Top Account Executive Interview Questions

Explain What Is Cash Flow And Fund Flow?

Cash flow and funds flow: cash flow means direct entry of cash in your business and exit of the same funds flow means entry of funds (cash funds or non cash funds) and their exit non cash funds may mean rise in current assets or fall in current liabilities which was not due to any cash movement.

Explain Accounting For Vc Money In Financials?

It depends on the form in which the money comes in. If it was invested as equity (either Common or Preferred Stock), it shows up on the balance sheet as Paid in Capital. If it came in as debt (such as bridge loan, secured note, etc.) it shows up as debt that must be repaid by the company.

Tell Me What Is The Difference Between Provision And Reverse?

Provisions are created in books as they are anticipated. Example: provision for depreciation

Reserves are created in books as a part of profits, which might used to purchase assets or to declare dividends.

Tell Me Is Financial Accounting Necessary?

Yes, the accounting calculates the cost of capital to the business. It compares the current, expected, and historic rates of return. Suppose a company is making 12% returns but borrowing money by using the owner’s credit card at 22% be good to know that.

Is There A Difference Between Accounting For Conversion Of Bonds And Accounting For The Conversion Of Preferred Stock?

Bonds have discounts and premiums and accrued interest. Preferred Stock does not.

Tell Me What Does The Word Credit Mean In Terms Of Accounting?

The word “credit” is part of the equation of double entry bookkeeping.

In order for bookkeeping entries to balance, there must always be a debit (left side, abbreviated by “dr”) and credit (right side, abbreviated by “cr”) entry that equal one another.

For example:

to record an Office Supply Store purchase (on account ~ a payable), the entry would be:

Office Supplies Exp $500.00(dr)

Accounts Payable $500.00(cr)

If an entry does not balance the totals for debits and credits, your books will be out of balance.

How Many Invoices On Average Do You Handle On A Weekly/monthly Basis?

Show your understanding of the invoice verification process. Go through each step in detail such as checking that goods have been received in proper condition or services rendered in a satisfactory manner. Explain the importance of each step.

Explain What Is Customer Account?

Debtors account and bills receivable account are theoretically same. Both are called as receivables. When we sold goods to debtors account is debited. If we receive a bill from that debtor, we open bills receivable account by closing that debtor account. Thus, bills receivable account is nothing but debtor account.

If the bill is dishonored on the due date, we again debit the debtor account in our books. For information and accounting purpose, we use both debtor account and bills receivable account.

Were You Happy With The Grades You Achieved At A-level?

Chartered Accountancy firms put a lot of weight on A-level grades as these have been found to be the best predictors of success in professional examinations.

If your A levels were not outstanding, this may sometimes depend more on the quality of the school you attended than your ability. In some inner-city schools it may be that a mediocre A-level performance that you achieved might have been the best in your school – if this is so, then make it clear.

An average performance at a weak school academically may be the equivalent of a much better performance at some prestigious establishments.

Similarly, if there were any other external factors, such as illness, that may have affected your grades, tell the interviewers – but don’t sound as though you are making excuses.

What Is The Entry For Provision? What Is The Provision?

Provision means liabilities it means payable account A it?s an very useful for controlling payable accounts like telephone charges, ESIC accounts, EPF accounts, A EPF payable accounts Dr to EPF accounts ESIC payable accounts Dr to ESIC account

Does The Accounting System Appear To Facilitate One Specialty From Financial, Auditing, Or Cost Managerial Or Tax Accounting Over The Others?

The elegance of Accounting is that it is a purveyor of information, organized into systems, and exploited for a particular purpose.

That is because Accounting is vague. Interestingly, information from accounting can be split into to methods:

1. Valuation

2. Evaluation

1. Valuation:

This is the type of information that financial/Tax/Cost accounting attempts to tackle. What is that worth? How much of it came from this source of value? What will be the asset be worth in ten years? All of these questions are valuation methods and accounting provides an informational standpoint from which to analyze these questions and ascertain an answer to them.

2. Evaluation:

This would be your classical managerial accounting. Did employee A provide hire effort? What should compensation look like? How are we performing?

All are evaluation questions. Evaluation is especially important to Internal Audit and the control environment. You can easily image a professor conducting evaluation accounting to assign proper reward to students who exhibit learning through testing.

Explain What Is Accounting Management?

Accounting Management (Business) is the practical application of management techniques to control and report on the financial health of the organization.

