Senior Accounting Specialist Interview Questions and Answers for Freshers

Month end closing procedures are the steps taken to finalize financial statements at the end of each month.

• Reconciling accounts

• Posting adjusting entries

• Reviewing financial statements

• Preparing reports for management

• Closing temporary accounts

• Ensuring compliance with accounting standards

• Archiving financial records

• Preparing for the next month's accounting cycle

Accumulated Depreciation is the total depreciation expense recognized for an asset over its useful life.

• Accumulated Depreciation is a contra-asset account that is subtracted from the asset's cost to determine its net book value.

• It represents the cumulative amount of depreciation expense recorded for an asset since its acquisition.

• Accumulated Depreciation increases over time as depreciation expense is recognized.

• It is shown on the balance sheet as a negative value.

• For example,...read more

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

• Unbilled revenue is a liability on the balance sheet until it is invoiced.

• It represents the amount of revenue that the company has recognized but has not yet received payment for.

• Unbilled revenue can occur in industries where services are provided over a period of time, such as consulting or software development.

• For example, if a consulting firm completes a project but has not yet sen...read more