Accounting Manager Interview Preparation Guide
Accounts Manager based Frequently Asked Questions in various Accounting Manager job interviews by interviewer. These professional questions are here to ensures that you offer a perfect answers posed to you. So get preparation for your new job hunting73 Accounting Manager Questions and Answers:
1 :: Tell us have you ever prepared MIS reports and what are these?
Yes, I have prepared few MIS reports during my previous jobs. MIS reports are created to identify the efficiency of any department of a company.
2 :: Tell us how much statistics knowledge is necessary or required in accounting?
You must be very good at statistics if you want to do well in accounting. Otherwise, with minimum knowledge you cannot manage your day to day transactions effectively in accounting.
3 :: Tell me what is fair value accounting?
As per fair value accounting, a company has to show the value of all of its assets in terms of price on balance sheet on which that asset can be sold.
4 :: Tell us what are the rules for debit and credit for different accounts to increase the amount in your business accounts?
The rules for debit and credit for different accounts,
☛ for a capital account, you credit to increase it and debit to decrease it
☛ for an asset account, you debit to increase it and credit to decrease it
☛ for a liability account, you credit to increase it and debit to decrease it
☛ for an expense account, you debit to increase it, and credit to decrease it
☛ for an income account, you credit to increase it and debit to decrease it
☛ for a capital account, you credit to increase it and debit to decrease it
☛ for an asset account, you debit to increase it and credit to decrease it
☛ for a liability account, you credit to increase it and debit to decrease it
☛ for an expense account, you debit to increase it, and credit to decrease it
☛ for an income account, you credit to increase it and debit to decrease it
5 :: What are things will not be included in bank reconciliation statement?
In a bank reconciliation statement, following thing can be excluded.
☛ Direct payments made by bank not entered in Cash book
☛ Cheques deposited but not cleared
☛ Cheques dishonoured not recorded in cash book
☛ Wrong debits given by bank
☛ Bank Charges or Interst debited by bank
☛ Banks direct payment not entered in Cash book
☛ Direct payments made by bank not entered in Cash book
☛ Cheques deposited but not cleared
☛ Cheques dishonoured not recorded in cash book
☛ Wrong debits given by bank
☛ Bank Charges or Interst debited by bank
☛ Banks direct payment not entered in Cash book
6 :: Can you list out some of the accrued expenses and the accounts in which you would record them?
☛ Wage accrual is entered with a credit to the “wages payable account”
☛ Interest accrual is entered with a credit to the “interest payable account”
☛ Payroll tax accrual is entered with a credit to the “payroll taxes payable account”
☛ Interest accrual is entered with a credit to the “interest payable account”
☛ Payroll tax accrual is entered with a credit to the “payroll taxes payable account”
7 :: What does financial statement of the company includes?
Financial statement of the company includes various information like
☛ Balance Sheet ( Assets, liabilities, and equity)
☛ Income statement ( Profit or Loss statement)
☛ Equity statement
☛ Cash flow statement
☛ Balance Sheet ( Assets, liabilities, and equity)
☛ Income statement ( Profit or Loss statement)
☛ Equity statement
☛ Cash flow statement
8 :: Mention in simple terms what is the difference between Asset, equity, and liabilities?
☛ Asset: What financial institute (bank) or people owe you
☛ Liabilities: It is something you owe people or organization
☛ Equity: It is something you own, for example, the amount of your house loan you paid off
☛ Liabilities: It is something you owe people or organization
☛ Equity: It is something you own, for example, the amount of your house loan you paid off
9 :: Tell us how much mathematics knowledge is necessary or required in accounting?
Not much knowledge but basic mathematical background is required in accounting for operations like addition, subtraction, multiplication and division.
10 :: Tell me what are the accounting events that are frequently involved in compound entries?
The accounting events that are frequently involved in compound entries are;
☛ Record multiple line items in a supplier invoice that address to different expenses
☛ Record all bank deductions associated to a bank reconciliation
☛ Record all deduction and payments related to a payroll
☛ Record the account receivable and sales taxes related to a customer invoice
☛ Record multiple line items in a supplier invoice that address to different expenses
☛ Record all bank deductions associated to a bank reconciliation
☛ Record all deduction and payments related to a payroll
☛ Record the account receivable and sales taxes related to a customer invoice