Top 10 Interview Questions and Answers Related Accountant Job " | How to Impress Your Interviewer"

If you are preparing for an accountant job interview, it's important to be well-versed in the types of questions you may be asked. To help you get started, we've compiled a list of the top 10 interview questions for an accountant position. These questions are designed to assess your knowledge and skills in accounting, as well as your communication and problem-solving abilities.

In this article, we'll break down each question and provide tips and examples for how to answer them effectively. We'll also offer insights into what interviewers are looking for in your responses and how to make a positive impression. By the end of this article, you'll have a better understanding of what to expect in your accountant job interview and how to prepare for success. So let's dive in and get started with the top 10 interview questions for an accountant position!

1. what is accounting concepts - 

The accounting concept refers to the basic assumptions and rules and principles which work as the basis of recording of business transactions and preparing accounts.

2. What is Accounting?

Accounting is a process of recording, classifying, and summarising financial transactions for a business entity or organization. In simple words, accounting refers to that process where the financial transactions are recorded systematically to keep a chronological record of the event's happenings.

3. Types of Accounts -

The three types of accounts coming under the accounting system are as follows:

1. Personal Account- A personal account is a general ledger account related to persons, firms, and associations.
2. Real Account - A real account is a ledger account that represents accounts of all assets possessed by the organization. The real account appears in the balance sheet and assesses the financial position of the business.
3. Nominal Account - A nominal account is a ledger account that relates to expenses, losses, incomes, and gains. All of the nominal account adjustments are made through the Trading and Profit and Loss Account at the end of the accounting year.

4. Golden rules of accounting - 

Personal Account	Debit the receiver, Credit the giver
Real Account	Debit what comes in, Credit what goes out
Nominal Account	Debit all expenses and losses, Credit all incomes and gains

 

5. What do you mean by financial accounting?

Financial Accounting is the process of recording, summarizing, and reporting transactions and revenue-expense generations in a time period. For example, investors or sponsors need to verify an account statement before showing interest in associating with the business.

6 . Name some accounting software

• Tally
• FreeAgent
• FreshBooks

7. What is working capital?

In short, working capital is the money available to meet your current, short-term obligations. To make sure your working capital works for you, you'll need to calculate your current levels, project your future needs and consider ways to make sure you always have enough cash.

8. What is BRS in accounting?

Bank Reconciliation Statement is a record book of the transactions of a bank account. This statement helps the account holders to check and keep track of their funds and update the transaction record that they have made.

9. What is contra entry?

A contra entry is recorded when the debit and credit affect the same parent account and resulting in a net zero effect to the account. These are transactions that are recorded between cash and bank accounts.

10. Differentiate between accounts payable and accounts receivable?

The main difference between accounts payable and receivable are:

• Accounts payable: The amount a company owes because it purchased goods or services on credit from a supplier or vendor. Also, accounts payable are liabilities
• Accounts Receivable: The amount a company has the right to collect because it sold goods or services on credit to a customer. Also, accounts receivable are assets. 

In conclusion, preparing for an accountant position interview is crucial to impress your interviewer and land the job. By researching the company, practicing common interview questions, highlighting your strengths, and showing your enthusiasm and willingness to learn, you can stand out from other candidates and increase your chances of getting hired.

Remember to dress professionally, arrive on time, and bring extra copies of your resume and any other necessary documents. Lastly, don't forget to follow up with a thank-you note or email to express your gratitude for the opportunity to interview and reiterate your interest in the position.

By following these tips and being confident in your abilities, you can ace your accountant interview and start your career on the right foot. Good luck!

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