100+ Senior Accountant Interview Questions and Answers

I have extensive experience in tax accounting and compliance, with a strong understanding of tax laws and regulations.

• I have successfully prepared and filed tax returns for individuals and businesses.

• I have conducted tax research and analysis to ensure compliance with changing tax laws.

• I have provided tax planning and advisory services to clients, helping them minimize tax liabilities and maximize deductions.

• I have experience in handling tax audits and resolving tax-related i...read more

Prepaid expenses are payments made in advance for goods or services that will be received in the future.

• Prepaid expenses are recorded as assets on the balance sheet until the goods or services are received.

• Examples of prepaid expenses include prepaid rent, prepaid insurance, and prepaid subscriptions.

• Prepaid expenses are typically amortized over the period in which the goods or services are received.

• Prepaid expenses can also be referred to as deferred expenses.

When a director pays expenses on behalf of the company, an entry is made to record the transaction.

• The director's payment is recorded as a liability for the company.

• The entry includes debiting the appropriate expense account and crediting the accounts payable account.

• Once the company reimburses the director, the accounts payable account is debited and the cash account is credited.

• The entry should be recorded in the company's accounting software or ledger for accurate record k...read more

The retailer price cannot be determined with just the dealer price of Ambuja plain.

• The retailer price depends on various factors such as transportation cost, taxes, profit margin, etc.

• The dealer price is the price at which the manufacturer sells the product to the dealer.

• The retailer price is the price at which the dealer sells the product to the end consumer.

• Without additional information, it is impossible to determine the retailer price.

I would prioritize the Chief Regional's travel expenses and look for cost-saving measures to ensure the workshop can still be attended.

• Review the budget to identify areas where costs can be reduced or reallocated

• Consider alternative travel options such as video conferencing or carpooling

• Negotiate with vendors for discounts or payment extensions

• Seek approval for emergency funds if necessary

Accrual is a method of accounting where revenues and expenses are recognized when earned or incurred, regardless of when payment is received or made.

• Accrual accounting recognizes revenue when it is earned, not when payment is received

• Expenses are recognized when they are incurred, not when payment is made

• Accruals are recorded as adjusting entries at the end of an accounting period

• Examples of accruals include salaries owed to employees, interest owed on loans, and revenue earn...read more

The question is unclear and lacks necessary information to provide a valid answer.

• The question needs clarification on what is being sold and what the dealer's discount is.

• The number of bags and their price also need to be provided.

• Without this information, it is impossible to calculate the price per bag.

No, it is not obligatory for the management to take care of a workman beyond his working hours.

• The management's responsibility is limited to the working hours of the employee.

• However, some companies may offer additional benefits or perks to their employees.

• It is important to check the company's policies and employment contract for details.

• If the workman is required to work overtime, the management must compensate accordingly.

• The management should also ensure a safe working en...read more

Partial exemption, VAT schemes, share premium reserve, and issue of loss on debentures entry are all related to accounting practices.

• Partial exemption refers to the situation where a business is not able to reclaim all of the VAT it incurs on its purchases.

• VAT schemes are special schemes designed to simplify VAT accounting for businesses, such as the flat rate scheme or cash accounting scheme.

• Share premium reserve is a reserve created when a company issues shares at a premium...read more

I have 5 years of experience in sales tax & excise.

• I have worked with various clients to ensure compliance with sales tax regulations.

• I have experience in preparing and filing sales tax returns.

• I have also worked with excise taxes, such as those related to alcohol and tobacco products.

• I am familiar with state and local tax laws and regulations.

• I have experience in researching and resolving tax issues.

• Overall, I am confident in my ability to handle sales tax and excise matters...read more

I would investigate the discrepancy by reviewing creditor statements, invoices, and payment records to identify and rectify any errors.

• Review creditor statements to identify any missing or incorrect entries

• Check invoices and payment records for accuracy and completeness

• Reconcile creditor balances with general ledger accounts to ensure accuracy

• Communicate with creditors to resolve any discrepancies or outstanding issues

• Document all findings and actions taken for audit purposes

I am a detail-oriented Senior Accountant with 5 years of experience in managing financial records and analyzing data.

• I have a Bachelor's degree in Accounting and I am a Certified Public Accountant (CPA).

