600+ Executive Accountant Interview Questions and Answers

The process of accounts executive involves managing financial transactions, preparing financial reports, and ensuring compliance with regulations.

• Recording financial transactions

• Preparing financial statements and reports

• Managing accounts payable and receivable

• Ensuring compliance with financial regulations

• Analyzing financial data to identify trends and opportunities

• Communicating financial information to stakeholders

Sales invoicing in Excel format for submission and booking in Oracle R12.

• Create sales invoices in Excel with all necessary details such as customer name, invoice number, date, products/services sold, quantities, prices, etc.

• Ensure accuracy and completeness of data before submission.

• Use Oracle R12 to book the sales invoices into the system for proper accounting and tracking.

• Verify that the invoices are correctly recorded in Oracle R12 to reflect accurate financial information....read more

GAAP account rules refer to the generally accepted accounting principles that dictate how financial transactions should be recorded and reported.

• GAAP account rules ensure consistency and transparency in financial reporting

• They provide guidelines on how to classify, record, and report financial transactions

• Examples include the matching principle, revenue recognition principle, and historical cost principle

Matching invoices with purchase orders and receiving reports to ensure accuracy in vendor payments and resolving discrepancies through debit and credit notes.

• 2 way matching involves matching the invoice with the purchase order to ensure the correct items and quantities were received.

• 3 way matching involves matching the invoice with the purchase order and receiving report to ensure all aspects align.

• Vendor reconciliation involves comparing the vendor's records with the company...read more

TDS deducted on contractors varies depending on the type of payment and the nature of the contract.

• TDS rate on contractor payments can range from 1% to 10% depending on the type of contract and payment amount.

• For example, TDS rate on payment for work contract is 2%, while TDS rate on payment for advertising contract is 1%.

• TDS rate on contractor payments for individual contractors is usually higher than for corporate contractors.

• It is important to check the specific TDS rates ...read more

I identify differences in account entries by comparing the amounts, dates, descriptions, and account codes.

• Compare the amounts in the entries to see if they match

• Check the dates of the entries to ensure they are correct

• Review the descriptions of the entries for any discrepancies

• Verify that the account codes are accurate for each entry

Bonds and shares are types of securities issued by companies to raise capital. Corporate actions refer to events that impact shareholders.

• Types of bonds include government bonds, corporate bonds, and municipal bonds.

• Types of shares include common shares and preferred shares.

• Corporate actions include dividends, stock splits, mergers, acquisitions, and rights issues.

Yes, I am familiar with petty cash transactions.

• Petty cash transactions refer to small cash payments made for miscellaneous expenses.

• These transactions are typically recorded in a petty cash book or log.

• Examples of petty cash transactions include reimbursing employees for office supplies, paying for small repairs, or covering minor travel expenses.

• Proper documentation and reconciliation of petty cash transactions are essential to maintain accurate financial records.

I have over 5 years of experience in managing accounts for FMCG companies, including budgeting, forecasting, and financial analysis.

• Managed accounts payable and receivable for a leading FMCG company

• Prepared monthly financial reports and analyzed variances to budget

• Implemented cost-saving measures resulting in a 10% reduction in expenses

• Collaborated with cross-functional teams to streamline financial processes

Fundamental principles of accounting include consistency, relevance, reliability, comparability, and materiality.

• Consistency: Accounting methods and procedures should be consistent over time to allow for accurate comparisons.

• Relevance: Information should be relevant and useful for decision-making purposes.

• Reliability: Financial information should be reliable and trustworthy.

• Comparability: Financial statements should be comparable to allow for meaningful analysis.

• Materiality: ...read more

Yes, I can work in ERP software.

• I have experience working with various ERP software such as SAP, Oracle, and Microsoft Dynamics.

• I am proficient in using ERP modules for financial management, inventory control, and reporting.

• I have successfully implemented ERP systems in previous roles, streamlining processes and improving efficiency.

• I am comfortable navigating through ERP interfaces and performing tasks like data entry, generating reports, and analyzing financial data.

• I stay ...read more

Short cut keys for MS Word and Excel

• Ctrl + C: Copy

• Ctrl + V: Paste

• Ctrl + X: Cut

• Ctrl + Z: Undo

• Ctrl + Y: Redo

• Ctrl + B: Bold

• Ctrl + I: Italic

• Ctrl + U: Underline

• Ctrl + S: Save

• Ctrl + P: Print

A sales invoice is a document that records the details of a sale transaction.

