Assistant Accountant Interview Preparation Guide

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Talk about experience doing tasks which required responsibility, such as problem solving, research, and tracking documentation problems and discrepancies.

In your answer discuss how you have set up effective procedures for information collection and review. Describe how you monitor projects and check the progress of delegated tasks.

As an accountant, you’ll be held to a very high standard of excellence, especially since even the smallest errors can lead to big financial issues. In response to this question, it’s important to discuss the importance of checking your work several times and establishing a system of checks and balances. It also helps to give an example of a time that you caught an error through double checking or another method.

Specify computer applications you are proficient with (Microsoft Office, Adobe, PowerPoint, Linux, Notepad), specific experience working in a computerized environment, and any projects you might have done using computers (presentations, etc.). Typing speed is also relevant.

This fairly standard interview question is a typical warm-up, since it’s an opening that breaks the ice and allows the hiring manager to get to know you better. That doesn’t mean, however, that it’s a throwaway question. You should answer thoughtfully by giving examples of things that happened in your life that led you to the accounting field. Were you the fifth grade class treasurer? Did you save for months to buy your first car? Whatever the scenario, give the interviewer some background about yourself and your studies.

In your answer demonstrate your ability to clearly and effectively give information to individuals or a group, how you are able to adjust your communication style to suit your audience and simplify complex information to enable understanding.

I recently graduated with a bachelor’s degree in financial services. While I haven’t been able to put my technical knowledge to use yet, I was able to gain some expertise in accounting through the related coursework I had to take. I also have my Certified Bookkeeper designation from the American Institute of Professional Bookkeepers. This certification gave me knowledge about overseeing payroll and balancing accounts in a way that is honest and acceptable according to the different regulations set up by state and federal laws.

My responsibilities included management of accounts receivables; customer statements, customer payments/collections, invoicing and reconciliations; accounts payables which included vendor statements, vendor bills, payments and reconciliations as well as credit management. In addition, I performed other clerical work such as mail handling, filing, organizing accounts, scheduling and MIS data maintenance.

Contingent liability is an obligation, relating to a past transaction or other event or condition, that may arise in consequence, as a future event now deemed possible but not probable. Thus such liabilities as may arise in future are called contingent liabilities. For example: guarantee to a bank for loan advanced to a third party, possible penalties, fines and penalties payable to the government or income tax authorities etc. Future losses from natural calamities are not contingent liabilities. They are not recorded in books of account. They do not appear on the liabilities side of the balance sheet. They are shown by way of a footnote at the bottom of the balance sheet.

One of the best interview tips is to ensure you have a good understanding of the organisation and its products and services and be able to relay this clearly and authoritatively. There is no need to be an expert at this stage but you should be able to talk confidently about the history of the organisation as well as its place in the market and key people.

☛ Cash discount is an allowance made by retailers to the customers for prompt payment. On the other hand, trade discount is an allowance made by the wholesaler dealer to retailers off the catalogue or invoice price. This allowance is made between purchasers and sellers engaged in the same class of trade.
☛ Cash discount is always allowed or received when payment is made. Trade discount enables the retailers to sell the products to customers at catalogue or price list issued by the wholesaler.
☛ Cash discount is an allowance in addition to the trade discount made by the seller to the buyer.
☛ Cash discount is recorded in account books while trade discount is not shown separately.
☛ The main purpose of allowing trade discount is to enable the retailers to sell the goods at list price while the purpose of providing cash discount is prompt payment by the debtor to the creditor.

In your answer show how you are able to identify key issues and detect problems from relevant information, include your ability to break down and organize information to recognize cause and effect relationships.

Focus on how specific elements of the role relate to your own skills and experience in order to highlight your strength as a candidate. Also, be sure to cover how the role aligns to your personal and professional development ambitions.

Errors which affect the agreement of trial balance:
☛ Wrong totaling of subsidiary books.
☛ Posting on the wrong side of an account
☛ Omission of posting an amount in the ledger
☛ Posting of wrong amount
☛ Error in balancing

Errors which do not affect the agreement of trial balance:
☛ Error of Principle
☛ Errors of Omission
☛ Errors of Commission
☛ Recording of wrong amount in the books of prime entry or subsidiary books.
☛ Compensating Errors.