• I have experience in preparing financial statements, managing accounts payable and receivable, and conducting audits.

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

• I have excellent communication skills and can work well in a team environment.

• In my pr...read more

The five-step model for revenue recognition outlines the process for recognizing revenue from contracts with customers.

• Identify the contract with the customer

• Identify the performance obligations in the contract

• Determine the transaction price

• Allocate the transaction price to the performance obligations

• Recognize revenue as the performance obligations are satisfied

Valuation methods in transfer pricing include comparable uncontrolled price, resale price, cost plus, and profit split methods.

• Comparable uncontrolled price method compares the price charged in a controlled transaction with the price charged in an uncontrolled transaction.

• Resale price method involves marking up the cost of goods purchased from a related party to determine the resale price to an unrelated party.

• Cost plus method adds a markup to the cost incurred in producing g...read more

A good candidate for Senior Accountant should have strong analytical skills, attention to detail, and excellent communication skills.

• Strong analytical skills

• Attention to detail

• Excellent communication skills

• Ability to work under pressure

• Knowledge of accounting principles and regulations

• Proficiency in accounting software

• Ability to work independently and as part of a team

I have a strong understanding of GST (Goods and Services Tax) and TDS (Tax Deducted at Source) regulations.

• I am familiar with the different GST rates for various goods and services.

• I understand the process of filing GST returns and claiming input tax credit.

• I am knowledgeable about TDS deductions on payments like salary, rent, and professional fees.

• I know how to calculate TDS rates and comply with TDS regulations.

• I stay updated on any changes in GST and TDS laws to ensure com...read more

Journal entry for Advance Tax paid is a debit to Advance Tax and a credit to Cash/Bank.

• Debit Advance Tax account

• Credit Cash/Bank account

• Advance Tax is a pre-payment of taxes

• Journal entry is made at the time of payment

The GST rate applicable to your industry depends on the type of goods or services you provide.

• GST rates range from 0% to 28% depending on the category of goods or services

• Some goods and services are exempt from GST

• For example, the GST rate for processed food items is 5%, while it is 18% for luxury items like cars

• It is important to consult with a tax expert to determine the exact GST rate applicable to your industry

BRS is done to reconcile the bank statement with the company's records.

• BRS stands for Bank Reconciliation Statement

• It helps to identify any discrepancies between the bank statement and the company's records

• It ensures that all transactions are accurately recorded and no errors or fraud have occurred

• It helps to maintain the accuracy and integrity of financial records

• Sales purchase GST entry is related to recording transactions in the books of accounts

Preparation of vendor payment voucher and printing of cheque is a process of paying vendors. Rate difference is the difference between exchange rates.

• Preparation of vendor payment voucher involves recording the details of the vendor, amount to be paid, and the purpose of payment.

• Printing of cheque involves generating a physical cheque with the details of the vendor and the amount to be paid.

• Rate difference is the difference between the exchange rate at the time of transaction...read more

To register a bill from a client, create a purchase invoice and record the details of the bill.

• Create a purchase invoice with the client's details

• Record the details of the bill, including the amount, date, and any applicable taxes

• Assign the appropriate account codes to the invoice

• Submit the invoice for approval and payment

A project plan is a detailed document that outlines the objectives, tasks, timelines, and resources required to complete a project.

• A project plan provides a roadmap for the project, outlining the steps and activities needed to achieve the project's goals.

• It includes a clear definition of project objectives, deliverables, and success criteria.

• The plan identifies the tasks and activities required, assigns responsibilities, and sets realistic timelines for completion.

• It outlines...read more

Performance Management system is a process that helps organizations improve the performance of employees through goal setting, feedback, and development.

• It involves setting clear goals and expectations for employees to work towards.

• Regular feedback and performance evaluations are conducted to track progress and identify areas for improvement.

• Performance management systems also include development plans to help employees grow and reach their full potential.

• It is important for ...read more

I am a Senior Accountant with expertise in financial reporting and analysis.

• The three golden rules of accounts are: a) Debit the receiver, credit the giver b) Debit what comes in, credit what goes out c) Debit all expenses and losses, credit all incomes and gains

• These rules are the foundation of double-entry bookkeeping and ensure accuracy in financial transactions.