• Include the seller's information, such as name, address, and contact details.

• Include the buyer's information, such as name, address, and contact details.

• Include the invoice number, date, and payment terms.

• List the items sold, including their descriptions, quantities, and prices.

• Calculate the subtotal, any applicable taxes, and the total amount due.

• Include any additional information, such as shipping ...read more

IND AS 2 is an accounting standard that deals with inventories and their valuation.

• IND AS 2 provides guidelines for the measurement and valuation of inventories.

• It requires inventories to be measured at the lower of cost and net realizable value.

• The standard also provides guidance on the cost formulas that can be used to determine the cost of inventories, such as FIFO and weighted average cost.

• The valuation of inventories is important as it affects the financial statements an...read more

PO invoices are generated against a purchase order while non-PO invoices are not associated with a purchase order.

• PO invoices are generated when a purchase order is created for goods or services.

• Non-PO invoices are not associated with a purchase order.

• PO invoices require a matching process to ensure that the goods or services have been received and are in accordance with the purchase order.

• Non-PO invoices do not require a matching process.

• PO invoices are typically used for la...read more

AP invoices refer to accounts payable invoices, which are bills or invoices received from vendors or suppliers for goods or services purchased on credit.

• AP invoices are a crucial part of the accounts payable process.

• They represent the amount owed by a company to its vendors or suppliers.

• AP invoices typically include details such as the vendor's name, invoice number, date, description of goods or services, quantity, unit price, and total amount.

• These invoices are recorded in t...read more

Yes, I am comfortable with morning shifts.

• I am a morning person and perform my best during the early hours of the day.

• I have previous experience working morning shifts and have adapted well to the schedule.

• I understand the importance of being available and ready to work during business hours.

• I am flexible and can adjust my sleep schedule accordingly to ensure I am well-rested for morning shifts.

A journal entry of purchase records the acquisition of goods or services by a company.

• Debit the asset account for the cost of the purchase

• Credit the accounts payable account for the same amount

• If the purchase was made with cash, credit the cash account instead of accounts payable

• Include any applicable taxes or discounts in the journal entry

• Example: Debit Inventory for $1,000, Credit Accounts Payable for $1,000

Criteria to convince an individual for tax include explaining the benefits of paying taxes, consequences of not paying, and the importance of contributing to society.

• Explain the benefits of paying taxes, such as funding public services like education, healthcare, and infrastructure.

• Highlight the consequences of not paying taxes, such as legal penalties, fines, and potential imprisonment.

• Emphasize the importance of contributing to society through taxes, as it helps maintain a ...read more

I have processed various types of invoices including sales invoices, purchase invoices, and expense invoices.

• Sales invoices

• Purchase invoices

• Expense invoices

To preview a bill in Tally Prime, go to the display menu and select the voucher register.

• Open Tally Prime and login to your account.

• Click on the 'Display' menu at the top of the screen.

• Select 'Voucher Register' from the options.

• Choose the appropriate voucher type for the bill you want to preview.

• Scroll through the list to find the bill you want to preview.

• Click on the bill to view its details and preview the bill.

I have 5 years of experience in the Diamonds market.

• I have worked in the Diamonds market for 5 years.

• During my time in the industry, I have gained extensive knowledge about diamonds and their market trends.

• I have successfully managed accounts related to diamond trading and sales.

• I have built strong relationships with diamond suppliers and clients.

• I am familiar with the pricing, grading, and certification processes of diamonds.

Legal compliances refer to the adherence to laws, regulations, and standards set by governing bodies.

• Legal compliances ensure that businesses operate within the boundaries of the law

• They include adherence to tax laws, labor laws, environmental laws, and more

• Non-compliance can result in legal penalties, fines, and damage to a company's reputation

• Examples of legal compliances include GDPR, HIPAA, and SOX

• Regular audits and assessments are necessary to ensure compliance

TDS journal entry is a process of recording tax deducted at source in the books of accounts.

