600+ Executive Accountant Interview Questions and Answers

Yes, I have knowledge about taxation.

• I have studied taxation as a part of my accounting degree.

• I have experience in preparing tax returns for clients.

• I keep myself updated with the latest tax laws and regulations.

• I am familiar with different types of taxes such as income tax, sales tax, and property tax.

• I have worked with tax software such as TurboTax and H&R Block.

• I understand the importance of accurate and timely tax filing to avoid penalties and audits.

I have 2 years of experience working with SAP accounting software.

• Proficient in using SAP FI (Financial Accounting) and CO (Controlling) modules

• Experience in creating and posting journal entries, managing accounts payable and receivable, and generating financial reports

• Familiarity with SAP transaction codes such as FBL3N, FB50, and F-02

• Ability to troubleshoot and resolve issues related to SAP accounting software

• Collaborated with cross-functional teams to ensure accurate and t...read more

TDS payment due date is 7th of next month, TDS return due date varies based on quarter

• TDS payment due date is 7th of the following month in which TDS is deducted

• TDS return due dates are as follows: Q1 - 31st July, Q2 - 31st October, Q3 - 31st January, Q4 - 31st May

• Late filing of TDS returns can attract penalties

I have extensive knowledge and experience in accounting principles, financial analysis, and budgeting.

• Proficient in GAAP and IFRS accounting standards

• Skilled in financial statement analysis and reporting

• Expertise in budget preparation and forecasting

• Experience in managing accounts payable and receivable

• Familiarity with tax laws and regulations

• Ability to use accounting software such as QuickBooks and SAP

Golden rules of accounting are basic principles that guide the recording of financial transactions.

• The first golden rule is the rule of debit and credit.

• The second golden rule is the rule of assets and liabilities.

• The third golden rule is the rule of income and expenses.

• These rules ensure accuracy and consistency in financial reporting.

• For example, if a company purchases inventory on credit, the rule of debit and credit dictates that the inventory account is debited and the a...read more

SUMIFS is a function in Excel used to sum values based on multiple criteria.

• Formula: =SUMIFS(sum_range, criteria_range1, criteria1, [criteria_range2, criteria2], ...)

• Can sum values based on multiple criteria

• Example: =SUMIFS(B2:B10, A2:A10, "apples", C2:C10, ">10")

Zero is important in my life because it represents balance and starting point.

• Zero represents a starting point or baseline in accounting.

• It is used to balance debits and credits in financial statements.

• Zero is also important in budgeting and forecasting as it represents a neutral position.

• In inventory management, zero represents the point at which stock needs to be replenished.

• Zero is crucial in calculating percentages and ratios.

• In mathematics, zero is the foundation of nume...read more

Standard PO is a one-time purchase order for a specific quantity of goods or services, while Blanket PO is a long-term agreement for multiple purchases over a period of time.

• Standard PO is used for one-time purchases of a specific quantity of goods or services.

• Blanket PO is a long-term agreement for multiple purchases over a period of time.

• Standard PO typically has a set expiration date, while Blanket PO may cover multiple deliveries over a period of time.

• Example: Ordering of...read more

Bookkeeping is the recording of financial transactions, while accountancy involves analyzing and interpreting financial data.

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

• Accountancy involves analyzing and interpreting financial data to provide insights and make informed decisions.

• Bookkeeping is the foundation of accountancy, providing the data needed for analysis and interpretation.

• Accountants use various tools and techniques to...read more

AP stands for Accounts Payable, which involves money owed by a company to its suppliers. AR stands for Accounts Receivable, which involves money owed to a company by its customers.

• AP involves outgoing money, while AR involves incoming money

• AP is recorded as a liability on the balance sheet, while AR is recorded as an asset

• AP is managed by the finance department, while AR is managed by the sales department

Annual Return GST is a summary of all transactions made during the financial year for GST purposes.

• Annual Return GST is filed by registered taxpayers to provide details of their income, expenses, and GST liability for the year.

• It includes information on sales, purchases, input tax credit claimed, and output tax payable.

• The return is filed online through the GST portal and must be submitted by the due date to avoid penalties.

• It helps the tax authorities in reconciling the tax ...read more

TDS filling last date is the deadline for submitting TDS returns to the government.

