100+ Senior Accounts Executive Interview Questions and Answers

A gold appraiser is responsible for evaluating the value and authenticity of gold items.

• Conducting thorough inspections and assessments of gold items

• Determining the purity and quality of gold through various testing methods

• Calculating the market value of gold based on weight, purity, and current market rates

• Providing accurate appraisal reports and certificates

• Adhering to legal and ethical standards in gold appraisal

• Interacting with customers and explaining the appraisal proce...read more

TDS stands for Total Dissolved Solids.

• It refers to the amount of inorganic and organic substances present in a liquid.

• It is commonly used in water quality testing to determine the purity of water.

• TDS can affect the taste, appearance, and safety of drinking water.

• Examples of dissolved solids include minerals, salts, metals, and organic compounds.

Standard cost is calculated by adding up all the direct and indirect costs of production.

• Direct costs include materials, labor, and overhead expenses.

• Indirect costs include rent, utilities, and depreciation.

• Once all costs are added up, divide by the number of units produced to get the standard cost per unit.

• Standard cost is used to compare actual costs and identify areas for improvement.

Accruals are adjustments made to financial statements to ensure that revenues and expenses are recognized in the period they are earned or incurred, regardless of when cash is exchanged.

• Accruals help in matching revenues and expenses to the period in which they are incurred, providing a more accurate representation of a company's financial position.

• Examples of accruals include accrued salaries, accrued interest, and accrued taxes.

• Accruals are necessary for accurate financial ...read more

FIFO and LIFO are inventory valuation methods used to determine the cost of goods sold and the value of inventory on hand.

• FIFO stands for First-In, First-Out and assumes that the first items purchased are the first items sold.

• LIFO stands for Last-In, First-Out and assumes that the last items purchased are the first items sold.

• FIFO results in a higher cost of goods sold and a lower value of inventory on hand during times of inflation.

• LIFO results in a lower cost of goods sold ...read more

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

I have a strong foundation in accounting principles and practices.

• Proficient in financial statement analysis and preparation

• Experience in budgeting and forecasting

• Knowledge of tax laws and regulations

• Familiarity with accounting software such as QuickBooks and Xero

• Ability to reconcile accounts and identify discrepancies

Financial ratios are used to analyze a company's financial performance. SAP is an enterprise resource planning software. IND AS 115 is a new revenue recognition standard.

• Financial ratios help assess a company's profitability, liquidity, efficiency, and solvency.

• SAP is a widely used ERP software that integrates various business functions.

• IND AS 115 is a new accounting standard that changes how revenue is recognized.

• Understanding financial ratios can help in making informed bus...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 rate is the tax rate applied to goods and services in India.

• GST rates in India vary depending on the type of goods or services

• There are four main GST rates - 5%, 12%, 18%, and 28%

• Some goods and services are exempt from GST, while others may have a special rate like 0.25% or 3%

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

Journal entries are accounting records that show the financial transactions of a business.

• Journal entries are used to record the financial effects of business transactions.

• They consist of debits and credits to different accounts in the general ledger.

• Each journal entry must have an equal debit and credit amount to maintain the accounting equation (Assets = Liabilities + Equity).

• For example, a journal entry to record a sale would include a debit to accounts receivable and a cr...read more

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

Accounts payable is the amount of money a company owes to its suppliers or vendors for goods or services purchased on credit.

• Accounts payable represents a company's short-term debt obligations to its suppliers or vendors.

• It is listed as a current liability on the company's balance sheet.

• Accounts payable is typically settled within a short period, often within 30 to 60 days.

• Examples of accounts payable include invoices from suppliers for raw materials, utilities, or services r...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

A tax audit is an examination of an individual's or organization's tax returns and financial records by tax authorities.

• Purpose: To ensure compliance with tax laws and verify the accuracy of tax returns.

• Types: Can be conducted on individuals, businesses, or specific transactions.

• Process: Involves reviewing financial statements, receipts, and other documentation.

• Example: A business may be audited to confirm reported income and deductions.

• Outcome: Can result in refunds, additio...read more

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.