GL Accountant

GL Accountant Interview Questions and Answers

Updated 24 Jun 2024

Q1. How do you manage if there is error done by you.

Ans.

I take ownership of the error, analyze the root cause, rectify it promptly, and implement measures to prevent recurrence.

Acknowledge the mistake and take responsibility for it
Analyze the root cause of the error
Rectify the error promptly
Implement measures to prevent recurrence
Communicate with relevant stakeholders about the error and the steps taken to rectify it

Q2. What are the two sides of balance sheet

Ans.

The two sides of a balance sheet are assets and liabilities.

Assets represent what a company owns or controls, such as cash, inventory, and property.
Liabilities represent what a company owes to others, such as loans, accounts payable, and accrued expenses.
The balance sheet equation is Assets = Liabilities + Equity.
Equity represents the owner's or shareholders' stake in the company and is calculated as Assets - Liabilities.

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Q3. Tell me any 3 short cut keys of excel

Ans.

Three shortcut keys in Excel are Ctrl+C for copy, Ctrl+V for paste, and Ctrl+S for save.

Ctrl+C is used to copy selected cells or text.
Ctrl+V is used to paste copied cells or text.
Ctrl+S is used to save the current workbook.

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Q4. What do you understand by lease accounting?

Ans.

Lease accounting refers to the accounting treatment of lease agreements, where the lessee records the leased asset as an asset and the lease payments as liabilities.

Lease accounting involves classifying leases as either operating leases or finance leases.
For operating leases, lease payments are expensed over the lease term, while for finance leases, the leased asset is capitalized on the balance sheet.
Under the new lease accounting standard, ASC 842, lessees are required to r...read more

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Q5. Tell me about Prepaid cycle

Ans.

Prepaid cycle involves recording expenses paid in advance as assets and gradually recognizing them as expenses over time.

Prepaid expenses are initially recorded as assets on the balance sheet
As time passes, the prepaid expenses are gradually recognized as expenses on the income statement
Common examples include prepaid rent, insurance, and subscriptions

Q6. Golden rules of accounting

Ans.

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

The first golden rule is the Personal Account rule, which states that debit the receiver and credit the giver.
The second golden rule is the Real Account rule, which states that debit what comes in and credit what goes out.
The third golden rule is the Nominal Account rule, which states that debit all expenses and losses and credit all incomes and gains.

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Q7. Explain about Asset cycle

Ans.

The asset cycle refers to the process of acquiring, using, maintaining, and disposing of assets within an organization.

The asset cycle starts with the acquisition of assets, which can include purchasing or leasing them.
Once acquired, assets are then put to use in the organization's operations.
During the usage phase, assets may require maintenance, repairs, or upgrades to ensure their optimal performance.
Eventually, assets may become obsolete, damaged, or no longer needed, lea...read more