20+ Junior Accounts Assistant Interview Questions and Answers

To tally the main cash and in system, reconcile the cash balance in the system with the actual cash balance.

• Count the actual cash in hand and compare it with the cash balance in the system.

• Investigate any discrepancies and make necessary adjustments.

• Ensure all cash transactions are recorded accurately in the system.

• Perform regular cash audits to maintain accuracy.

• Use cash management tools like cash flow statements and bank reconciliations to track cash movements.

Inserting a row and creating a cost budget is a simple task that can be easily solved by a 12th class student.

• Open the spreadsheet software (e.g. Microsoft Excel, Google Sheets).

• Insert a new row by right-clicking on the row number and selecting 'Insert Row'.

• Enter the necessary data for the cost budget in the new row, such as item names and their respective costs.

• Calculate the total cost by summing up all the individual costs.

• Format the budget to make it visually appealing and...read more

Mobile prices vary based on storage and camera capacity, with higher storage and better camera quality usually leading to higher prices.

• Mobile prices increase with higher storage capacity, such as 64GB, 128GB, 256GB, etc.

• Cameras with higher resolution and more features like multiple lenses tend to be more expensive.

• Flagship models from top brands like Apple, Samsung, and Google usually have higher prices due to advanced features and technology.

Balance sheet shows a company's financial position with assets, liabilities, and equity.

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

• Assets are resources owned by the company, such as cash, inventory, and property.

• Liabilities are obligations or debts owed by the company, such as loans, accounts payable, and bonds.

• Equity represents the company's net worth, calculated as assets minus liabilities. It in...read more

An account assistant is responsible for assisting in the day-to-day financial operations of a company.

• Assisting in bookkeeping and accounting tasks

• Preparing financial reports and statements

• Managing accounts payable and receivable

• Assisting in budgeting and forecasting

• Communicating with clients and vendors

• Maintaining accurate financial records

• Using accounting software and tools

• Working closely with other members of the finance team

To pass a journal entry for advertising expenses, debit the advertising expense account and credit the cash or accounts payable account.

• Debit the advertising expense account to increase expenses

• Credit the cash or accounts payable account to decrease assets or liabilities

• Example: Debit Advertising Expense $500, Credit Cash $500

Yes, I have experience in using SAP tool for managing financial transactions and generating reports.

• I have used SAP for recording financial transactions and creating financial reports

• I am familiar with SAP modules such as FI (Financial Accounting) and CO (Controlling)

• I have experience in extracting data from SAP for analysis and decision-making

I handle supplier invoices by verifying accuracy, matching with purchase orders, coding expenses, and processing payments in a timely manner.

• Verify accuracy of supplier invoices

• Match invoices with corresponding purchase orders

• Code expenses correctly for tracking and reporting purposes

• Process payments to suppliers in a timely manner

• Maintain organized records of all invoices and payments

Tally is an accounting software used for financial transactions and reporting. MS Word is a word processing software for creating documents.

• Tally is used for recording financial transactions, managing accounts, and generating reports.

• MS Word is used for creating and editing text documents, such as letters, resumes, and reports.

• Tally is commonly used by businesses for accounting purposes, while MS Word is used for general document creation.

• Both Tally and MS Word are widely use...read more

Authorization is the process of granting or denying access to resources based on a set of rules or policies.

• Authorization determines what actions a user is allowed to perform on a system.

• It is often based on the user's role, permissions, and privileges.

• Examples include granting access to certain files, databases, or systems based on user credentials.

• Authorization helps ensure data security and prevent unauthorized access.

Paid scenario refers to a situation where a payment has been made for goods or services rendered.

• In a paid scenario, the customer has fulfilled their financial obligation by making a payment for the product or service.

• It indicates that the transaction is complete and the seller has received the agreed-upon compensation.

• Examples include paying for a meal at a restaurant, purchasing a product online and completing the payment process, or settling a bill for services rendered.

• Pa...read more

A balance sheet is a financial statement that provides a snapshot of a company's financial position at a specific point in time.

• It shows the assets, liabilities, and shareholders' equity of a company.

• Assets include cash, inventory, property, and equipment.

• Liabilities include loans, accounts payable, and accrued expenses.

• Shareholders' equity represents the company's net worth.

• The balance sheet follows the formula: Assets = Liabilities + Shareholders' Equity.

• It helps investors,...read more

Contingent liability refers to a potential obligation that may arise in the future depending on the outcome of a specific event or circumstance.

• It is a possible liability that is uncertain and depends on a future event.

• Contingent liabilities are disclosed in the financial statements as footnotes.

• Examples include pending lawsuits, warranties, and guarantees.

• They are not recognized as actual liabilities until the event occurs or the outcome is determined.

• Contingent liabilities ...read more

A trial balance is a statement that lists all the general ledger accounts and their balances to ensure that debits equal credits.

• A trial balance is prepared to check the accuracy of the accounting records.

• It lists all the accounts and their balances, including both debit and credit balances.

• The total of debit balances should equal the total of credit balances.

• If the totals do not match, it indicates an error in the accounting records.

• The trial balance is usually prepared at t...read more

A journal entry is a record of a financial transaction in a company's accounting system.

• It is used to record the debit and credit aspects of a transaction.

• Journal entries are typically recorded in chronological order.

• Each journal entry includes the date, accounts involved, amounts, and a brief description.

• They are used to update the general ledger and prepare financial statements.

• Example: A company receives cash from a customer, the journal entry would include a debit to the ...read more

Ratios are used to analyze the financial health of a company by comparing different financial metrics.

• Types of ratios include liquidity ratios, profitability ratios, efficiency ratios, and solvency ratios.

• Liquidity ratios measure a company's ability to meet short-term obligations (e.g. current ratio, quick ratio).

• Profitability ratios assess a company's ability to generate profit (e.g. return on equity, gross margin).

• Efficiency ratios evaluate how well a company utilizes its a...read more

Types of accounts include asset, liability, equity, revenue, and expense accounts.

• Asset accounts represent items of value owned by a company, such as cash, inventory, and property.

• Liability accounts represent debts or obligations owed by a company, such as loans and accounts payable.

• Equity accounts represent the owner's interest in the company, including capital and retained earnings.

• Revenue accounts track income generated by the company, such as sales revenue and interest in...read more