General Ledger Questions And Answers

21⟩ Explain What qualities have you got that would make you a good accountant?

Aside from the obvious ones such as numeracy and interpersonal skills, key skills will include determination and self discipline (to get through the difficult professional examinations) and an interest in the business world generally. An ability to work in (and ultimately lead) teams, strong analytical skills, good verbal and written communication skills and curiosity (particularly on the audit side) are some of the others you could mention - if you aren't strong in some of these areas then you may have problems making a persuasive case for yourself.

You are likely to be asked many questions seeking evidence of these particular competencies and will be expected to give examples which are backed up with evidence: for example, if asked about your leadership qualities, you should give an example of where you led a group successfully rather than just stating 'people always look to me to take the lead'.

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22⟩ What does a ledger posting means?

All the business transactions are first recorded in Journal or Subsidiary books in a chronological order when they actually take place and from there the transactions of similar nature are transferred to Ledger and this process of transferring is called as ledger posting.

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23⟩ What does mean by business as a general ledger?

Business is an economic activity involving the production or procurement and sale of certain goods and services for the satisfaction of human need in the society.

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24⟩ Please tell us why should we hire you as a general ledger?

This is the part where you link your skills, experience, education and your personality to the job itself. This is why you need to be utterly familiar with the job description as well as the company culture. Remember though, it is best to back them up with actual examples of say, how you are a good team player. It is possible that you may not have as much skills, experience or qualifications as the other candidates. What then, will set you apart from the rest? Energy and passion might.

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25⟩ Tell you know about Unix as general ledger?

Unix (all-caps UNIX for the trademark) is a family of multitasking, multiuser computer operating systems that derive from the original unix, developed in the 1970s.

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26⟩ Why would you like to work with us as a general ledger?

More likely than not, the interviewer wishes to see how much you know about the company culture and whether you can identify with the organization's values and vision. Every organization has its strong points and these are the ones that you should highlight in your answer.

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27⟩ List some steps of the concept of reconciliation of general ledger?

The concept of reconciling the general ledger can also refer to examining the general ledger as a whole to ensure that all accounts are being aggregated into the financial statements. This reconciliation process involves the following steps:

☛ Summarize the ending balances in all revenue accounts and verify that the aggregate amount matches the revenue total in the income statement.

☛ Summarize the ending balances in all expense accounts and verify that the aggregate amount matches the expense total in the income statement. This can be conducted at the individual expense line item level in the income statement.

☛ Summarize all asset, liability and equity accounts and verify that the aggregate amounts match the respective line items in the balance sheet.

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28⟩ Tell me how many periods should have in general ledger, taking into account the annual closing?

There total periods will be 13. First 12 periods for each month and 13th period for the year closing transactions.

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29⟩ Tell me the procedure for testing after implementation as functional consultant in general ledger?

Testing involves a step by step check of various transactions configured in the SAP system.

Example: In case of MM we need to check say if the purchase cycle is working in the system as it is in real business scenario i.e. whether it is generating PRs, RFQ, PO, GI, LIV properly and there is no errors during transactions.

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30⟩ How would you reconcile a general ledger?

The general ledger is the master set of accounts that aggregates all transactions recorded for a business. When a person is reconciling the general ledger, this usually means that individual accounts within the general ledger are being reviewed to ensure that the source documents match the balances shown in each account. The reconciliation process is a common activity just prior to the arrival of the auditors for the annual audit, to ensure that the accounting records are in pristine condition.

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31⟩ Which steps would you take before you approve an invoice for payment as a general ledger?

This question measures your understanding of invoice verification process, so make sure you have checked it out before going to the interview. Such a typical process should involve checking to see if the received goods are in satisfactory manner, recording in the notebook. One more thing, it is also good to describe the importance of each step to the interviewers.

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32⟩ Asset | liabilities cash on hand 40000 bank o|d 1100 |stock of goods 25000 capital 80000how to do opening ledger posting. |

Cash on hand 40000

Dr side

To Balance b/d 40000

Stock of goods 25000

Dr side

To balance b/d 25000

Bank OD 1100

Cr side

By balance b/d 1100

Capital 80000

Cr side

By balance b/d 80000

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General Ledger

Home Business and Economy General Ledger

32 General Ledger Questions And Answers

21⟩ Explain What qualities have you got that would make you a good accountant?

22⟩ What does a ledger posting means?

23⟩ What does mean by business as a general ledger?

24⟩ Please tell us why should we hire you as a general ledger?

25⟩ Tell you know about Unix as general ledger?

26⟩ Why would you like to work with us as a general ledger?

27⟩ List some steps of the concept of reconciliation of general ledger?

28⟩ Tell me how many periods should have in general ledger, taking into account the annual closing?

29⟩ Tell me the procedure for testing after implementation as functional consultant in general ledger?

30⟩ How would you reconcile a general ledger?

31⟩ Which steps would you take before you approve an invoice for payment as a general ledger?

32⟩ Asset | liabilities cash on hand 40000 bank o|d 1100 |stock of goods 25000 capital 80000how to do opening ledger posting. |

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General Ledger

Home Business and Economy General Ledger

32 General Ledger Questions And Answers

21⟩ Explain What qualities have you got that would make you a good accountant?

22⟩ What does a ledger posting means?

23⟩ What does mean by business as a general ledger?

24⟩ Please tell us why should we hire you as a general ledger?

25⟩ Tell you know about Unix as general ledger?

26⟩ Why would you like to work with us as a general ledger?

27⟩ List some steps of the concept of reconciliation of general ledger?

28⟩ Tell me how many periods should have in general ledger, taking into account the annual closing?

29⟩ Tell me the procedure for testing after implementation as functional consultant in general ledger?

30⟩ How would you reconcile a general ledger?

31⟩ Which steps would you take before you approve an invoice for payment as a general ledger?

32⟩ Asset | liabilities cash on hand 40000 bank o|d 1100 |stock of goods 25000 capital 80000how to do opening ledger posting. |

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