This involves the analysis, planning, implementation, and control of programs designed to provide financial data reporting for managerial decision-making. This includes the maintenance of bank accounts, developing financial statements, cash flow, and financial performance analysis. Accounting management is a mandatory knowledge module of any MBA program.

Accounting (IT) management: Accounting is often referred to as billing management. The goal is to gather usage statistics for users.

Using the statistics the users can be billed and usage quota can be enforced.

Examples:

► Disk usage
► Link utilization
► CPU time

Explain What Is Executive Accounting?

Executive Accounting is designed for service type businesses that require a sophisticated accounting system, yet simple to use accounting system.

Executive Accounting contains many advanced features such as three styles of invoicing (service, distribution and recurrent), multi-currency capabilities, multiple bank account capabilities and other powerful features. Executive is a single-user system that can be upgraded to an unlimited number of users.

Explain What Is Meant By Partitioning?

Partitioning is nothing but grouping based on the cluster, which is similar kind of response by a system.

Tell Me What Is Accounting Normalization?

It is removing items from the income statement or balance sheet that do not normally occur during the course of business to better estimate the value of a company.

Explain What Is Meant By Balancing?

Balancing means equalizing debit and credit side totals in a T-account.

If there is a deficit on side that is, debit, or credit a suspense account is opened with the balancing figure.

Can You Please Give Me Examples Of Accounting Reports You Have Prepared?

Demonstrate your experience in maintaining accounting principles, practices and procedures to ensure accurate and timely financial statements and reporting. Discuss your ability to meet tight deadlines and undertake a multitude of accounting activities. Show your understanding of generally accepted and statutory accounting principles.

Tell Me What Are The Differences Between Accounting And Auditing?

Accounting means recording of day today transaction whereas auditing means rechecking of that transaction it is properly recorded or not.

Tell Me What Are The Different Branches Of Accounting?

Financial accounting refers to accounting for revenues, expenses, assets, and liabilities. It involves the basic accounting processes of recording, classifying, and summarizing transactions.

► Cost accounting is the branch of accounting dealing with the recording, classification, allocation, and reporting of current and prospective costs.

► Managerial accounting is the branch of accounting designed to provide information to various management levels in the hospitality operation for enhancing controls.

Explain What Is Accounting Period?

This concept defines the unit of time for which accounting data are collected. It is hard to calculate and measure the profit if the business is trading for long periods. Therefore, accountants estimate profitability in the short segments of time that we call Accounting periods.

Explain What Is Service Tax?

When any employer provides any service to his customer, which income is excess under the tax then company liable for the pay tax.

In addition, service tax deposited of in under 5 days who you charged service tax to his customers.

In the payment of Service tax amount you can Credit availed during of the month.

Moreover, if any company purchased of any item that has Excise duty & E.Cess with E.Cess then you can credit availed when you received excise form to your seller.

Explain What Is Capital Gain?

Capital gain:

when any capital asset is sold and it is sold at a higher price than its book value then that extra gain is called capital gain. The word profit generally means revenue profits. While capital gain is generally received infrequently.

Tell Me Who Uses Accounting?

Taxpayers like to use accounting.

Explain About A Situation Where You Showed Determination?

Other situations which are frequently asked about include the following:

Give an example of when you:

► Planned something.
► Took on responsibility.
► Led a team.
► Had to cope with pressure.
► Dealt with an unreasonable person.
► Had to make a difficult decision?
► Used initiative
► Influenced others.
► Solved a problem.

Tell Me What Is Meant By Public Accounting?

Public accounting can be viewed as firms of accountants that serve clients such as businesses (retailers, manufacturers, service companies, etc.), individuals, nonprofits and governments. The services provided by public accounting firms will vary by the size and the expertise of the firm.

Here are some of the public accounting services:

preparation, review, and auditing of the clients’ financial statements tax work including the preparation of income tax returns, and estate and tax planning consulting and advice involving accounting systems, mergers and acquisitions, and much more

The people employed in public accounting are often certified public accountants or CPAs. Many accountants leave the larger public accounting firms after several years of experience and become an employee of a single business. In their new position they will be referred to as a private accountant, corporate accountant or internal accountant.

Public accounting firms range in size from tens of thousands of small local firms to a few huge international firms employing hundreds of thousands of CPAs throughout the world.

The positions in public accounting often consist of staff, senior, manager and partner.