100+ Senior Accounts Executive Interview Questions and Answers

Answering questions related to cash flow, GR-IR, invoice booking, and TDS rate.

• To prepare cash flow, start with the opening balance and add all inflows and subtract all outflows to get the closing balance.

• GR-IR stands for Goods Receipt - Invoice Receipt. It is used to reconcile the difference between goods received and invoices received.

• There are different types of invoice booking such as direct booking, indirect booking, and recurring booking.

• TDS rates vary depending on the ...read more

Proficient in using Salesforce, HubSpot, LinkedIn Sales Navigator, and Microsoft Office Suite.

• Salesforce for managing customer relationships and tracking sales activities

• HubSpot for email marketing, lead generation, and CRM

• LinkedIn Sales Navigator for prospecting and outreach

• Microsoft Office Suite for creating presentations and reports

A series of questions related to accounting and taxation.

• TDS types, rates, and sections must be known for accurate tax calculations.

• Criteria for checking points before booking expenses must be established to ensure accuracy.

• Working capital refers to the funds a company has available for day-to-day operations.

• Provision is an amount set aside for a specific purpose, such as bad debt or warranty claims.

• Depreciation calculation methods include straight-line, declining balance, an...read more

The previous dated invoice of an earlier year should be processed in the current year with proper adjustments.

• Check if the invoice is valid and accurate

• Adjust the financial statements for the previous year if necessary

• Process the invoice in the current year with the correct date and accounting treatment

My typical sales cycle involves prospecting, qualifying leads, presenting solutions, negotiating, and closing deals.

• Prospecting: I research potential clients and reach out to them to gauge interest.

• Qualifying leads: I assess the needs and budget of the prospect to determine if they are a good fit.

• Presenting solutions: I tailor my pitch to address the specific pain points of the prospect.

• Negotiating: I work with the prospect to find a mutually beneficial agreement.

• Closing deal...read more

Journal entries for day-to-day accounting including sales, purchases, bank transactions, and adjustments.

• Sales: Debit accounts receivable/ cash, credit sales revenue.

• Purchases: Debit purchases, credit accounts payable.

• Bank transactions: Debit/credit bank account based on transaction type.

• Adjustment entries: Debit/credit relevant accounts for adjustments like depreciation, accruals, prepayments.

• Example: Sales of $1,000 - Debit Accounts Receivable $1,000, Credit Sales Revenue $...read more

Yes

• Positive cash flows do not guarantee financial stability

• The company may have high levels of debt or other financial obligations

• The positive cash flows may be temporary or unsustainable

• The company may be experiencing operational inefficiencies or declining sales

• Examples: A company with high debt payments or a declining market share

TDS is a tax deducted by the payer at the time of making payment, while GST is a consumption tax on goods and services.

• TDS is deducted by the payer from the payment made to the payee and deposited with the government.

• GST is a value-added tax levied on most goods and services consumed in a country.

• TDS is applicable on income like salary, interest, commission, etc., while GST is applicable on the supply of goods and services.

• TDS rates vary based on the type of payment and the p...read more

GST due date is 20th of the following month, TDS experience is required, GSTR9 & GSTR9C are annual returns.

• GST due date is 20th of the following month for filing returns and payment.

• Experience in TDS (Tax Deducted at Source) is necessary for the role.

• GSTR9 is the annual return to be filed by regular taxpayers, while GSTR9C is the reconciliation statement to be filed by taxpayers with turnover above a certain limit.

• Knowledge of GST compliance and deadlines is crucial for the S...read more

Accounting rules and reversing invoice posted entry in SAP software

• Accounting rules include principles like matching principle, revenue recognition, and accrual accounting

• To reverse an invoice posted entry in SAP, use transaction code FB08

• Enter the document number of the invoice to be reversed and the reversal date

• Make sure to check the reversal document before posting it to ensure accuracy

Section 94c in case of individual is 30%.

• Section 94c in case of individual is 30%

• This refers to the tax deduction allowed for individuals under Section 94c of the Income Tax Act

• It allows individuals to deduct 30% of their gross total income before calculating the tax liability

Debit note and credit note are financial documents used in accounting to record transactions. Handling work pressure involves staying organized and prioritizing tasks. Chasing customers for payment involves effective communication and follow-up. Tackling delayed payments requires patience and negotiation skills.

• Debit note is a document issued by a seller to a buyer, indicating a debt owed by the buyer for goods or services received.