In my career, I have had to use a few different bookkeeping software and programs, such as FreshBooks, Kashoo and QuickBooks. I strive to familiarize myself with new software through workshops offered at the local library and universities. I may not gain all of the skills needed to use these programs as a professional, but getting an introduction helps me easily pick up new software as needed. I also find these introductory courses make it easier to learn about new software on the go. I am a quick learner and very comfortable with computers, so I feel confident saying I will be able to work with the bookkeeping software your company uses after a short learning period.

Review your employment experience. Try mentioning qualifications which are probably the most vital: numeric agility, ability to use computers and calculators, typing skills, ability to maintain files and records with impeccable attention to detail, etc. Mentioning people skills can also help, even if you think the job will be all backroom.

Avoid the temptation to say “this one”, but adopt the interview tactic of tailoring your answer so that it reflects, to some extent, the role in question. In general terms, you can talk about the need to be challenged, to make a tangible contribution, to try new things, to have the opportunity to fully exploit your skills, and grow yourself professionally.

Accountants working for companies have several duties. They track expenditures, keep records, prepare taxes, and generate financial reports. However, they also have another responsibility--reduce costs whenever and wherever they can. In fact, some corporations hiring "cost accountants" whose entire professional existence is dedicated to analyzing, tracking and reducing costs--as well as maximizing savings.

Even if you're not hired as a cost accountant per se, all good accountants are expected to reduce costs and minimize expenses for their employers. We recommend that anyone interviewing for an accounting position have at least one example of where they've been able to use their skill or expertise to reduce costs. If you're recent college grad, find a situation as an intern, part-time employee, or member of an academic case study where you were able to help reduce costs.

☛ Cheques deposited into the bank but not yet collected and credited.
☛ Cheques issued but not yet presented for payment.
☛ Bank Charges.
☛ Amount collected or credited by bank on standing instructions.
☛ Amount paid or debited by the bank on standing instructions.
☛ Interest credited by bank.
☛ Interest debited by bank on overdraft.
☛ Direct payment by customers into the bank account.
☛ Dishonour of cheques or bills.
☛ Errors in recording of transactions by either the firm or the bank.

Trial balance is a list of all balances standing on the ledger accounts of a firm at any given time.

Following are the main characteristics of a trial balance.
☛ It is a statement prepared in a tabular form.
☛ It has two columns: one for debit balances and another for credit balances.
☛ Closing balances as shown by ledger accounts are shown in the statement.
☛ It is not an account but only a statement of balances.
☛ It is prepared on the basis of balanced accounts.
☛ It is a method of verifying the arithmetical accuracy of entries made in the ledger.
☛ It helps in preparation of Trading account, Profit & Loss account and Balance Sheet at the end of the period which exhibit the financial position of the firm.

For many accountants, being personable is not their number one trait. While I may not have won any awards for my amiability, I am able to communicate very well. I think it is important to be friendly, but it is more important to have the ability to clearly articulate your thoughts. If I was tasked with communicating with either vendors or clients, I would be able to explain reports, give presentations and write clear messages.

It is important to have at least one example to hand that allows you to present how you applied your skills to achieve something that is particularly relevant to an Accounts Assistant role. Improvements that led to a tangible success for your employing organisation are going to be of particular interest.

I had worked for ABC Company as an accounting assistant for the past two years. It is a well-established and highly reputable company and their business revolves around office furniture dealerships to providing furniture solutions to companies. I joined them as an accounting intern and then considering my passion in the work, I was offered a permanent position as the accounting assistant.

In your answer discuss how you are able to determine an appropriate and effective course of action based on factual information, accurate assessment of organizational resources and consideration of the alternatives. Describe how you communicate your decision to others.

In mercantile system, expenses are considered as expenses during the period to which they pertain. Similarly, incomes are considered to be incomes during the period to which they pertain. This system of accounting is considered to be more ideal. On the hand, in cash system, expenses are considered to be expenses only when they are paid for and the incomes are considered to be income when they are actually received. This system of accounting is mainly used by the organizations established not for earning the profits.