100+ Senior Accounts Executive Interview Questions and Answers

Preparing final accounts from purchase entry involves summarizing all purchase transactions and calculating the final financial position of the company.

• Start by gathering all purchase invoices and receipts

• Record the purchases in the purchase ledger

• Calculate the total purchases made during the accounting period

• Deduct any purchase returns or allowances from the total purchases

• Add the opening stock to the total purchases to get the cost of goods available for sale

• Deduct the clos...read more

Items in balance sheet include assets, liabilities, and equity.

• Assets: items owned by the company such as cash, inventory, and property

• Liabilities: debts and obligations owed by the company like loans and accounts payable

• Equity: the company's net worth, calculated as assets minus liabilities

• Other items may include retained earnings, investments, and intangible assets

I have experience in various accounting tasks such as bookkeeping, financial reporting, and tax preparation.

• Bookkeeping: maintaining accurate records of financial transactions

• Financial reporting: preparing financial statements and reports

• Tax preparation: calculating and filing taxes for individuals and businesses

• Budgeting: creating and managing budgets for companies

• Auditing: conducting internal and external audits to ensure compliance

• Payroll: processing employee salaries and ...read more

Golden rules of accounting are principles that guide the process of recording financial transactions. TDS rates refer to the tax deducted at source rates, while IGAAP stands for Indian Generally Accepted Accounting Principles.

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

• TDS rates vary depending on the type of payment being made, such as salary, rent, or p...read more

Balance sheet shows assets, liabilities & equity. P&L shows revenue, expenses & profit/loss.

• Balance sheet is a snapshot of a company's financial position at a specific point in time.

• Assets are what the company owns, liabilities are what it owes, and equity is the difference between the two.

• P&L shows a company's revenue, expenses, and profit or loss over a specific period of time.

• Revenue is the money a company earns from selling goods or services, while expenses are the costs ...read more

Blackline reconciliation is a process used in accounting to ensure the accuracy of financial statements by comparing two sets of records.

• Blackline reconciliation involves comparing financial records from different sources to identify discrepancies or errors.

• It helps in ensuring the accuracy of financial statements and detecting any fraudulent activities.

• Automated tools like Blackline software are often used to streamline the reconciliation process.

• Example: Reconciling bank st...read more

TDS rate for contractor payments varies based on the type of payment and the nature of the contract.

• TDS rate for contractor payments can range from 1% to 10% depending on the nature of the contract and the payment amount.

• For example, TDS rate for payment to a resident contractor for work, supply of labor, or hiring of machinery is 1%.

• However, TDS rate for payment to a non-resident contractor for work, supply of labor, or hiring of machinery is 10%.

• It is important to correctly...read more

Yes, I am comfortable with reliable shift.

• I have worked in shifts before and understand the importance of reliability.

• I am flexible with my schedule and can adjust to different shift timings.

• I am committed to my work and will ensure that I am always on time for my shift.

• I understand that reliability is crucial in the accounting field and will make it a priority.

SAP T Code & Process of Asset Management

• SAP T Code for Asset Management is AS01, AS02, AS03, AS11, AS21, AS41, AS91

• Asset Management process includes acquisition, depreciation, retirement, and disposal of assets

• Assets are classified into different categories such as tangible, intangible, and financial assets

• Asset accounting is integrated with other SAP modules such as FI, CO, and MM

Bank reconsideration is the process of reviewing a loan application that has been rejected by the bank.

• It involves a second review of the loan application by the bank

• The bank may reconsider the loan if the applicant provides additional information or meets certain criteria

• Bank reconsideration can result in the approval of a previously rejected loan application

GST in real estate refers to Goods and Services Tax applicable on the sale of under-construction properties.

• GST is levied on the purchase of under-construction properties and not on completed properties.

• The rate of GST on real estate is typically 5% for non-affordable housing and 1% for affordable housing.

• GST has replaced multiple taxes like VAT, service tax, etc., making the taxation system more streamlined in the real estate sector.

BOM stands for Bill of Materials.