• Credit note is a document issued by a seller...read more

Basic accounting concepts and conventions are fundamental principles that guide the preparation and presentation of financial statements.

• Going Concern Concept - Assumes that the entity will continue to operate indefinitely.

• Accrual Concept - Revenue and expenses are recognized when earned/incurred, not when cash is received/paid.

• Consistency Concept - Accounting methods and practices should be consistent from one period to another.

• Matching Concept - Expenses should be matched w...read more

The golden rule is to treat others as you would like to be treated. Miro entry is a double-entry accounting system. Provisions are liabilities. Freight is the cost of transporting goods.

• Golden rule: treat others as you would like to be treated

• Miro entry: double-entry accounting system

• Provisions: liabilities

• Freight: cost of transporting goods

Bill To Ship To model is a business model where the billing address and shipping address are different.

• It is commonly used in e-commerce and wholesale businesses.

• The buyer provides the billing address and the seller ships the product to a different address provided by the buyer.

• It is useful for gifting purposes or when the buyer wants to ship the product to a different location.

• It requires additional documentation and verification to prevent fraud.

• It can also be used in drops...read more

I would justify expenses by ensuring they align with company goals and provide a clear breakdown of costs. Budgeting would involve forecasting expenses, analyzing past spending, and seeking cost-saving opportunities.

• Align expenses with company goals and objectives

• Provide detailed breakdown of costs to show value

• Forecast expenses based on historical data and future needs

• Analyze past spending patterns to identify areas for improvement

• Seek cost-saving opportunities through negot...read more

Dividend is a portion of a company's profits distributed to its shareholders.

• Dividend is a payment made by a company to its shareholders as a reward for investing in the company.

• It is usually paid in cash, but can also be in the form of additional shares or other assets.

• The amount of dividend paid is determined by the company's board of directors.

• Dividend can be paid regularly, such as quarterly or annually, or as a one-time special dividend.

• Dividend is an important factor fo...read more

Bank Reconciliation Statement is a document that matches the balance in a company's bank account with the corresponding bank statement.

• Collect bank statement and compare it with company's records

• Identify any discrepancies and adjust the company's records accordingly

• Prepare a statement that shows the adjusted balance in the company's bank account

• Ensure that the adjusted balance matches the balance in the bank statement

PO stands for Purchase Order, Non PO refers to transactions without a Purchase Order. 2 way match involves matching the invoice with the PO, while 3 way match involves matching the invoice, PO, and receiving report.

• PO (Purchase Order) is a document issued by a buyer to a seller, outlining the products or services to be purchased.

• Non PO transactions are purchases made without a formal Purchase Order.

• 2 way match is the process of matching the invoice from the seller with the Pu...read more

Yes, MS Excel can calculate both compound and simple interest.

• To calculate simple interest, use the formula: Principal * Rate * Time

• To calculate compound interest, use the formula: Principal * (1 + Rate)^Time - Principal

• Use the functions PMT, PV, FV, and RATE in Excel to calculate interest

• Ensure the correct formatting of cells and use appropriate formulas for accurate results

Product cost is calculated by adding direct and indirect costs. Landed cost includes product cost and additional expenses.

• Product cost includes direct costs like raw materials, labor, and indirect costs like overheads.

• Landed cost includes product cost and additional expenses like shipping, customs, and taxes.

• Formula for product cost = direct costs + indirect costs.

• Formula for landed cost = product cost + additional expenses.

Retention money and mobilisation money are terms commonly used in construction contracts.

• Retention money is a percentage of the contract value withheld by the client to ensure that the contractor completes the project satisfactorily.

• Mobilisation money is an advance payment made to the contractor to cover initial mobilisation costs such as setting up site facilities and equipment.

• Retention money is usually released after the defects liability period, while mobilisation money i...read more

Closing stock is shown on the asset side of the trial balance.

• Closing stock is an asset and is shown on the debit side of the trial balance.

• It is usually listed under the 'Stock' or 'Inventory' account.

• The value of closing stock represents the cost of unsold goods at the end of an accounting period.

• It is important to include the closing stock value in the trial balance to ensure accurate financial reporting.

The most common mistakes in accounting include errors in data entry, failure to reconcile accounts, and improper classification of expenses.

