Accounting Questions And Answers

141⟩ Other accounting interview questions to expect when you interview for an accountancy job include

What cost-cutting measures have you been responsible for implementing?

How much money have you saved the company and how did you do this?

What aspects of hands-on accounting did you participate in?

Give examples of internal control procedures that you have developed and maintained.

What was your interface with the budget process?

Discuss your experience in financial analysis of company/ad hoc projects.

Tell us about the financial forecasting you have been responsible for.

What role did you play in the audit process?

What processes did you use to evaluate financial risk?

Which management reports have you prepared?

Discuss your experience in tax planning and preparation.

How do you keep updated on all the accounting rules and techniques?

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142⟩ Where the financial accounting fails the cost accounting for is rescue but still there are some limitations deficiencies in the system?

Accounting has been a part of today's life in today's environment and it has to be given more progress because it is very important

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143⟩ What are the effects of international accounting standards on accounting practices of developing nations?

Adoption of international accounting standards is extremely costly. Developing counties usually use accounting standards that are most beneficial to them (based on who they trade with to ease accounting for transactions) or just another country's GAAP that works for the developing country. Ex. Mexico very closely resembles U.S. GAAP because of NAFTA and the quality of U.S. GAAP.

Should IFRS be implemented in developed counties, developing counties might be forced to adopt them as well in order to maintain trade relations. This could be extremely costly for smaller developing counties.

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144⟩ What is the difference of Cost Accounting and Financial Accounting?

Financial accounting encompasses all account presented on the face of the financial statement, its presentation, recognition, measurement and disclosures. Where as cost accounting is only focused on the cost of inventory.

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145⟩ What information do you require before you approve an invoice for payment?

Focus on your monitoring and checking skills. Demonstrate your understanding of the documentation required for verification before payment is made.

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146⟩ Have you ever been involved in an invoice dispute? How did you manage the problem?

Accounting job interview questions like this explore your conflict management skills. Emphasize your interpersonal skills, your maturity and your ability to stay calm in the face of difficulty. Describe the techniques you use to diffuse disputes such as asking questions to determine the reason for the dispute, not conveying blame and not becoming too emotional. Demonstrate your ability to work together with others to reach an acceptable resolution.

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147⟩ What accounts payable applications are your familiar with?

With accounting job interview questions like this first list the applications you have used and then expand on the value of the solutions they offered to your particular business. Look at aspects such as managing vendor information, approval controls and providing payables reports.

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148⟩ Detail your responsibilities in accounts receivable.

Discuss all your responsibilities. Focus on the skills and knowledge you used to perform these functions efficiently such as maintaining a high level of accuracy, good verbal and written communication skills, strong organizational skills, problem-solving skills, computer skills and a knowledge of accounting processes.

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149⟩ What is accounting ethics?

Accounting ethics is primarily a field of applied ethics, the study of moral values and judgments as they apply to accountancy. It is an example of professional ethics.

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150⟩ What software applications have your used for accounts receivable?

List the applications you have used and expand on the value of the solutions they offered to your particular company. Look at aspects such as tracking transactions, assessing late payments, creating past due notices and printing out relevant reports.

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151⟩ What role did you play in collections?

Again focus on the skills and abilities you bring to the collections function. Demonstrate how you have used your good interpersonal skills, perseverance, ability to managing conflict, negotiation skills and communication ability for successful collections.

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152⟩ What do you mean by material facts in accounting?

Material facts are documents pertaining to the historical events of the facts being justified

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153⟩ What is the distinction between cost accounting and management accounting?

Cost accounting is concerned with cost accumulation for inventory valuation to meet the requirements of external reporting and internal profit measurement.

Management accounting relates to the provision of appropriate information for decision-making, planning, control and performance evaluation.

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154⟩ Explain the accounts payable cycle.

Demonstrate your knowledge of this cycle - the length of time it takes the company to pay its accounts payable - and what the implications of the length of this cycle are for the company, for example cash flow.

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155⟩ Does the accounting system appear to facilitate one specialty from financial, auditing, or cost managerial or tax accounting over the others?

The elegance of Accounting is that it is a purveyor of information, organized into systems, and exploited for a particular purpose. That is because Accounting is vague. Interestingly, information from accounting can be split into to methods: 1. Valuation 2. Evaluation

1. Valuation - This is the type of information that financial/Tax/Cost accounting attempts to tackle. What is that worth? How much of it came from this source of value? What will be the asset be worth in ten years? All of these questions are valuation methods and accounting provides an informational standpoint from which to analyze these questions and ascertain an answer to them.

