Senior Financial Accountant Interview Questions and Answers

I allocate cost by analyzing expenses and assigning them to appropriate cost centers. I manage payables by ensuring timely payments and maintaining accurate records.

• Analyze expenses and categorize them into appropriate cost centers

• Ensure timely payments to vendors and suppliers

• Maintain accurate records of all payables and expenses

• Reconcile accounts payable ledger to ensure that all payments are accounted for

• Communicate with vendors and suppliers to resolve any payment issues

• I...read more

Accruals are expenses incurred but not yet paid, while provisions are liabilities that are uncertain in timing or amount.

• Accruals are recognized when expenses are incurred but not yet paid, while provisions are recognized when there is a probable obligation that can be estimated.

• Accruals are based on past events and are more certain, while provisions are based on future events and are less certain.

• Examples of accruals include salaries payable and interest payable, while examp...read more

Unbilled revenue is revenue that has been earned but not yet invoiced, while unearned revenue is payment received for goods or services not yet delivered.

• Unbilled revenue is recognized as accounts receivable on the balance sheet, while unearned revenue is recognized as a liability.

• Unbilled revenue represents work that has been completed but not yet billed to the customer, while unearned revenue represents advance payments for goods or services.

• Examples of unbilled revenue inc...read more

IFRS 115 outlines the principles for recognizing revenue when goods or services are transferred to customers.

• IFRS 115 establishes a five-step model for recognizing revenue from contracts with customers.

• Revenue is recognized when control of goods or services is transferred to the customer.

• The amount of revenue recognized should reflect the consideration the entity expects to receive in exchange for those goods or services.

• IFRS 115 requires entities to disclose information abou...read more

Ageing criteria and reports are used to analyze the financial health of a company by categorizing accounts based on their age.

• Ageing criteria categorize accounts based on how long they have been outstanding, such as current, 30 days, 60 days, 90 days, etc.

• Reports generated based on ageing criteria help identify potential issues with accounts receivable or payable, and track the effectiveness of collection efforts.

• Ageing reports are commonly used in financial accounting to ass...read more