Assistant Accountant

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“Assistant Accounts related Frequently Asked Questions by expert members with job experience as Assistant Accountant. These questions and answers will help you strengthen your technical skills, prepare for the new job interview and quickly revise your concepts”



72 Assistant Accountant Questions And Answers

3⟩ Why do you want to work here as Assistant Accountant?

Interview questions and answers like this are another opportunity to demonstrate that you have done your homework so instead of focussing on pay and benefits, talk about how the philosophy of the organisation impresses you and how you are excited at the prospect of making a contribution to its ongoing success.

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7⟩ Tell me are you familiar with current accounting standards?

Again, this isn't a "yes" or "no" type of question. The correct answer to this question is "yes", followed up with a brief explanation of your knowledge on accounting standards. And be prepared to answer a follow up question such as "Can you list the latest changes to the IAS?.

In reality, it's impossible to have all the accounting standards memorized. Not only are there a lot of them, but they change all the time--and most employers know this. Through your answer you need to demonstrated that you are familiar the different accounting standards, especially those that are relevant to your expertise and position. You also need to show that you know how to check IAS (or IFRS) and quickly find up-to-date standards and information.

While interviewers aren't going to expect you to have memorizied all the accounting standards, any information you can present at an interview will earn you brownie points. If you have the time, research the most recent changes to the standards and familiarzie yourself with the most important standards for the position. Applicants that show they watch trends and are constantly learning impress interviewers.

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9⟩ Explain me what is double entry Bookkeeping? What are its rules?

Double entry bookkeeping follows the principle according to which every debit has a corresponding credit; hence total of all debits is always equal to the total of all credits. In this system, one account is debited and at the same time another account is credited by the similar amount.

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10⟩ Tell me what is the difference between a trial balance and a balance sheet?

☛ Trial balance is a list of balances from the ledger account while balance sheet is a statement of assets and liabilities.

☛ Trial balance contains balances of all personal, real and nominal accounts, while balance sheet contains balances of only those personal and real accounts which represent assets and liabilities.

☛ Trial balance is prepared before preparation of trading and profit and loss account, while balance sheet is prepared after the preparation of trading and profit and loss account.

☛ Trial balance is prepared to check the arithmetical accuracy of posting into ledger while balance sheet is prepared to indicate the financial position of the business on a particular date.

☛ Debt and credit balances are shown side by side while balance sheet is prepared on a T form basis, the left hand side showing liabilities while right hand side representing assets.

☛ Closing stock does not appear in the trial balance while it is shown on the assets side of balance sheet.

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11⟩ Tell me what sets you apart from others? Why should we prefer you over other applicants?

I am highly dependable and responsible. I am capable of multitasking in a fast paced environment. I possess the key elements that you are looking for: Drive & energy, functional & technical expertise that I have just explained, high standards that guarantee exceptional quality of work and attention to detail, strong urge to take initiative and integrity in working ethically and honestly.

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12⟩ Explain me a Time When You’ve Helped Reduce Costs?

This can be a challenging question, especially if you’ve never held an accounting job before. While some accountants strictly do their jobs, others go above and beyond by making suggestions to management and identifying areas where money can be saved. By describing a scenario from your coursework or an internship, you can show the hiring manager that you’re willing to go beyond and be a team player.

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14⟩ Explain me which accounting software are you familiar with?

Most job candidates would answer this question by listing all the accounting applications they can work with. While this answer would be adequate, it isn't the best answer.

Before going into a job interview, we recommend trying to find out what type of accounting software the company uses. This will give you the opportunity to see if its an application you're already familiar with, and if it's not, give you time to learn more about it so you can respond knowledgeably and intelligibly.

Going into the interview, more than likely you won't have any idea which accounting software the company uses. Additionally, there are many different accounting packages out there. Instead of simply mentioning the programs you're familiar with, demonstrate to the interviewer that you're very computer savvy and able to learn to work with just about any accounting software application quickly.

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15⟩ Tell us how effective are your communication skills?

Mention front desk customer service as well as regular communication with the management (representations, proposals, etc.). For example, talk about your ability to sense requirements before they are said and how you’ve resolved complaints effectively.

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17⟩ Tell me what is the adjustment entries made while preparing the final accounts from the Trial Balance?

☛ Debit note is an intimation sent to a person dealing with the business that his account is being debited for the purpose indicated therein. It is a note made out with a carbon duplicate. The original one is sent to the party to whom the goods are returned and the duplicate copy is kept for office record.

☛ Credit note is an intimation sent to a person dealing with the business that his account is being credited for the purpose indicated therein.

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18⟩ Explain me what is Deferred Revenue Expenditure? Give some examples?

Deferred Revenue Expenditure is a type of expenditure which does not result into the acquisition of any fixed asset and the benefits from such expenditure is not received during the period which they are paid for.

For example - Initial Advertisement Expenditure, Research and development Expenditure, Preliminary Expenses.

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20⟩ Tell me what is the relation between journal and ledger?

☛ The journal is the book of first entry whereas the ledger is the book of second entry.

☛ The journal as a book of source entry ordinarily has greater weight as legal evidence than the ledger.

☛ The journal is the book for chronological record whereas the ledger is the book for analytical record.

☛ The unit of classification of data within the journal is the transaction; in the ledger the unit of classification of data within the ledger is the account.

☛ The process of recording in the journal is called journalizing, the process of recording in the ledger is called posting.

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