• TDS stands for Tax Deducted at Source.

• The last date for TDS filling is usually 31st July of the assessment year.

• Late filing can result in penalties and interest.

• TDS filling can be done online through the government's e-filing portal.

• TDS filling is mandatory for individuals and companies who have deducted TDS.

• The last date for TDS filling can be extended by the government in certain cases.

Bank guarantee is a type of financial instrument issued by a bank on behalf of a customer to ensure payment to a third party.

• Bank guarantee is a form of security provided by a bank to a beneficiary.

• It is commonly used in international trade to ensure payment for goods or services.

• The bank guarantee is a commitment by the bank to pay a specified amount if the customer fails to fulfill their obligations.

• There are different types of bank guarantees, such as performance guarantee...read more

I have 5 years of experience in accounts.

• I have worked as an Accounts Executive for 5 years.

• During this time, I have handled various accounting tasks such as bookkeeping, accounts payable and receivable, and financial reporting.

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

• I have also assisted in the preparation of tax returns and audits.

• I am constantly updating my knowledge and skills in accounting through attending seminars and workshops.

There are various types of accounts such as savings, current, fixed deposit, recurring deposit, etc.

• Savings account: Used for regular transactions and earns interest

• Current account: Used for business transactions and does not earn interest

• Fixed deposit account: A lump sum amount is deposited for a fixed period of time and earns higher interest

• Recurring deposit account: A fixed amount is deposited at regular intervals for a fixed period of time and earns interest

• Demat account:...read more

There are two types of debit notes - commercial and financial.

• Commercial debit notes are issued when goods are returned or when there is a price difference in the invoice.

• Financial debit notes are issued when there is an error in the billing or when there is a delay in payment.

• Commercial debit notes are used in trade and commerce, while financial debit notes are used in accounting and finance.

• Debit notes are used to inform the other party of the amount that needs to be debite...read more

Accounts refer to financial records of a company while GST is a tax levied on goods and services.

• Accounts involve recording financial transactions, preparing financial statements, and analyzing financial data.

• GST is a value-added tax levied on the supply of goods and services.

• GST has replaced multiple indirect taxes like VAT, excise duty, and service tax.

• GST has different rates for different goods and services, such as 5%, 12%, 18%, and 28%.

• Accounts and GST are closely relate...read more

Render refers to creating an image or video from a 3D model, while Minda is a Japanese automotive parts manufacturer.

• Render is a term used in computer graphics to create a 2D image or video from a 3D model.

• Minda is a Japanese company that manufactures automotive parts such as switches, horns, and lamps.

• Render is a verb, while Minda is a proper noun.

• Render is commonly used in the film and video game industries, while Minda is specific to the automotive industry.

PO stands for Purchase Order. To invoice an order, match the PO number on the invoice with the corresponding PO number on the order.

• PO stands for Purchase Order, which is a document issued by a buyer to a seller indicating the type, quantity, and agreed upon price for products or services.

• To invoice an order, the supplier must match the PO number on the invoice with the corresponding PO number on the order to ensure accurate billing.

• Invoices should include details such as the...read more

A proforma invoice is a preliminary bill of sale sent to buyers in advance of a shipment or delivery of goods.

• It is not a legally binding document

• It includes details such as quantity, description, and price of goods

• It is used to provide an estimate of the cost of goods to the buyer

• It is often used in international trade to comply with customs regulations

• It can be used to secure financing or payment from a bank

Functions are not created in purchase book.

• Functions are not related to purchase book.

• Purchase book is a record of all purchases made by a company.

• Functions are created in programming languages to perform specific tasks.

Auditing is the process of evaluating a company's financial records to ensure accuracy and compliance with laws and regulations.

• Auditing involves examining financial statements, records, and transactions to verify their accuracy and compliance with laws and regulations.

• Auditors assess internal controls and procedures to identify any potential risks or errors in financial reporting.

• Auditing can be done internally by a company's own employees or externally by independent third-...read more

Basics of accounting include recording financial transactions, preparing financial statements, and analyzing financial information.

• Recording financial transactions: Keeping track of all money coming in and going out of a business.

• Preparing financial statements: Summarizing financial activities in reports like balance sheets and income statements.

