Junior Accountant Interview Preparation Guide
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Junior Accountant related Frequently Asked Questions by expert members with job experience as Junior Accountant. These questions and answers will help you strengthen your technical skills, prepare for the new job interview and quickly revise your concepts

66 Junior Accountant Questions and Answers:

1 :: Explain me are you efficient with your time?

Yes I am efficient. I have done an addon course while I was studying the college apart from the college hours. I have the experience of managing the time both officially and personally.

2 :: Explain me about a suggestion or successful contribution you have made in your past job or in college?

I would narrate one of the happenings in my past job! At the time of joining the team had backlog due to technical issue in SAP work environment. While it took a long time to stabilize the volumes I contributed my team what all I can be capable off. It helped me a lot to learn through the process at the time of training.

3 :: Explain me do you work well under pressure?

I see pressure in a different view. Pressure is something which cracks you and helps you to identify yourself. Pressure should be seen as a challenges faced and the challenges faced will assist you the next time. I think its always better to Face everything and rise instead of forgetting everything and run.

4 :: Tell me a time when you helped reduce costs?

I researched for another suppliers from different country who could sell us raw materials less that we bought.

5 :: Please explain what experience do you have working in a computerized environment?

Describe tasks done with applications like Microsoft Office, as well as services like client support and representation through the internet, online research and communication with colleagues, development and documentation of accounting and record-keeping systems, etc.

6 :: Explain nominal account with examples?

Nominal Account is an account of incomes or expenses.
☛ Types of Nominal account
☛ Salary Account,
☛ Commission Paid/Received Account,
☛ Telephone Expenses Account,
☛ Wages Account,
☛ Printing & Stationery Account,
☛ Interest Paid/Received Account.

7 :: Tell me what is bank reconciliation statement? What are the steps to prepare it?

Bank reconciliation statement is a statement prepared at periodical intervals, with a view to indicated the items which cause disagreement between the balances as per the bank columns of the cash book and the bank pass book on any given date.

Follow the below steps to prepare a bank reconciliation statement
Take the balance either as per cash book or as per pass book as a starting point.
☛ Compare the items appearing in the bank column of the cash book with the item appearing in the bank pass book.
☛ Tick off the items in the pass book with the entries in the cash book. A list of unticked items either in cash book or pass book will be found.
☛ Add or deduct items from the balance which has been taken as a starting point.
☛ The resultant figure will be the balance as shown by the pass book or vice versa.

8 :: Explain me what is the difference between Cash discount and Trade discount?

☛ 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.

9 :: Tell me what is convention of materiality?

This convention proposes that while accounting for the various transactions, only those transactions will be considered which have material impact on profitability or financial status of the organization and other insignificant transactions will be ignore. In keeping with the principle of materiality, unimportant items are either let out or merged with other items. Sometimes, such items are shown as footnotes or in parentheses according to their relative importance.

10 :: Explain the errors which affect Trial Balance and errors which do not affect Trial Balance?

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.