• A comprehensive list of raw materials, components, and assemblies required to manufacture a product.

• Used in manufacturing, engineering, and supply chain management.

• Helps in determining the cost of a product and planning production schedules.

• Example: BOM for a car would include engine, tires, seats, etc.

Prepaid account is an account where payment is made in advance for goods or services to be received in the future.

• Prepaid accounts are commonly used for phone plans, gym memberships, and gift cards.

• The amount paid in advance is recorded as a liability on the balance sheet until the goods or services are provided.

• Once the goods or services are provided, the liability is reduced and the expense is recognized on the income statement.

• Prepaid accounts are also known as deferred ex...read more

Proficient in Excel with advanced knowledge of formulas, functions, and data analysis.

• Advanced knowledge of Excel formulas and functions

• Experience with data analysis and reporting

• Ability to create complex spreadsheets and financial models

• Familiarity with pivot tables and VLOOKUP

• Proficient in using Excel for budgeting and forecasting

My strengths include strong analytical skills, attention to detail, and excellent communication abilities.

• Strong analytical skills - able to analyze complex financial data and identify trends

• Attention to detail - meticulous in reviewing financial reports and ensuring accuracy

• Excellent communication abilities - able to effectively communicate with clients and team members

Intercompany recharge is the process of one company billing another company within the same corporate group for shared services or expenses.

• Intercompany recharges are common in multinational corporations with multiple subsidiaries.

• It helps allocate costs accurately among different entities.

• Examples include charging for IT services, rent, or administrative support provided by one subsidiary to another.

Notice period is the time period between an employee's resignation and their last day of work.

• It is a period of time that an employee must work after resigning from their job.

• The duration of the notice period is usually specified in the employment contract.

• During the notice period, the employee is expected to complete any pending work and handover their responsibilities to their successor.

• The notice period can vary depending on the company's policies and the employee's positi...read more

Elements in accounting refer to the basic components or building blocks of financial statements and reports.

• Elements in accounting include assets, liabilities, equity, revenue, and expenses.

• Assets are resources owned by a company, such as cash, inventory, or property.

• Liabilities are obligations or debts owed by a company, such as loans or accounts payable.

• Equity represents the ownership interest in a company and is calculated as assets minus liabilities.

• Revenue is the income ...read more

A purchase order is a commercial document issued by a buyer to a seller, indicating the type, quantity, and agreed price of products or services.

• A purchase order is a written request from a buyer to a seller to purchase goods or services.

• It serves as a legally binding contract between the buyer and the seller.

• The purchase order includes details such as the item description, quantity, price, delivery date, and payment terms.

• It helps in streamlining the procurement process and ...read more

Designation refers to the job title or position held by an individual within an organization.

• Designation is a term used to identify the role or rank of an employee.

• It helps in defining the level of responsibility and authority associated with the position.

• Designations can vary across different industries and organizations.

• Examples of designations include Senior Accounts Executive, Manager, Director, etc.

Intercompany refers to transactions between two entities within the same company or corporate group.

• Intercompany transactions are common in multinational corporations to transfer goods or services between subsidiaries.

• These transactions must be recorded accurately to ensure proper financial reporting.

• Intercompany accounts are used to track these transactions and eliminate any double counting in consolidated financial statements.

194Q is a new TDS provision introduced in Budget 2021 for TDS on purchase of goods.

• 194Q applies to buyers who have made a total purchase of more than Rs. 50 lakhs in the previous financial year.

• TDS at the rate of 0.1% is to be deducted on the amount exceeding Rs. 50 lakhs.

• It is applicable from 1st July 2021.

• It does not apply to individuals and HUF who are not liable to tax audit.

• It is applicable to both resident and non-resident buyers.

Accruals and Prepaid are accounting concepts used to record expenses and revenues in the period they occur, rather than when cash is exchanged.