• Errors in data entry, such as transposing numbers or inputting incorrect amounts

• Failure to reconcile accounts regularly, leading to discrepancies and inaccuracies

• Improper classification of expenses, resulting in misrepresentation of financial statements

• Lack of documentation or inadequate record-keeping

• Inaccurate or incomplete financial re...read more

The type of form advised would depend on the specific tax requirements and circumstances of the client.

• Consider the tax implications and benefits of each form

• Evaluate the client's business structure and goals

• Assess the legal and financial implications of each form

• Consult with tax professionals or experts for guidance

• Examples: A company form may be suitable for a large-scale business with complex tax obligations, while an LLP may be more appropriate for a partnership with shar...read more

The depreciation rate on plant & machinery as per income tax act 1961 is 15% to 30% depending on the type of asset.

• Depreciation rate for plant and machinery is determined by the type of asset.

• The rate ranges from 15% to 30% as per the Income Tax Act 1961.

• Assets like electric generators, computers, and air conditioning units have a higher depreciation rate.

• Assets like furniture and fittings have a lower depreciation rate.

• Depreciation rate can also be claimed on the residual va...read more

GST is a consumption tax levied on the supply of goods and services in India.

• GST is a value-added tax levied on most goods and services sold for domestic consumption.

• It is a multi-stage tax with the provision to allow input tax credit on tax paid at previous stages.

• GST has replaced multiple indirect taxes like VAT, service tax, excise duty, etc.

• There are different GST rates for different goods and services, such as 5%, 12%, 18%, and 28%.

• GST returns need to be filed monthly, q...read more

Sales bills with various discounts can be accounted by creating separate accounts for each discount and adjusting the amounts accordingly.

• Create separate accounts for each discount

• Adjust the amounts accordingly

• Record the sales bill with the net amount after discount

• Ensure proper documentation and record keeping

• Reconcile the accounts regularly

The three golden rules of accounting are: Debit the receiver, Credit the giver, and Debit what comes in, Credit what goes out.

• Debit the receiver: When an asset is received, it is debited. For example, when cash is received, it is debited.

• Credit the giver: When a liability is incurred, it is credited. For example, when a loan is taken, it is credited.

• Debit what comes in, Credit what goes out: When there is an increase in assets, it is debited. For example, when goods are purch...read more

The three golden rules of accounting are: debit the receiver, credit the giver, and maintain consistency.

• Debit the receiver: Record all incoming assets as debits and outgoing assets as credits.

• Credit the giver: Record all incoming liabilities as credits and outgoing liabilities as debits.

• Maintain consistency: Use the same accounting methods and principles consistently to ensure accuracy and comparability of financial statements.

I am comfortable with QuickBooks and Xero accounting software.

• I have experience using QuickBooks and Xero for managing financial transactions and generating reports.

• QuickBooks is user-friendly and offers a wide range of features for small to medium-sized businesses.

• Xero is cloud-based and allows for easy collaboration with team members and accountants.

• I am also familiar with other accounting software such as Sage and MYOB.

Cost run is the total cost incurred in running a business or project. It includes all expenses related to production, marketing, and administration.

• Cost run is calculated by adding up all the expenses incurred in running a business or project.

• Expenses include production costs, marketing costs, and administrative costs.

• To run cost effectively, businesses need to identify areas where they can reduce expenses without compromising on quality.

• Regular monitoring of expenses and bud...read more

The process to check invoice and payment involves verifying the details on the invoice against the payment received.

• Verify the accuracy of the invoice details such as amount, date, and billing address

• Cross-check the invoice with the purchase order or contract to ensure accuracy

• Confirm that the payment matches the amount on the invoice

• Record the payment in the accounting system once verified

• Follow up with the client or vendor if there are any discrepancies

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

• It represents the amount of revenue that is recognized in the financial statements but has not been billed to the customer.

• Unbilled revenue is typically found in industries where services are provided over a period of time, such as consulting or software subscriptions.

• For example, a software company may recognize revenue for a one-year subscription upfront but bill the customer on...read more

The questions are related to TDS, depreciation calculation, and monthly MIS.

• TDS stands for Tax Deducted at Source and is a tax collection method in India.

• Depreciation is the reduction in the value of an asset over time due to wear and tear.

• Monthly MIS refers to a report that provides a summary of the financial performance of a company for a particular month.

By streamlining processes, improving efficiency, and providing strategic financial insights, I can add value to the company.