• Analyzing financial information: Interpreting data to make informed business decisions.

• Examples: Recording a sale in the ledger, cre...read more

The golden rule of accounting is to debit the receiver and credit the giver.

• Debit the receiver, credit the giver

• Assets = Liabilities + Equity

• Every transaction has equal debits and credits

Tally Prime is a business accounting software that helps in managing financial transactions, inventory, and payroll.

• Tally Prime is a comprehensive accounting software used by businesses to record financial transactions.

• It helps in managing inventory by tracking stock levels, orders, and deliveries.

• Tally Prime also includes features for payroll management, budgeting, and financial reporting.

• The software is user-friendly and customizable to suit the specific needs of different ...read more

Basic principles of accounting include double-entry system, matching principle, and accrual basis accounting. Heads of income refer to different sources of revenue. ITR firms are tax consulting firms.

• Basic principles of accounting: double-entry system, matching principle, and accrual basis accounting

• Heads of income: salary, interest, rent, capital gains, etc.

• ITR firms: tax consulting firms that help individuals and businesses file their income tax returns

Yes, I can travel within a city.

• I am familiar with the city's transportation system.

• I have a valid driver's license and access to a vehicle.

• I am comfortable using ride-sharing services like Uber or Lyft.

• I am willing to navigate public transportation if necessary.

• I am able to plan and coordinate travel routes efficiently.

Yes, I have knowledge of Tally Prime.

• I have worked with Tally Prime for over 2 years.

• I am proficient in creating and managing accounts, generating invoices, and preparing financial statements using Tally Prime.

• I have also trained new employees on how to use Tally Prime effectively.

The entry for sales is a record of a transaction where a product or service is sold to a customer.

• The entry should include the date of the sale.

• It should specify the product or service sold and its quantity.

• The entry should include the price or total amount of the sale.

• It may also include any applicable discounts or taxes.

• Here's an example: Date: 2021-05-15, Product: Widget A, Quantity: 10, Price: $100, Total: $1000

GSTR 1 and 3B are two types of GST returns that businesses in India need to file regularly.

• GSTR 1 is a monthly or quarterly return that contains details of all outward supplies made by a business.

• GSTR 3B is a monthly return that summarizes the details of inward and outward supplies, and the tax liability of a business.

• Both returns are mandatory for businesses registered under GST in India.

• GSTR 1 needs to be filed by the 10th of every month, while GSTR 3B needs to be filed by ...read more

GST is a tax system implemented in India to replace multiple indirect taxes. GSTR-3B filling date is the 20th of every month.

• GST stands for Goods and Services Tax

• It is a single tax system that replaced multiple indirect taxes in India

• It was implemented on July 1, 2017

• GSTR-3B is a monthly return that needs to be filed by registered taxpayers

• The due date for GSTR-3B filing is the 20th of every month

Yes, I am familiar with Excel formulas.

• I have experience using various Excel formulas such as VLOOKUP, SUMIF, COUNTIF, and IFERROR.

• I am able to create complex formulas to manipulate and analyze data.

• I am comfortable using Excel functions to perform calculations and generate reports.

• I have used Excel to create financial models and projections.

• I am always willing to learn new formulas and techniques to improve my skills.

The question asks to draw a table with 6 rows and 4 columns.

• Draw a rectangle with 6 horizontal lines and 4 vertical lines

• Label the rows and columns if necessary

• Ensure the table is neat and organized

• Use a ruler or straight edge for straight lines

Journal entry for Depreciation

• Depreciation is the allocation of the cost of an asset over its useful life

• It is recorded as an expense in the income statement and reduces the value of the asset on the balance sheet

• The journal entry for depreciation involves debiting the depreciation expense account and crediting the accumulated depreciation account

• For example, if a company's computer equipment has a useful life of 5 years and a cost of $10,000, the annual depreciation expense ...read more

Dr. and Cr. are abbreviations used in accounting to represent debit and credit.

• Dr. stands for debit, which represents an increase in assets or a decrease in liabilities or equity.

• Cr. stands for credit, which represents a decrease in assets or an increase in liabilities or equity.

• Dr. and Cr. are used to record financial transactions in double-entry bookkeeping.