• Accruals refer to expenses that have been incurred but not yet paid for

• Prepaid expenses are costs that have been paid for in advance but have not yet been used up

• Accruals and Prepaid help in matching expenses and revenues to the period they relate to

• Accruals and Prepaid are important for accurate financial reporting and decision-making

Bank reconciliation is the process of comparing a company's records with those of its bank to ensure they match.

• Bank reconciliation involves comparing the company's internal financial records with the bank statement to identify any discrepancies.

• It helps in ensuring the accuracy of the company's financial records and detecting any errors or fraudulent activities.

• Common items in a bank reconciliation include outstanding checks, deposits in transit, bank fees, and interest earn...read more

TDS rate is determined by the government, BRS is a process to reconcile bank statements.

• TDS rate is set by the government and varies based on the type of transaction.

• Entry for TDS involves debiting the expense account and crediting the TDS payable account.

• BRS is the process of comparing the company's records with the bank statement to ensure accuracy.

• BRS entries involve reconciling items such as deposits in transit and outstanding checks.

Grouping and codes on SAP

• Grouping in SAP involves categorizing similar items together for easier management

• Codes in SAP are used to identify and differentiate between different items

• Examples of grouping include vendor grouping, material grouping, and customer grouping

• Examples of codes include material codes, customer codes, and vendor codes

My current CTC is confidential.

• I am not comfortable sharing my current CTC as it is confidential.

• I would prefer to discuss the salary expectations for this role.

• I am open to negotiation based on the job responsibilities and market standards.

GST Returns differences refer to variations in the amounts reported in different GST returns filed by a business.

• Differences can occur due to errors in data entry or calculation.

• Changes in tax rates or regulations can also lead to variations in GST returns.

• Reconciliation of GST returns is important to identify and rectify any discrepancies.

• For example, if a business mistakenly reports a higher input tax credit in one return, it can result in a difference in the final tax liab...read more

Cheque lot insert in SAP is a process of creating a batch of cheques for printing and processing.

• Cheque lot insert is done in transaction code FCHI in SAP

• It involves creating a batch of cheques with specific criteria such as bank account, payment method, and payment date

• Once the batch is created, it can be printed and processed for payment

• Cheque lot insert helps in streamlining the cheque printing and payment process

3 wey mach is not a recognized term or phrase.

• There is no known meaning or context for the term '3 wey mach'.

• It is possible that the question was asked incorrectly or there was a typo.

• Without further information or clarification, it is not possible to provide a meaningful answer.

SLA stands for Service Level Agreement.

• SLA is a contract between a service provider and a customer that defines the level of service expected.

• It outlines the metrics, responsibilities, and guarantees related to the service being provided.

• SLAs are commonly used in various industries, including IT, telecommunications, and customer support.

• Examples of SLA metrics include response time, resolution time, uptime, and availability.

• SLAs help ensure that service providers meet the agr...read more

The due date of TDS is the 7th of the following month for most taxpayers.

• TDS stands for Tax Deducted at Source

• Due date for TDS payment varies based on the type of taxpayer and nature of payment

• Late payment of TDS results in penalty and interest charges

• Example: For TDS deducted in the month of January, the due date for payment is February 7th

The 3 golden rules of account are: maintain accuracy, ensure completeness, and maintain confidentiality.

• Maintain accuracy by ensuring that all transactions are recorded correctly and without errors.

• Ensure completeness by recording all transactions, including those that may seem insignificant.

• Maintain confidentiality by keeping financial information private and secure.

• For example, accuracy can be maintained by double-checking calculations and verifying data before recording it...read more

Costing accounting involves calculating and analyzing the costs of producing goods or services.

• It helps in determining the cost of production for a product or service

• It involves analyzing direct and indirect costs

• It helps in making pricing decisions

• It helps in identifying areas where cost savings can be made

• Examples include job costing, process costing, and activity-based costing

Golden rules of account refer to basic principles of accounting that should be followed to maintain accurate financial records.

