Senior Accounting Analyst

Senior Accounting Analyst Interview Questions and Answers

Updated 27 Apr 2024

Q1. What you understand by GL accounting and which accounts impact as cash suspense

Ans.

GL accounting refers to the process of recording and managing all financial transactions of a company in the general ledger.

GL accounting involves recording all financial transactions in the general ledger
It helps in tracking the financial health of the company
Cash suspense account is impacted when there is a discrepancy in the cash balance
Other accounts that impact cash suspense include bank reconciliation accounts and accounts receivable/payable
Cash suspense account is used...read more

Q2. 5 scenarios where book balance and bank balance will defer

Ans.

Scenarios where book balance and bank balance will differ

Outstanding checks that have not cleared the bank yet
Deposits in transit that have not been recorded in the books yet
Bank fees or service charges not yet recorded in the books
Errors in recording transactions in either the books or the bank statement
Interest earned on the bank account not yet recorded in the books

Q3. Diff between amortisation, dep and depletion

Ans.

Amortisation is for intangible assets, depreciation is for tangible assets, and depletion is for natural resources.

Amortisation is the process of spreading the cost of an intangible asset over its useful life.
Depreciation is the allocation of the cost of a tangible asset over its useful life.
Depletion is the allocation of the cost of natural resources over the period they are consumed or extracted.
Examples: Amortisation - patents, trademarks; Depreciation - buildings, machine...read more

Q4. Pass journal entry for prepaid exp and accrued exp

Ans.

Journal entry for prepaid and accrued expenses

Prepaid expense journal entry: Debit Prepaid Expense, Credit Cash/Bank
Accrued expense journal entry: Debit Expense, Credit Accrued Expense Liability
Example: Prepaid rent of $1,000 - Debit Prepaid Rent $1,000, Credit Cash $1,000
Example: Accrued salaries of $500 - Debit Salary Expense $500, Credit Accrued Salaries $500

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Q5. What is suspense account.

Ans.

A suspense account is a temporary holding account used to record transactions until they can be properly classified.

It is used to temporarily hold transactions that cannot be immediately classified.
Transactions are moved from the suspense account to their proper accounts once they are properly classified.
It is often used in cases where there is uncertainty about how to classify a transaction.
Examples include transactions with missing information or transactions that do not fi...read more

Q6. Unbilled revenue definition

Ans.

Unbilled revenue refers to revenue that has been earned but not yet invoiced to the customer.

Unbilled revenue is recognized on the income statement as a liability until it is invoiced.
It represents work that has been completed but not yet billed to the customer.
Common in service-based industries where work is done before invoicing, such as consulting or legal services.

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Q7. Diff b/w Cheque and DD.

Ans.

Cheque is a written order to pay a specific amount to a specific person, while a Demand Draft is a prepaid instrument where the bank guarantees payment.

Cheque is drawn by an individual to pay a specific amount to a specific person, while a Demand Draft is issued by a bank on behalf of a customer.
Cheque can bounce if there are insufficient funds in the account, but a Demand Draft is prepaid and guaranteed by the bank.
Cheque can be stopped or cancelled by the drawer, but a Dema...read more