2. Evaluation - This would be your classical managerial accounting. Did employee A provide hire effort? What should compensation look like? How are we performing? All are evaluation questions. Evaluation is especially important to Internal Audit and the control environment. You can easily image a professor conducting evaluation accounting to assign proper reward to students who exhibit learning through testing.

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156⟩ What is the difference between cost accounting management accounting and financial accounting?

For simplistic purposes, there is not much, if any, difference between "cost accounting" and "management accounting". These terms refer to the accounting techniques used internally by a company's management to determine the costs of running the business and help in decision making. For example, reports that compare budgeted to actual expenses are commonly used to monitor the successful management of a specific department or store within a larger enterprise.

Financial Accounting refers to accounting practices that result in financial statements used by various stakeholders of the business. Stakeholders may include management and employees, as well as vendors, suppliers, customers, bankers and regulators. The accounting practices used in compiling financial statements are referred to as "GAAP" or the generally accepted accounting principles as set forth by the Financial Accounting Standards Board in the U.S. In the U.S., external financial reports issued by public and/or regulated companies must comply with GAAP.

Some accounting methods used in cost accounting are not recognized by GAAP and therefore can only be used internally.

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157⟩ What is the relationship between cost accounting financial accounting and managerial accounting?

Financial accounting relates to the information presented based on past events and records.

Cost and managerial accounting is the presentation of financial information to the management to be used in decision making while in managerial accounting projections are made based on past trends.

Financial accounting relates to the information presented based on past events and records.

Cost and managerial accounting is the presentation of financial information to the management to be used in decision making while in managerial accounting projections are made based on past trends.

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158⟩ Tell me about an invoice discrepancy you discovered and how you resolved it.

Be specific about the type of discrepancy. Discuss the steps you took to identify and sort it out such as obtaining and checking the original order. Focus on the skills required to resolve the discrepancy such as attention to detail, problem analysis and problem resolution.

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159⟩ What is the definition of manual accounting?

It is recording accounting transaction without the use of computer.

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160⟩ What is retail banking?

Retail banking refers to the banking done with the retail client (e.g. the normal people) rather than business or organizational customers.

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204 Accounting Questions And Answers

141⟩ Other accounting interview questions to expect when you interview for an accountancy job include

142⟩ Where the financial accounting fails the cost accounting for is rescue but still there are some limitations deficiencies in the system?

143⟩ What are the effects of international accounting standards on accounting practices of developing nations?

144⟩ What is the difference of Cost Accounting and Financial Accounting?

145⟩ What information do you require before you approve an invoice for payment?

146⟩ Have you ever been involved in an invoice dispute? How did you manage the problem?

147⟩ What accounts payable applications are your familiar with?

148⟩ Detail your responsibilities in accounts receivable.

149⟩ What is accounting ethics?

150⟩ What software applications have your used for accounts receivable?

151⟩ What role did you play in collections?

152⟩ What do you mean by material facts in accounting?

153⟩ What is the distinction between cost accounting and management accounting?

154⟩ Explain the accounts payable cycle.

155⟩ Does the accounting system appear to facilitate one specialty from financial, auditing, or cost managerial or tax accounting over the others?

156⟩ What is the difference between cost accounting management accounting and financial accounting?

157⟩ What is the relationship between cost accounting financial accounting and managerial accounting?

158⟩ Tell me about an invoice discrepancy you discovered and how you resolved it.

159⟩ What is the definition of manual accounting?

160⟩ What is retail banking?

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Accounting

Home Accounting Accounting

204 Accounting Questions And Answers

141⟩ Other accounting interview questions to expect when you interview for an accountancy job include

142⟩ Where the financial accounting fails the cost accounting for is rescue but still there are some limitations deficiencies in the system?

143⟩ What are the effects of international accounting standards on accounting practices of developing nations?

144⟩ What is the difference of Cost Accounting and Financial Accounting?

145⟩ What information do you require before you approve an invoice for payment?

146⟩ Have you ever been involved in an invoice dispute? How did you manage the problem?

147⟩ What accounts payable applications are your familiar with?

148⟩ Detail your responsibilities in accounts receivable.

149⟩ What is accounting ethics?

150⟩ What software applications have your used for accounts receivable?

151⟩ What role did you play in collections?

152⟩ What do you mean by material facts in accounting?

153⟩ What is the distinction between cost accounting and management accounting?

154⟩ Explain the accounts payable cycle.

155⟩ Does the accounting system appear to facilitate one specialty from financial, auditing, or cost managerial or tax accounting over the others?

156⟩ What is the difference between cost accounting management accounting and financial accounting?

157⟩ What is the relationship between cost accounting financial accounting and managerial accounting?

158⟩ Tell me about an invoice discrepancy you discovered and how you resolved it.

159⟩ What is the definition of manual accounting?

160⟩ What is retail banking?

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