• Identify and implement process improvements to streamline accounting procedures

• Develop and implement cost-saving measures

• Provide accurate and timely financial reports and analysis to support decision-making

• Identify and mitigate financial risks

• Optimize cash flow management and working capital

• Ensure compliance with accounting standards and regulations

• Colla...read more

Denials in accounts refer to the rejection of claims by insurance companies or other payers.

• Insurance denial: When an insurance company refuses to pay for a claim due to various reasons such as incorrect coding, lack of medical necessity, or missing documentation.

• Authorization denial: When a service or procedure requires prior authorization from the insurance company, but it is denied.

• Medical necessity denial: When the insurance company determines that a particular service or...read more

No, you cannot claim 105% in GSTR 3B.

• GSTR 3B is a monthly return filed by registered taxpayers in India.

• The return allows taxpayers to claim input tax credit (ITC) on eligible purchases.

• The maximum ITC that can be claimed is limited to the amount reflected in the supplier's invoice.

• Claiming 105% in GSTR 3B is not allowed as it exceeds the actual invoice value.

• Any excess ITC claimed may lead to penalties or scrutiny by tax authorities.

Accrual basis of accounting recognizes revenue and expenses when they are earned or incurred, regardless of when payment is received or made.

• Revenue is recognized when it is earned, not when payment is received

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

• This method provides a more accurate picture of a company's financial health

• Example: A company provides services in December but doesn't receive payment until January. Under accrual accounting, the ...read more

Regularly communicate with clients to address any concerns or issues, and provide updates on aging accounts.

• Schedule regular check-in calls or meetings with clients to discuss aging accounts.

• Be proactive in addressing any overdue payments or outstanding invoices.

• Provide detailed reports on aging accounts to clients to keep them informed.

• Offer solutions or payment plans to help clients resolve any outstanding balances.

• Maintain a positive and professional relationship with clie...read more

The journal entry for Rs. 100000 paid to subcontractor involves debiting subcontractor expense and crediting cash/bank account.

• Debit subcontractor expense account by Rs. 100000

• Credit cash/bank account by Rs. 100000

• Journal entry: Subcontractor Expense Dr 100000, Cash/Bank Cr 100000

Sociabble is a leading employee advocacy platform that helps companies amplify their brand reach through employee social media engagement.

• Sociabble enables employees to easily share company content on their personal social networks, increasing brand visibility.

• The platform provides analytics to track the impact of employee advocacy efforts, allowing companies to measure ROI.

• Sociabble also offers gamification features to incentivize employee participation and drive engagement....read more

The new amendments in sch 3 relate to the format of financial statements and disclosures.

• The amendments require entities to present their financial statements in a specific format.

• There are new disclosure requirements for entities that are not-for-profit.

• The amendments also clarify the requirements for the presentation of cash flow statements.

• Entities are required to disclose the nature and amount of expenses recognized in profit or loss.

• The amendments are effective for annua...read more

Accounts Payable is the amount a company owes to its vendors or suppliers for goods or services received.

• Accounts Payable is a liability account in the balance sheet

• It represents the amount a company owes to its vendors or suppliers

• It includes invoices, bills, and other expenses that are yet to be paid

• It is important to manage accounts payable to maintain good relationships with vendors and avoid late payment fees

• Example: If a company purchases $10,000 worth of goods from a v...read more

TDS is a tax deducted at source while Income Tax Slab is the range of income on which tax is levied.

• TDS is a tax deducted by the payer at the time of making payment to the payee.

• It is applicable to various types of payments such as salary, interest, rent, commission, etc.

• The rate of TDS varies depending on the type of payment and the income of the payee.

• Income Tax Slab is the range of income on which tax is levied.

• It is divided into different slabs based on the income level o...read more

A Profit and Loss Statement is a financial report that summarizes a company's revenues, expenses, and profits over a specific period of time.

• It shows the company's total revenue, total expenses, and net income or loss for a specific period, typically a month, quarter, or year.

• Revenue includes sales, interest income, and other sources of income, while expenses include costs of goods sold, operating expenses, and taxes.

• The net income is calculated by subtracting total expenses ...read more

There are typically 12 due dates in a month for GST, one for each month of the year.

• There is usually one due date for GST payments and filings each month.

• The due date is usually the 20th of the following month for monthly filers.

• For quarterly filers, the due date is usually the last day of the month following the end of the quarter.

• Late fees and penalties may apply if the payment is not made by the due date.