• For example, when cash is received, it is debited (Dr.) as an increase in assets, and when cash is paid out, it is cre...read more

Gamlaa is a financial technology company that provides accounting software solutions for businesses.

• Gamlaa specializes in developing software for financial management and accounting.

• Their software helps businesses automate their accounting processes and manage their financial data.

• Gamlaa's solutions include features like bookkeeping, invoicing, payroll management, and financial reporting.

• They offer cloud-based software that allows users to access their accounting data from an...read more

Accrued income is income that has been earned but not yet received. Dr Cr refers to the debit and credit entries made in accounting.

• Accrued income is income that has been earned but not yet received.

• It is recorded as a debit entry (Dr) to recognize the amount owed to the company.

• Once the income is received, a credit entry (Cr) is made to balance the accounting records.

• Accrued income is typically seen in situations where services have been provided but payment has not been rec...read more

Analyzing the cost of producing a product involves identifying all expenses related to production and allocating them appropriately.

• Identify direct costs such as materials and labor directly involved in production.

• Allocate indirect costs like overhead expenses based on a suitable allocation method.

• Calculate total production cost by summing up all direct and indirect costs.

• Analyze cost per unit to determine profitability and make pricing decisions.

• Use cost accounting technique...read more

Speed and accuracy in typing and formulas are essential for an Account Executive.

• Practice typing regularly to improve speed and accuracy.

• Familiarize yourself with common formulas used in accounting and finance.

• Use shortcuts and hotkeys to increase efficiency.

• Double-check your work to ensure accuracy.

• Utilize tools like Excel for complex calculations.

Deferred revenue is an advance payment received by a company for goods or services that have not yet been delivered or rendered.

• Deferred revenue is a liability on the company's balance sheet.

• It is recognized as revenue only when the goods or services are delivered or rendered.

• Examples include subscription fees paid in advance, gift cards, and deposits received for future services.

• Deferred revenue is also known as unearned revenue or advance payments.

The acid test ratio is a financial metric used to evaluate a company's ability to pay off its short-term liabilities with its most liquid assets.

• Calculates the ratio of quick assets (cash, marketable securities, accounts receivable) to current liabilities

• Provides insight into a company's short-term liquidity and ability to meet immediate obligations

• A ratio of 1 or higher is considered healthy, indicating the company can cover its short-term liabilities

• Formula: (Cash + Marketa...read more

I am willing to work for 12 hours if required.

• I am flexible with my working hours and can work for longer if needed.

• I understand that sometimes work demands more time and effort, and I am willing to put in the extra effort.

• I will ensure that the quality of my work does not suffer even if I have to work for longer hours.

• I will communicate with my team and manager to ensure that we are all on the same page regarding the workload and deadlines.

• I will also prioritize my tasks and...read more

Depreciation is the decrease in value of an asset over time due to wear and tear, obsolescence, or other factors.

• Depreciation is a method used in accounting to allocate the cost of an asset over its useful life.

• It represents the reduction in the value of an asset on the balance sheet.

• Depreciation can be calculated using various methods such as straight-line, declining balance, or units of production.

• For example, a company purchases a delivery truck for $50,000. Over the next ...read more

Reconciliation is the process of comparing two sets of records to ensure they are in agreement.

• Reconciliation involves comparing financial or transactional records to identify discrepancies.

• It is commonly used in accounting to ensure the accuracy of financial statements.

• Reconciliation can be done for bank statements, invoices, inventory records, etc.

• The process involves matching and verifying data, investigating and resolving discrepancies, and documenting the findings.

• For ex...read more

Yes, I am comfortable with ERP software.

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

• I am proficient in using ERP modules for accounting, finance, and inventory management.

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

The new tax slab in India for individuals is as follows: 0-2.5 lakh - no tax, 2.5-5 lakh - 5%, 5-10 lakh - 20%, above 10 lakh - 30%.

• 0-2.5 lakh income - no tax

• 2.5-5 lakh income - 5% tax

• 5-10 lakh income - 20% tax

• Above 10 lakh income - 30% tax

MS-DOS came before MS Windows.

• MS-DOS was released by Microsoft in 1981.

• MS Windows was first released by Microsoft in 1985.

• MS-DOS was a command-line operating system, while MS Windows introduced a graphical user interface.