Accounting Interview Questions And Answers

Here are Best 10 accounting interview questions which may be asked while you are giving accounting job interview. You need to just clear your concepts about these Accounting Questions.

1. Why Do You want to joint Accounting Profession?

The probable answer may be that you can say

“It is your passion. You want to utilize your knowledge to become experts in the field of Accounting”.

2. Do You Possess Any Knowledge of Accounting Standards?

Accounting Standards are those standards which are adopted by an Accountant while preparing financial statements of the business. International Accounting Standards (IAS) which are now changed to International Financial Reporting Standards (IFRS) are issued by International Accounting Standard Boards (IASB) which was made previously by International Accounting Standards Committee (IASC).

 

3. Do you have Proper knowledge of using various accounting applications for Bookkeeping And Accounting?

Yes, I can use Microsoft Excel, Peachtree, QuickBooks, Oracle, Tally and other most advanced most Advanced Accounting Software whichever is integrated in your Accounting Information system.

4. Can You Minimize the Risks of Errors and Frauds?

Yes, I can. You need to follow the steps in the Accounting Cycle carefully, so that initial errors and frauds can be prevented at the basic level. Financial Statements should be audited by Qualified Chartered Firms to prevent, detect and correct Errors, Mistakes and Frauds.

5. How can we use Accounting in Our Daily Life?

You can describe your own experience. Everyone is basically doing accounting in daily working life. You can either purchase a expensive T-Shirts of lower quality or you can purchase expensive T-Shirts of higher quality. So, Accounting tells you that you can purchase those T-Shirts that not only of reasonable price but also in good quality. As an entrepreneur, you should give purchase discount to buyers to influence them to buy quality products at cheaper price. So this is the accounting that is a language of the Business.

 

6.  How many Types of Business transactions are there in accounting?

There are two types of Business Transactions in accounting

(i) Revenue 

(ii) Capital

You may also be interested in Types of Journal Entries Used in Accounting

7. What is Difference Between Cash Basis of Accounting And Accrual Basis of Accounting?

Under Cash Basis of Accounting, we record business transactions when cash is received and paid but under Accrual Basis of Accounting, we account for business transactions and record them whether Cash is received or not, paid or not.

 

You can Read Read Cash Vs Accrual Basis of Accounting to get more details and clear understanding about these Accounting Concepts.

8. What is the Difference Between Periodic Inventory System and Perpetual Inventory System?

In periodic Inventory System, we record the adjusted value of closing inventory after a specific period of time but in Perpetual Inventory system, we regularly update the adjusting value of closing inventory. These two systems are just representations of Inventory Adjusting Value Recording in Financial Statements. However, in both systems, the closing inventory will be the same.

9. What is the difference between Expenses and Expenditures?

In case of expenses, the benefit is enjoyed and payment is made later on. Example is Electricity Bill. While in case of Expenditures, payment is made first and then benefit is enjoyed later on. Example Prepaid Cards of Mobile Phone or Internet Companies.

7. Where Do You See Yourself in next Five Years?

After five years, I want to see myself in your entrepreneur as a Chief Accountant to set an example for all Junior Accountants and Senior Accountants of your entrepreneur.

So these are some of the important Accounting Interviews Questions and Answers. There are many other questions that can also be asked during a Job Interview. So, just clear your concept. Be Cool, Keep Smiling and You Will Succeed! (In Sha Allah!).