an asset or liability would be exchanged between knowledgeable and willing parties in an arm's length transaction.

• Fair value is used in accounting to determine the value of assets and liabilities on a company's balance sheet.

• It is based on market prices or other objective measures of value.

• Fair value is important for financial reporting and decision-making.

• Examples of assets that may be valued at fair value include stocks, bonds, and...read more

GST is a comprehensive indirect tax levied on the supply of goods and services.

• GST is a value-added tax that is levied on the final consumer.

• It is a single tax that replaces multiple indirect taxes like VAT, excise duty, service tax, etc.

• GST is levied on both goods and services, whereas sales tax is only levied on goods.

• GST is a destination-based tax, which means that the tax is collected by the state where the goods or services are consumed.

• GST has different tax rates for di...read more

GST stands for Goods and Services Tax. It is a consumption-based tax levied on the supply of goods and services.

• GST is an indirect tax that replaced multiple indirect taxes in India.

• It was implemented on 1st July 2017.

• GST is levied at every stage of the supply chain, from the manufacturer to the consumer.

• It aims to simplify the tax structure, reduce tax evasion, and promote ease of doing business.

• There are four main GST tax rates in India: 5%, 12%, 18%, and 28%.

• GST has differ...read more

Payroll is the process of calculating and distributing employee salaries, inter company reconciliation involves matching transactions between different company entities, and branch reconciliation is the process of ensuring financial records match between a company's main office and its branches.

• Payroll involves calculating salaries, deductions, and taxes for employees.

• Inter company reconciliation involves matching transactions between different entities within the same compan...read more

PF is calculated as 12% of an employee's basic salary and dearness allowance.

• PF is calculated as 12% of an employee's basic salary and dearness allowance.

• Both the employer and employee contribute equally to the PF account.

• The total PF contribution is 24% of the employee's basic salary and dearness allowance.

Yes, I have knowledge of Macro, VLookup, and Advance Excel.

• I have experience using macros to automate repetitive tasks in Excel.

• I am proficient in using VLookup to search for specific data in large datasets.

• I have advanced Excel skills, including pivot tables, conditional formatting, and data validation.

• I am familiar with other Excel functions such as IF, SUMIF, COUNTIF, and INDEX/MATCH.

• I have used Excel to create complex financial models and analyze large datasets.

• I am const...read more

Yes, I have experience in accounting with ERP software like Zoho and Microsoft Dynamics.

• I have worked extensively with Zoho for managing financial transactions and generating reports.

• I am proficient in using Microsoft Dynamics for budgeting and forecasting.

• I have also used ERP Next for inventory management and cost control.

We will manage all payments and staff records through a comprehensive accounting software system.

• Implementing an accounting software system to track and manage all payments and staff records

• Creating a centralized database to store and organize payment and staff information

• Establishing clear processes and procedures for recording and updating payment and staff records

• Regularly reconciling payment records with bank statements to ensure accuracy

• Implementing strong security measu...read more

To prepare a final account, gather all financial transactions, record them in the ledger, create a trial balance, adjust entries, prepare financial statements, and close the books.

• Gather all financial transactions and record them in the ledger

• Create a trial balance to ensure that debits and credits are equal

• Make adjusting entries to account for accrued expenses, prepaid expenses, depreciation, and other adjustments

• Prepare financial statements such as the income statement, bal...read more

Accounts receivable is money owed to a company by its customers, while accounts payable is money a company owes to its suppliers.

• Accounts receivable is an asset on a company's balance sheet

• Accounts payable is a liability on a company's balance sheet

• Accounts receivable represents sales that have been made but not yet collected

• Accounts payable represents purchases that have been made but not yet paid for

• Examples of accounts receivable include outstanding invoices from customers...read more

The shortcut key to create a new ledger in Tally Prime is Alt + C.

• Press Alt + C to open the create ledger screen

• Enter the details for the new ledger such as name, group, and opening balance

• Save the new ledger by pressing Enter or Ctrl + A

An accounts executive is responsible for managing financial transactions, preparing financial reports, and ensuring compliance with accounting regulations.

• Managing financial transactions

• Preparing financial reports

• Ensuring compliance with accounting regulations

• Maintaining accurate financial records

• Assisting with budget preparation

• Analyzing financial data

• Communicating financial information to management

• Collaborating with other departments

• Providing support for audits

• Identifying ...read more

I am an experienced Executive Accountant with expertise in compliance and TDS section.

• I have a strong background in accounting and finance.

• I have extensive knowledge of compliance regulations and deadlines.

• I am well-versed in TDS (Tax Deducted at Source) section and its implications.

• I have successfully managed compliance audits and ensured adherence to legal requirements.

• I have prepared and filed TDS returns accurately and on time.

• I have experience in handling TDS deductions ...read more

Bookkeeping involves recording financial transactions, not limited to Tally or specific entries.

• Bookkeeping is the process of recording financial transactions of a business.

• It involves maintaining accurate records of all financial transactions, including sales, purchases, receipts, and payments.

• Bookkeeping is not limited to any specific software or entries, but can be done manually or using various accounting software.

• It helps in keeping track of the financial health of a bus...read more

I am a dedicated and experienced Account's executive. BRS stands for Bank Reconciliation Statement. Accounting is the process of recording financial transactions. Golden rules are basic principles of accounting.