• Identify the TDS amount to be recorded

• Create a journal entry with TDS as the debit account and the relevant expense or vendor account as the credit account

• Enter the TDS amount and relevant details such as TDS certificate number and date

• Post the journal entry to the general ledger

• Reconcile the TDS amount with the TDS certificate received from the deductor

Excel spreadsheet formats include XLSX, XLS, CSV, and more.

• Excel spreadsheet formats include XLSX, XLS, CSV, XLSM, XLSB, XLTX, XLTM, XLSX, XLSM, XLSB, XLT, XLAM, XLA, XLW, and more.

• XLSX is the default format for Excel files created in Excel 2007 and later versions.

• XLS is the older format used by Excel 2003 and earlier versions.

• CSV (Comma-Separated Values) is a common format for exchanging data between different systems.

• XLSM and XLSB are macro-enabled formats.

• XLTX and XLTM are...read more

Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions of a business.

• Accounting involves recording financial transactions such as sales, purchases, and expenses.

• It also includes summarizing and analyzing the financial data to prepare financial statements like balance sheets and income statements.

• Accounting helps in providing insights into the financial health of a business and making informed decisions.

• There are different branches...read more

The question is testing your knowledge of Excel functions and features commonly used in accounting.

• Subtotal function is used to calculate subtotals in a list of data.

• Sum If function adds up values based on a specified condition.

• Pivot Table is a powerful tool for summarizing and analyzing data.

• Conditional Formatting allows you to highlight cells based on certain criteria.

• V-Lookup is used to search for a value in a table and return a corresponding value.

• Index-Match is an altern...read more

Balance sheet shows assets, liabilities, and equity at a specific point in time. Profit and loss shows revenues, expenses, and net income over a period.

• Balance sheet is a financial statement that shows a company's assets, liabilities, and equity at a specific point in time.

• Profit and loss statement (P&L) is a financial statement that shows a company's revenues, expenses, and net income over a specific period.

• Balance sheet helps assess a company's financial health and liquidit...read more

Two way matching and three way matching are methods used in accounting to ensure accuracy in financial transactions.

• Two way matching involves comparing the invoice from a vendor with the purchase order to ensure the prices and quantities match.

• Three way matching adds the additional step of comparing the received goods to the purchase order and invoice to ensure all three documents match.

• These matching processes help prevent errors, fraud, and discrepancies in financial record...read more

Bank reconciliation statement is a document that compares the bank statement with the company's records.

• It helps to identify any discrepancies between the two records.

• It includes items such as deposits in transit, outstanding checks, and bank errors.

• The goal is to ensure that the company's records match the bank's records.

• It is an important tool for detecting fraud or errors in accounting.

• Example: If a company records a check as being cashed, but the bank statement shows that...read more

Accounting principles and concepts

• Accounting principles are the rules and guidelines that govern the preparation and presentation of financial statements.

• Accounting concepts are the basic assumptions and ideas that underlie the accounting process.

• Some important accounting principles include the principle of conservatism, the principle of materiality, and the principle of consistency.

• Accounting concepts such as the entity concept, the going concern concept, and the matching co...read more

Accounting Standards and Conventions are guidelines and principles that govern the preparation and presentation of financial statements.

• Accounting Standards are rules and regulations set by accounting bodies to ensure consistency and transparency in financial reporting.

• Accounting Conventions are traditions and practices followed by accountants over time.

• Examples of Accounting Standards include IFRS (International Financial Reporting Standards) and GAAP (Generally Accepted Acc...read more

Yes, I have experience handling taxation independently.

• I have worked on tax preparation and filing for multiple clients

• I am familiar with tax laws and regulations

• I have experience communicating with tax authorities

• I am comfortable using tax software and tools

• I have successfully resolved tax-related issues for clients

Yes, I am familiar with purchase sales GST, Excel, and Word.

• I have experience in using Excel for data entry and analysis.

• I am proficient in using Word for document creation and editing.

• I have knowledge of purchase and sales GST and its related processes.

Sales voucher entry in Tally is a process of recording sales transactions in the Tally software.

• Open Tally software and select the company for which you want to enter the sales voucher.

• Go to the 'Accounting Vouchers' menu and select 'Sales Voucher'.

• Enter the necessary details such as the date, party name, sales ledger, and amount.

• Provide the details of the items sold, including quantity, rate, and tax information.

