Management Accountant

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“Management Account Frequently Asked Questions in various Management Accountant job interviews by interviewer. The set of questions are here to ensures that you offer a perfect answer posed to you. So get preparation for your new job interview”



54 Management Accountant Questions And Answers

1⟩ Please explain the difference between provision and reserve?

Provisions are the liabilities or the anticipated items such as depreciation. You can say provisions are expenses. Reserves are the profits of any company and a part of that profit is placed back to the business to keep it sustainable in tough times of a company.

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2⟩ Explain me bills receivable?

All types of exchange bills, bonds and other securities owned by a merchant that is payable to him are said as bills receivable.

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3⟩ Tell me what is project implementation?

Project implementation involves six steps in total such as:

☛ Identify Need

☛ Generate and Screen Ideas

☛ Conduct Feasible Study

☛ Develop the Project

☛ Implement the Project

☛ Control the Project

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4⟩ Do you know what is a CPA?

CPA stands for Certified Public Accountant. To become a CPA, one should have to do many other qualifications as well. It is a qualification with 150 hour requirement; it means that one should complete 150 credit hours at any accredited university.

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7⟩ Tell me what is ledger?

A ledger can be referred as an accounting book that keeps the record of journal entries in a chronological order to individual accounts. The process of recording this journal entries is known as posting.

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8⟩ Tell me why some asset accounts have a credit balance?

Some asset accounts have a credit balance due to following reasons,

☛ Receiving and posting an amount that was higher than the recorded receivable

☛ Expenses occurred faster than the agreed upon prepayments

☛ An error caused by posting an amount to a wrong account

☛ The amount of checks written exceeded the positive amount in the Cash account

☛ Continuing to amortize or depreciate an asset after its balance has reached zero

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9⟩ Please explain what do you do to increase revenues? What are your tactics, techniques, and sales methods?

An account manager uses the information at his disposal to maintain and increase client interest. Staying current and doing marketing research are key factors to understanding what the customer is getting tired of and what he might become interested in. This information has to be effectively coordinated with the company departments in order to result in a product that will prevent the customer from leaving.

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11⟩ Tell me what a deferred asset is and give an example?

A deferred asset refers to a deferred debit or a deferred charge. An example of a deferred charge is bond issue costs. These costs involves all of the fees or charges that an organization incurs in order to register and issue bonds. This fees are paid in a near time when the bonds are issued but it will not be expensed at that time.

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14⟩ Do you know what is liabilities and what all does include in current liabilities?

Liability can be defined as an obligation towards another company or party. It may consist of delivering goods, rendering services or paying money. They are the opposite of assets, and it may include

☛ Account payable

☛ Interest and dividend payable

☛ Bonds payable

☛ Consumer deposits

☛ Reserves for federal taxes

☛ Short term loans

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15⟩ Tell me the Stages of Double Entry System?

☛ Recording of transactions in the journal

☛ Posting of journal entry in to the respective ledger accounts and then preparing a trial balance

☛ Preparing final accounts and closing of books of accounts

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16⟩ Tell me what is accrual accounting?

Accrual Accounting is a method for measuring the performance and position of the company by identifying economic events regardless of when cash transaction happened. In this method, revenue is compared with the expenditures, at the time in which the transaction happens rather than when the payment is made.

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17⟩ Tell me what is the general classification of accounts that usually ledger account involve?

The general classification of accounts that usually ledger account involves are:

☛ Assets- Cash, Accounts Receivable

☛ Liabilities- Accounts Payable, Loans Payable

☛ Stockholders’ equity- Common Stock

☛ Operating revenues- Revenues through Sales

☛ Operating expenses- Rent Expense, Salaries Expense

☛ Non-operating revenues and gains- Investment Income, gain on Disposal of Equipment

☛ Non-operating revenues and losses- Interest Expense, Loss on Disposal of Equipment

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