• BRS is a statement that reconciles the bank balance as per company records with the bank statement.

• Accounting involves recording, summarizing, and analyzing financial transactions of a business.

• Golden rules of accounting include Debit what comes in, Credit what goes ou...read more

Sundry debtors are customers who owe money to the company while sundry creditors are suppliers to whom the company owes money.

• Sundry debtors are accounts receivable and represent the money owed to the company by its customers.

• Sundry creditors are accounts payable and represent the money owed by the company to its suppliers.

• Sundry debtors and sundry creditors are usually short-term in nature and are settled within a year.

• Examples of sundry debtors include customers who have pu...read more

Yes, I have completed advanced taxation courses and studies.

• I have completed courses in advanced tax planning strategies

• I have studied complex tax laws and regulations

• I have practical experience in preparing tax returns for high-net-worth individuals and businesses

To find payable and receivable amounts, review financial statements, invoices, and payment records.

• Review financial statements such as balance sheets and income statements to identify payable and receivable amounts.

• Examine invoices and purchase orders to determine the amount owed to suppliers (payable) or owed by customers (receivable).

• Check payment records and bank statements to track incoming and outgoing payments.

• Utilize accounting software or systems to generate reports a...read more

I reconcile bank statements by comparing the transactions on the statement with my records.

• Obtain the bank statement and compare it with your records

• Check for any discrepancies or errors

• Adjust your records accordingly

• Ensure that the ending balance on the statement matches your records

• Document the reconciliation process for future reference

The due date for filing GSTR 3B varies depending on the turnover of the taxpayer.

• For taxpayers with an annual turnover of up to 5 crore INR, the due date is the 20th of the following month.

• For taxpayers with an annual turnover exceeding 5 crore INR, the due date is the 22nd of the following month.

• Late fees and penalties may apply for delayed filing.

• For example, if the turnover is less than 5 crore INR, the due date for filing GSTR 3B for the month of January would be February...read more

Provision entry is passed in month end to account for expenses incurred but not yet paid.

• To ensure accurate financial statements

• To avoid understating expenses

• To comply with accounting standards

• To facilitate budgeting and forecasting

TDS sections for salary and rent explained

• TDS stands for Tax Deducted at Source

• Section 92B applies to salary income and the TDS rate is 10%

• Section 92I applies to rent income and the TDS rate is 1% for rent paid for use of land or building and 2% for rent paid for use of plant/machinery/equipment

• TDS is deducted by the payer and deposited with the government on behalf of the payee

Current CTC refers to the current salary or compensation package of the candidate, while expected CTC is the salary or compensation package the candidate is expecting in the new role.

• Current CTC is the candidate's current salary or compensation package.

• Expected CTC is the salary or compensation package the candidate is expecting in the new role.

• Current CTC helps the employer understand the candidate's current level of remuneration.

• Expected CTC helps the employer assess the ca...read more

I resolved Internal Audit findings by conducting a thorough investigation, developing action plans, and presenting solutions to management.

• Conducted a thorough investigation to understand the root cause of the findings

• Developed action plans to address the issues identified by the audit

• Collaborated with relevant departments to implement corrective measures

• Presented solutions to management and provided regular updates on progress

• Ensured compliance with internal policies and pro...read more

The journal entry for recording credit sales involves debiting accounts receivable and crediting sales revenue.

• Debit accounts receivable to increase the amount owed by customers

• Credit sales revenue to recognize the revenue earned from the sale

• Include any applicable sales tax or discounts in the journal entry

• For example, if a company makes a credit sale of $1,000 with a 5% sales tax, the journal entry would be: Debit Accounts Receivable $1,050, Credit Sales Revenue $1,000, Cre...read more

To claim money from GST, the vendor's failure to pay can be addressed through legal action or debt recovery methods.

• If a vendor fails or is unable to pay GST, legal action can be taken to recover the money.

• Debt recovery methods such as sending reminders, issuing demand letters, or engaging collection agencies can be used.

• If the vendor is insolvent or bankrupt, the claim can be made through the insolvency process.

• To claim Input Tax Credit (ITC), proper documentation and compli...read more

A cash flow statement is a financial statement that shows the inflows and outflows of cash in a company over a specific period of time.

• It provides information about the cash generated from operating activities, investing activities, and financing activities.

• Operating activities include cash received from sales, payment to suppliers, and payment to employees.

• Investing activities include cash used for purchasing or selling assets, such as property, plant, and equipment.

• Financin...read more

Depreciation is the allocation of the cost of an asset over its useful life. Methods include straight-line, double declining balance, and units of production.

• Depreciation is a non-cash expense that reduces the value of an asset over time

• Straight-line method evenly spreads the cost of the asset over its useful life

• Double declining balance method accelerates depreciation in the early years of an asset's life

• Units of production method bases depreciation on the actual usage of th...read more

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

• Accounts payable is a liability on the company's balance sheet.

• It represents the amount owed by the company to its creditors.

• Accounts payable typically includes invoices from suppliers for raw materials, services, or other expenses.

• It is important for companies to manage their accounts payable effectively to maintain good relationships with suppliers and a...read more