• For example, if a company purchases inventory on credit, the accounts payable (giver) will be credited and the i...read more

Contingent liabilities are potential liabilities that may arise in the future based on certain events. They are disclosed in the financial statements.

• Contingent liabilities are not recognized in the financial statements but are disclosed in the notes to the financial statements.

• They are potential obligations that depend on the outcome of future events, such as lawsuits, warranties, or guarantees.

• If the likelihood of the contingent liability is probable and the amount can be r...read more

IFRS stands for International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB).

• IFRS is used by companies across the globe to ensure consistency and transparency in financial reporting.

• Implementation of IFRS involves understanding the standards, making necessary adjustments to financial statements, and training staff on the new requirements.

• Companies may need to invest in new accounting software or hi...read more

GST Refund is a process of claiming back the GST paid on goods or services purchased.

• GST Refund is applicable for businesses that export goods or services

• The refund can be claimed through the GST portal

• The refund amount is credited to the bank account of the claimant

• The claimant must provide all necessary documents to support the claim

• The refund process can take up to 60 days

Accounts Payable is the amount of money a company owes to its suppliers or vendors for goods or services purchased on credit.

• Accounts Payable represents the short-term debt a company owes to its suppliers or vendors.

• It is listed as a liability on the company's balance sheet.

• Accounts Payable is typically due within a short period, often 30 to 90 days.

• Examples include invoices from suppliers for inventory purchases, utility bills, and services rendered.

• Managing Accounts Payable...read more

Accounts Receivable is the money owed to a company by its customers for goods or services provided on credit.

• Accounts Receivable represents the amount of money owed to a company by its customers for goods or services provided on credit.

• It is considered an asset on the company's balance sheet.

• Accounts Receivable is typically collected within a certain period of time, often 30, 60, or 90 days.

• Failure to collect on Accounts Receivable can result in financial difficulties for a c...read more

Adjusting input GST with output GST involves calculating the difference and either paying or claiming a refund.

• Input GST is the tax paid on purchases, while output GST is the tax collected on sales.

• To adjust, subtract the input GST from the output GST to get the net GST payable or refundable.

• If the output GST is greater than the input GST, the difference is payable to the government.

• If the input GST is greater than the output GST, the difference can be claimed as a refund.

• Pro...read more

I have 7 years of experience in the accounting field.

• I have worked as an accountant for 7 years.

• During this time, I have gained experience in various accounting tasks such as bookkeeping, financial reporting, and tax preparation.

• I have also worked with different accounting software such as QuickBooks and Xero.

• I am familiar with GAAP and IFRS accounting standards.

• I have experience in both public and private accounting sectors.

• I have also supervised junior accountants and provi...read more

Prepaid expense is an advance payment made for goods or services that will be received in the future.

• Prepaid expenses are considered assets on the balance sheet.

• The journal entry for recording a prepaid expense involves debiting the Prepaid Expense account and crediting the Cash or Accounts Payable account.

• As the prepaid expense is consumed or utilized, it is gradually recognized as an expense through adjusting entries.

• Example: A company pays $1,200 in advance for a 12-month ...read more

Prepaid expenses are assets that represent payments made for goods or services that have not yet been received.

• Prepaid expenses are recorded as assets on the balance sheet

• The journal entry for prepaid expenses involves debiting the prepaid expense account and crediting the cash or bank account

• As the prepaid expense is used up, it is recognized as an expense on the income statement

• Example: If a company pays $1,200 for insurance coverage for the next 12 months, the journal entr...read more

Customer service and profit are closely related as good customer service leads to increased profits.

• Good customer service leads to customer satisfaction and loyalty, resulting in repeat business and positive word-of-mouth referrals.

• Positive reviews and feedback from satisfied customers can attract new customers and increase sales.

• Poor customer service can lead to negative reviews, loss of customers, and decreased profits.

• Investing in customer service training and resources ca...read more

Stock evaluation is the process of assessing the value of a company's stock based on various factors.

• Stock evaluation involves analyzing financial statements, market trends, and industry comparisons.

• Common methods of stock evaluation include fundamental analysis and technical analysis.

• Factors such as earnings per share, price-to-earnings ratio, and dividend yield are considered in stock evaluation.

• Stock evaluation helps investors make informed decisions about buying, selling,...read more

TDS rate applicable on Rent is 10% if the annual rent exceeds Rs. 2.4 lakhs.