• Save the voucher and it will be recorded in the Tally software ...read more

TDS late payment interest is charged at a certain percentage if not paid during the year, affecting the balance sheet.

• TDS stands for Tax Deducted at Source.

• Late payment interest on TDS is charged at a rate of 1% per month or part thereof.

• If TDS is not paid during the year, the interest amount needs to be disclosed as a liability in the balance sheet.

• The interest amount is calculated from the due date of TDS payment until the actual payment date.

• Non-payment or delayed payment ...read more

Accounts receivables are money owed to a company by its customers, while accounts payables are money owed by a company to its suppliers.

• Accounts receivables are assets on a company's balance sheet.

• Accounts payables are liabilities on a company's balance sheet.

• Accounts receivables are generated when a company sells goods or services on credit.

• Accounts payables are generated when a company purchases goods or services on credit.

• Examples of accounts receivables include outstandin...read more

The current GST rate in India is 18%.

• The GST rate was introduced in India on July 1, 2017.

• There are four different GST rates - 5%, 12%, 18%, and 28%.

• The 18% GST rate is applicable to most goods and services.

• Some goods and services are exempt from GST, such as healthcare and education.

• Some goods and services are taxed at a lower rate, such as essential commodities like food items.

• The GST rate is subject to change based on government policies and decisions.

A type of obligation that a company or individual owes to another party.

• Liability refers to the legal obligation to pay debts or fulfill other obligations.

• It can be classified as current or long-term, depending on the time frame for repayment.

• Examples include accounts payable, loans, and taxes owed.

• Liabilities are listed on a company's balance sheet and are an important factor in determining financial health.

Answering questions on balance sheet items and recent trends in GST.

• Balance sheet items include assets, liabilities, and equity.

• Assets can be further classified as current and non-current assets.

• Liabilities can be classified as current and long-term liabilities.

• Equity includes share capital, reserves, and retained earnings.

• Recent trends in GST include the introduction of e-invoicing, simplified returns, and the implementation of the e-way bill system.

• The GST council has also ...read more

TDS stands for Tax Deducted at Source. Principal refers to the original amount of money borrowed or invested.

• TDS is a tax collected by the government at the source of income.

• It is deducted from the payment made to the recipient.

• The rate of TDS varies depending on the type of income and the amount.

• Principal is the original amount of money borrowed or invested.

• It does not include any interest or additional charges.

• For example, if you borrow Rs. 10,000 from a bank, the principal...read more

I expect steady growth in my role as an Executive Accountant, with opportunities for professional development and advancement.

• Expect to take on more responsibilities and projects over time

• Seek opportunities for professional development and training

• Hope to advance to higher levels of leadership within the organization

The company's rules and policies are outlined in the employee handbook and communicated through regular training sessions.

• Company rules and policies are outlined in the employee handbook

• Employees are expected to adhere to the code of conduct and ethical guidelines

• Regular training sessions are conducted to ensure employees are aware of the rules and policies

The GST rate of electronic products in India is 18%.

• GST rate for electronic products in India is 18%

• Some electronic products like smartphones, laptops, and tablets fall under this category

• GST rates may vary for different electronic products based on their classification

I prefer to discuss the salary range for this position with the employer.

• I am open to negotiation based on the job responsibilities and market standards.

• I am looking for a fair compensation package that aligns with my skills and experience.

• I am more interested in the growth opportunities and work culture of the company.

• I am willing to consider other benefits such as health insurance, paid time off, and retirement plans.

Accounts payable is money owed by a company to its suppliers. Accounts receivable is money owed to a company by its customers. RTR stands for Record to Report, PTP stands for Procure to Pay, OTC stands for Order to Cash.

• Accounts payable is the amount a company owes to its suppliers for goods or services received.

• Accounts receivable is the amount of money owed to a company by its customers for goods or services provided.

• RTR (Record to Report) is the process of recording financ...read more

The due date to file TDS varies depending on the type of TDS and the entity's status.

• The due date for filing TDS returns for non-government deductors is typically the 7th of the following month.

• For government deductors, the due date is the last day of the following month.

• However, the due date may differ for specific types of TDS, such as TDS on salary or TDS on rent.

• Late filing of TDS returns may attract penalties and interest.

• It is important to stay updated with the latest n...read more