Senior Accounts Associate Interview Questions and Answers

I verify the balance sheet by reconciling accounts, reviewing transactions, ensuring accuracy of financial statements, and investigating any discrepancies.

• Reconcile accounts to ensure all transactions are accurately recorded

• Review transactions for accuracy and completeness

• Ensure all assets, liabilities, and equity are properly classified and valued

• Investigate any discrepancies or variances in balances

• Verify that financial statements tie to the balance sheet

Steps involved in preparing cash flow

• 1. Start with the beginning cash balance

• 2. Add cash inflows such as sales revenue, loans, and investments

• 3. Subtract cash outflows like expenses, loan payments, and dividends

• 4. Calculate the ending cash balance

• 5. Analyze the cash flow statement for insights into the company's financial health

P2P cycle stands for Procure-to-Pay cycle, which is the process of obtaining and paying for goods and services.

• P2P cycle involves requisitioning, purchasing, receiving, invoicing, and payment.

• It starts with a purchase requisition, followed by supplier selection, purchase order creation, goods receipt, invoice verification, and ends with payment to the supplier.

• Efficient P2P cycle helps in controlling costs, managing supplier relationships, and ensuring timely payments.

• Example...read more

Adjustments in financials refer to changes made to financial statements to reflect accurate and up-to-date information.

• Adjustments are made to correct errors or omissions in financial statements

• They can also be made to reflect changes in accounting policies or estimates

• Examples include adjusting entries for depreciation, accruals, and prepayments

• Adjustments are necessary to ensure financial statements are accurate and reliable