• Maintain proper documentation of all financial transactions

• Follow the principle of double-entry bookkeeping

• Ensure timely and accurate recording of transactions

• Maintain consistency in accounting methods and practices

• Ensure proper segregation of duties to prevent fraud

• Regularly reconcile accounts to identify and correct errors

• Maintain confidentiality of...read more

Prepaid expenses are expenses paid in advance and are treated as assets until they are used up or expire.

• Prepaid expenses are initially recorded as assets on the balance sheet

• They are gradually expensed over time as they are used up or expire

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

• The adjusting entry to record the expense involves debiting the expense account and crediting the prepaid expense account

GSTR-1 is due on the 10th of the following month and GSTR-3B is due on the 20th of the following month.

• GSTR-1 is due on the 10th of the following month and includes details of outward supplies.

• GSTR-3B is due on the 20th of the following month and is a summary return of inward and outward supplies.

• For example, if the month is January, GSTR-1 for January is due on February 10th and GSTR-3B for January is due on February 20th.

CR and DR stand for credit and debit, respectively, in accounting. They are used to record financial transactions in double-entry bookkeeping.

• CR (credit) is used to record an increase in assets, liabilities, or equity accounts.

• DR (debit) is used to record a decrease in assets, liabilities, or equity accounts.

• CR is typically on the right side of the accounting equation, while DR is on the left side.

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

The golden rule of accounting is to record debits and credits accurately to ensure the balance sheet and income statement are correct.

• Debits must equal credits in every transaction

• Assets = Liabilities + Equity

• Revenue - Expenses = Net Income

• Always follow the principle of conservatism

• Maintain accurate and detailed records

The golden rule of accounting is to debit the receiver and credit the giver.

• Debit the receiver, credit the giver

• Assets = Liabilities + Equity

• Revenue - Expenses = Net Income

• Debit increases assets and expenses, credit decreases them

• Credit increases liabilities, equity, and revenue, debit decreases them

The positive approach of the owner is crucial for the success of the company.

• The owner's positive attitude sets the tone for the entire company.

• A positive owner encourages employees to work harder and be more productive.

• Positive reinforcement from the owner can boost employee morale and job satisfaction.

• A positive owner is more likely to take risks and innovate, leading to growth and success for the company.

• Examples: Celebrating successes, offering constructive feedback, prom...read more

I have 5 years of experience in US taxation, including preparing tax returns, conducting tax research, and advising clients on tax planning strategies.

• Prepared individual and corporate tax returns following IRS guidelines

• Conducted tax research to stay updated on tax laws and regulations

• Advised clients on tax planning strategies to minimize tax liabilities

• Handled IRS audits and inquiries on behalf of clients

• Collaborated with tax attorneys and CPAs to provide comprehensive tax ...read more

The golden rules for accounts are fundamental principles that guide the accounting process.

• Maintain accurate and complete records of all financial transactions

• Ensure proper segregation of duties to prevent fraud

• Follow the principle of matching expenses with revenues

• Adhere to the principle of consistency in accounting methods

• Apply the principle of conservatism to avoid overstatement of assets and income

Golden rules of accounting are basic principles to be followed while recording financial transactions.

• Personal accounts: Debit the receiver, credit the giver

• Real accounts: Debit what comes in, credit what goes out

• Nominal accounts: Debit all expenses and losses, credit all incomes and gains

I have 5 years of experience working in a private organization.

• Managed accounts payable and receivable processes

• Prepared financial statements and reports

• Handled budgeting and forecasting

• Led financial audits

• Implemented cost-saving measures

Golden rules of finance are basic principles to manage finances effectively.

• Spend less than you earn

• Save and invest regularly

• Avoid debt as much as possible

• Diversify your investments

• Plan for the future with a budget

Refunded amount from TDS is the amount refunded to a taxpayer after excess tax has been deducted at source.

• Refunded amount from TDS occurs when the taxpayer has paid more tax than required and is eligible for a refund.

• The refunded amount is credited back to the taxpayer's account after processing the refund claim.

• Examples of refunded amount from TDS include excess TDS deducted on salary income or interest income.

• The taxpayer can claim the refund by filing an income tax return...read more