Finance & Accounts Officer Interview Questions and Answers

To handle Accounts Payables smoothly, I would adopt a system of regular communication with vendors and timely payments as per the terms.

• Regularly communicate with vendors to ensure accurate and timely invoicing

• Maintain a detailed record of all invoices and payments

• Prioritize payments based on due dates and available funds

• Negotiate payment terms with vendors to ensure smooth cash flow

• Implement an automated payment system to reduce errors and save time

• Monitor accounts payable a...read more

Various documents can be prepared for export including commercial invoice, packing list, bill of lading, certificate of origin, and insurance certificate.

• Commercial invoice: contains details of the goods being exported, their value, and the terms of sale

• Packing list: lists the contents of each package being shipped

• Bill of lading: serves as a receipt for the goods being shipped and a contract between the shipper and carrier

• Certificate of origin: certifies the country of origin...read more

Yes, I have extensive experience in handling company accounts independently.

• I have worked as a Finance and Accounts Manager for 5 years, where I was responsible for managing the entire accounting process independently.

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

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

• I am confident in my ability to handle company accounts indepe...read more

Journal entry of sales and recent amendments in taxation

• Journal entry of sales involves debiting the cash or accounts receivable account and crediting the sales account

• Recent amendments in taxation include changes in tax rates, tax laws, and tax policies

• For example, the recent amendment in the US tax law is the Tax Cuts and Jobs Act of 2017

Closing stock is the value of unsold goods at the end of an accounting period.

• Closing stock is an asset on the balance sheet.

• It represents the value of inventory that remains unsold.

• The value of closing stock is determined using either the cost or net realizable value, whichever is lower.

• Closing stock is recorded as an expense in the income statement.

• It is deducted from the cost of goods sold to calculate the gross profit.

• Examples of closing stock include unsold merchandise i...read more

P2P stands for Procure-to-Pay, a process that involves requisitioning, purchasing, receiving, paying for, and accounting for goods and services.

• P2P is a financial and procurement process used by organizations to manage the purchasing of goods and services.

• It involves steps such as requisitioning, purchasing, receiving, paying for, and accounting for goods and services.

• P2P helps streamline the procurement process, improve efficiency, and reduce costs.

• Examples of P2P tools incl...read more

LMI stands for Lenders Mortgage Insurance, which protects the lender in case the borrower defaults on the loan. LVR stands for Loan to Value Ratio, which is the ratio of the loan amount to the value of the property.

• LMI is an insurance policy that protects the lender in case the borrower defaults on the loan.

• LMI is usually required when the borrower has a deposit of less than 20% of the property value.

• LVR is the ratio of the loan amount to the value of the property, expressed ...read more