• TDS stands for Tax Deducted at Source

• The rate of TDS on rent is 10%

• If the annual rent exceeds Rs. 2.4 lakhs, TDS is applicable

• The TDS amount is deducted by the tenant and deposited with the government

• The TDS certificate is issued by the tenant to the landlord

I have 5 years of experience working in a manufacturer unit.

• I have worked in a manufacturer unit for 5 years

• Managed financial accounts for production and inventory

• Analyzed cost of goods sold and implemented cost-saving measures

• Collaborated with production team to optimize processes

TDS stands for Tax Deducted at Source and GST stands for Goods and Services Tax.

• TDS is a tax collected by the government at the time of payment and is applicable to various types of income such as salary, interest, rent, etc.

• GST is a value-added tax levied on the supply of goods and services and is applicable to all stages of the supply chain.

• TDS rates vary depending on the type of income and the amount being paid while GST rates vary depending on the type of goods or service...read more

Functional currency is the currency of the primary economic environment in which the entity operates, while foreign currency is any currency other than the functional currency.

• Functional currency is used for financial reporting and measuring financial performance.

• Foreign currency is used when conducting transactions in a currency other than the functional currency.

• Functional currency is determined based on the primary economic environment of the entity.

• Foreign currency exchan...read more

The 3 types of liabilities are current liabilities, non-current liabilities, and contingent liabilities.

• Current liabilities are obligations due within one year, such as accounts payable and short-term loans.

• Non-current liabilities are obligations due beyond one year, such as long-term loans and bonds payable.

• Contingent liabilities are potential obligations that depend on the outcome of future events, such as lawsuits or warranties.

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

• The golden rules include: Debit the receiver, Credit the giver; Debit what comes in, Credit what goes out; Debit expenses and losses, Credit income and gains.

• These rules help ensure that financial transactions are accurately recorded and classified in the accounting system.

• For example, when a company receives cash from a customer, the cash account is debited (increas...read more

Common errors in accounting include incorrect data entry, failure to reconcile accounts, and misclassification of expenses.

• Incorrect data entry, such as transposing numbers or entering the wrong amount

• Failure to reconcile accounts, leading to discrepancies between records

• Misclassification of expenses, such as recording a capital expense as an operating expense

• Not properly recording adjusting entries, such as accruals or deferrals

• Failing to properly record depreciation or amor...read more

IFRS policies are a set of accounting standards developed by the International Accounting Standards Board (IASB) to ensure consistency and transparency in financial reporting.

• IFRS policies are principles-based, meaning they provide guidelines rather than specific rules

• They are used by companies across the globe to prepare financial statements

• IFRS policies aim to enhance comparability and understandability of financial information

• They cover areas such as revenue recognition, f...read more

Composite supply is a combination of goods or services that are naturally bundled together, while mixed supply is a combination of goods or services that are not naturally bundled together.

• Composite supply is a combination of goods or services that are naturally bundled together and are usually sold together.

• Mixed supply is a combination of goods or services that are not naturally bundled together and can be sold separately.

• Composite supply is treated as a single supply for t...read more

Accounting in construction involves project cost tracking, revenue recognition, and compliance with industry regulations.

• Project cost tracking is crucial to monitor expenses and ensure projects stay within budget.

• Revenue recognition can be complex due to long project timelines and percentage of completion method.

• Compliance with industry regulations such as accounting for long-term contracts and revenue recognition under ASC 606.

• Inventory management is important for tracking m...read more

Yes, I have extensive experience in preparing monthly P/L and balance sheet.

• I have prepared monthly P/L and balance sheet for multiple companies in my previous roles.

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

• I ensure accuracy and completeness of financial statements by reconciling accounts and verifying transactions.

• I also analyze financial data to identify trends and provide insights to management.

• I am familiar with GAAP and IFRS accounting sta...read more

Accounting Standards 9 (AS 9) is on Revenue Recognition.

• AS 9 provides guidelines for recognizing revenue in financial statements.

• It outlines the criteria for revenue recognition and the methods of measurement.

• It also covers the treatment of revenue from specific transactions such as sales of goods, rendering of services, and construction contracts.

• AS 9 is important for ensuring accurate financial reporting and transparency in business operations.