Interview QA refers to the process of preparing and answering future interview questions. It is mainly focused on discussing the skills, experience, and cultural fit for a job role. It assists the interviews and candidates in reviewing and communicating the main prospective of the job performance, problem-solving abilities, and even interpersonal proficiency.
For different employers, Interview Questions and Answers are important as they make sure that they choose the right candidates who are a strong fit for the role. It gives surety that they are selecting candidates who are a strong fit for the role and company culture. It is about to cut down on the possible risk of appointment errors. A well-planned QA session can show the potential of the candidate’s attitude and appropriateness for the place.
From the point of view of a job seeker, interview QA is quite essential, as it lets them present their experiences, qualifications, and confidence. It assists them to better clear their skills and prepare for different interview conditions. It can result in better possibilities for finding a job. At the same time, it fosters a more informed and creative hiring procedure for both employers and job seekers.
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Top 20 Accounting Interview Questions
- Why did you choose accounting as a profession?
- What are special types of accounting?
- Which accounting software are you familiar with? Which one is the best, according to you?
- What do you mean by GST?
- What do you mean by VAT?
- What are the key financial statements in accounting?
- Why do you want to join this company?
- What is a double entry?
- Describe a key workplace problem you've faced and how you managed it?
- What do you know about a balance sheet? How is it prepared?
Q.1: Why did you select accounting as a career?
The question is about showcasing your interest in the field of accounting. It is all about your motivation and passion, showcasing suitable skills, and discussing your career series and plans to reveal honesty.
Example:
I believe that the job opening of an accountant plays an important role in boosting the financial health of a company. It is assumed that the huge job satisfaction as it aligns with my long-standing excitement for working with numbers. Working as an accountant lets me completely apply and boost up numerical skills. It gives a strong sense of fulfillment and purpose.
Q.2: What are the specialised types of accounting?
The special kinds of accounting focus on particular areas of financial management, answering to different demands and industries.
- Financial Accounting
It primarily focuses on getting ready the financial statements for outside stakeholders like regulators and investors. It makes sure to follow the standards like IFRS or GAAP.
- Management Accounting
It is all about making internal reports for the management of the company. It supports the management and supports making the right decision, proper budgeting, and discussing the performance.
- Tax Accounting
It specializes in making tax returns and ensuring fulfillment with tax laws and regulations, focussing on reducing tax accountabilities.
- Forensic Accounting
It is all about checking the fraud in the finance, legal issues, or embezzlement, merging with better investigative approaches.
- Auditing
It is important to look into the financial record and internal management. It makes sure of the right accuracy and follows up on the regulations.
- Cost Accounting
It is aimed at analyzing the cost of production to improve profitability and efficiency.
Q.3: Which accounting software are you familiar with?
Which one is the best, according to you?
Here, the candidate is expected to answer according to your personal preferences.
For example;
I am familiar with different accounting software programs like QuickBooks, FreshBooks, Xero, Sage, and Tally. Each has its positive sides according to the requirements of the business. Started for small to medium-sized businesses, QuickBooks stands for its user-friendly interface, wide-ranging features, and flexibility. It gives flexible functionality for invoicing, tax management, payroll, and financial reporting. Meanwhile, the bigger companies have more different requirements. NetSuite or Sage might be highly suitable due to the new features and choice of the personalizations. According to me, the “best" software varies depending on the special needs of the business.
Q.4: What is GST?
GST is referred to as Goods and Services Tax. It is a widespread indirect tax levied on the supply of services and goods in different nations. It is called a replacement of the past indirect taxes like service tax, VAT, and excise duty. It is a good method to improve the efficiency of the taxation system. It can be grouped into three categories, like:
- CGST, called Central GST, is directly collected by the central government.
- SGST is called state GST and is collected by state governments.
- IGST is integrated GST and is used to carry out interstate business and imports.
Q.5: What is VAT?
VAT is Value Added Tax. It is a kind of indirect tax levied on the value additional to goods and services at every stage of production or sharing. It is composed of businesses on behalf of the government. It gets paid by the side of the buyers. This tax is commonly used worldwide to generate more revenue.
VAT is executed in different nations globally, with varying rules and rates. It changes or replaces other indirect taxes. It is about the sales tax and aims to shorten the tax system. The prime benefit associated with VAT is that it reduces the cascading outcomes of the taxes. It is about endorsing efficiency and fairness in taxation.
Traders should register for VAT if their taxable turnover surpasses the threshold. It makes sure to follow the regulations. In the end, VAT adds to the complete financial stability and development of a country by giving a fixed revenue stream.
Q.6: What are the key financial statements in accounting?
The prime financial statements in the field of accounting are the income statement, balance sheet, cash flow statement, and statement of changes in equity. The income statement is called the profit and loss statement. It speaks about the company’s revenues, costs, and losses over some time. The balance sheet is considered a snapshot of the financial position of the company. It speaks about the assets and liabilities of equality.
Q.7: Why do you want to join this company?
I wish to join the company as it aligns with my career goals, presenting opportunities for professional growth. I am impressed by the company's status for innovation and its positive work culture. I believe my skills and practice can add to its continued success and development.
Q.8: What is a double entry?
Double entry is an accounting method where every fiscal transaction is proofed in two accounts. One is called a debit, and another one is called a credit. It makes sure that the accounting equation stays balanced, giving transparency and accuracy in fiscal records.
Take an example:
when a company sells a product, it traces a debit in cash. It is about boosting the assets and a credit in sales revenue. The techniques form the foundation of modern accounting practices, endorsing clarity and accountability.
Q.9: Describe a key workplace problem you've faced and how you managed it?
It provides the candidate a chance to showcase how well they work even under pressure. They must be efficient to showcase a difficult condition clearly and considerately. A good answer may explain both actions they took and actions they wish they’d taken, upon further sign.
- Skill to handle and answer issues
- Interpersonal skills
- Emotional flexibility
Q.10: What do you know about a balance sheet? How is it prepared?
A balance sheet is referred to as a financial statement. It allows sharing a snapshot of a company’s fiscal position at a special point in time. It outlines the assets of the company, liabilities, and justice. It showcases how the assets are money through either debt or shareholder investment. The balance sheet rightly works on the accounting equation:
Assets = Liabilities + Equity
- Create a list of the assets with the addition of present assets like money, receivables, and inventory. It is about the non-current assets like property, equipment, and long-term spending.
- The list of liabilities comprises new liabilities like short-term loans and non-current liabilities.
- It is about measuring the equity-like shareholders' equity, maintained earnings, and capital added by shareholders.
The team of PlacementIndia helps you in knowing the accountant interview questions. The above-mentioned accountant interview question and answer can help you know better about the market statistics.
Interviews are considered an invaluable chance to learn about a candidate. Effective questions assist them in knowing who they are, what the work process is, and whether they make a good fit for your team. Moreover, they should be specialized questions linked to the definite role you’re trying to fill; consider some of the common questions and make them assist you in knowing about the future new employee.
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