Accounting Concepts


 Interview Questions for finance and accounts job




Interview Questions  for Accountant Job

What is the due date for
  •  payment of TDS to Govt.
  • payment of Service tax


What is the due date for
  • filing of TDS Return
  • filing service tax return
What is the form for
  • service tax challan
  • service tax return
What is Works contract 

What is meant by composition scheme

What kind of MIS you have handled

What is meant by revenue recognition under AS 9 and AS 7

What is meant by goods in transit, what is insurance premium for goods in transit

What is workmen compensation act – whether insurance compulsory

What are the items to be checked in a sub-contractor invoice/processing/attachments – bill passing

What is meant by debit note, credit note

If customer order is all inclusive of taxes, how invoice has to be raised

TDS on sub-contractor. Gross Vs Net. Whether TDS is there on GST portion in a invoice.

What are the major changes in revised Schedule VI and new format under companies act.

Rates of depreciation – plant under co act and IT act

What is the role of accountant in a company

What is team size you have handled.

What is the process involved in Letter of Credit

What are the adjustments between book profit and profit as per income tax

Interview Questions for Entry level Accounts Job

1.What is the entry for Sales Tax Collected but not deposited

2 What is the difference between Cost Control and Cost Reduction

3. What is meant by Internal Control

4.What are the consequences of not deducting TDS

5.Difference between the ledgers of  Rent and Rent payable

6.How to account for Bad Debts given in adjustments

7.What is the difference between ledgers of Wages and Salaries

8.What is the difference between Overdraft and Cash Credit

9.What is the entry for salary of last month paid now

10.What is the entry for sales Return



CHIEF FINANCIAL OFFICER (CFO) INTERVIEW QUESTIONS


Ø  Share an experience you had in dealing with a difficult person and how you handled the situation.          
Ø  Tell me how you organize, plan, and prioritize your work. (Be sure to mention that you make specific goals.)      
Ø  Share an experience when you applied new technology or information in your job. How did it help your company?               
Ø  Would you consider analyzing data or information a strength? How so?
Ø  What is the key to a successful budget?               
Ø  Share an experience in which your ability to consider the costs or benefits of a potential action helped you choose the most appropriate action.     
Ø  Provide a time when you were able to identify a complex problem, evaluate the options, and implement a solution. How did the solution benefit your employer? 
Ø  Name a time when you identified strengths and weaknesses of alternative solutions to problems. What was the impact?               
Ø  How would you rate your writing skills? (Offer up examples that demonstrate your mastery of English grammar, rules of composition, and adjusting for the audience.)  
Ø  Provide an example of a time when you were able to demonstrate excellent listening skills. What was the situation and outcome?  
Ø  Share an experience in which your understanding of a current or upcoming problem helped your company to respond to the problem.             
Ø  Provide an example when your ethics were tested.       
Ø  Provide an experience that demonstrates your ability to manage time effectively.  What were the challenges and results?               
Ø  What are some long-range objectives that you developed in your last job? What did you do to achieve them?  
Ø  How do you balance cooperation with others and independent thinking? Share an example. (The employer wants to know that you have a cooperative attitude or are otherwise good-natured.)
Ø  What have you found to be the best way to monitor the performance of your work and/or the work of others? Share a time when you had to take corrective action.    
Ø  Give me an example of when you thought outside of the box. How did it help your employer? 
Ø  Share an experience in which you successfully coordinated with others. How about a coordination effort that was not as successful?           
Ø  Tell me about the last time you oversaw the work of someone else. How did you effectively motivate, develop, and direct the worker(s)?           
Ø  Tell me what kind of reports you prepared and/or directed the preparation of at your last job.  
Ø  Tell me about the last tax return you prepared and filed.             
Ø  Share an experience in which you supervised employees performing difficult financial reporting, accounting, billing, collections, payroll, and budgeting duties.           
Ø  Share an experience in which your attention to detail and thoroughness had an impact on your last company.   
Ø  Share an example of when you went above and beyond the "call of duty". (The employer wants to know that you are dependable.)            
Ø  Share an experience in which you delegated authority for the receipt, disbursement, banking, protection, or custody of funds, securities, or financial instruments and were happy with the results. How about a time that you were unhappy with the results of your delegation?        
Ø  Provide an example when you were able to prevent a problem because you foresaw the reaction of another person.               
Ø  Tell me about a time when you developed your own way of doing things or were self-motivated to finish an important task. (The employer wants to know if you can work independently. )               
Ø  Provide an example of when you were persistent in the face of obstacles.          
Ø  Tell me about your last experience receiving, recording, and authorizing requests for disbursements in accordance with your company's policy.       
Ø  Provide an experience in which you successfully conducted a difficult audit of company accounts and financial transactions to ensure compliance with state and federal requierments and statutes.
Ø  Describe a time when your current knowledge of new policies, procedures, and standards helped your company.               
Ø  Share a time when you willingly took on additional responsibilities or challenges. How did you successfully meet all of the demands of these responsibilities? (The employer wants to gauge your internal drive or initiative.)           
Ø  Describe a time when your monitoring of financial activities and details helped your company meet a legal or regulatory requirement, that may have been overlooked.          
Ø  Provide an example of when you set expectations and monitored the performance of subordinates. What guidance and direction did you find most effective? (If performance improved, be sure to mention it.) 
Ø  Share an example of when you established and accomplished a goal that was personally challenging. What helped you succeed?   
Ø  Describe an experience in which facilitating financial activities was made easier by your relationship with personnel in another financial department.             
Ø  Share your last experience monitoring and evaluating the performance of a financial staff. How did you deal with peronnel actions like promotions or dismissals?
Ø  Describe a time when your advisement to management or other personnel on financial objectives produced good results.
Ø  Share a time when your analysis of past, present, and future finances helped your company develop or improve in a certain area.  
Ø  Tell me about a time you successfully developed a policy or procedure for budgeting, cash and credit management, or accounting which helped your company.        
Ø  Tell me about an experience you had coordinating and directing the financial planning, budgeting, procurement, or investment activities of an organization. What helped you be successful?            
Ø  Name a time when your creativity or alternative thinking solved a problem in your workplace.  
Ø  Name a time when your patience was tested. How did you keep your emotions in check? (The employer wants to gauge your self control.)              
Ø  Share an experience in which you assisted an organization on accounting, budgeting, or efficient control or utilization of financial resources. What led to your success?        
Ø  Tell me about a time your recommendation for procurement or investment in your company had good results. (Your future employer wants to know that you will evaluate needs and make appropriate recommendations.)
Ø  Tell me about a time when your ability to analyze needs and product requirements helped you create an effective design or make an informed decision to benefit your company.
Ø  Share an experience in which you used new training skills, ideas, or a method to adapt to a new situation or improve an ongoing one. (You want to demonstrate your ability to learn in your answer.)            
Ø  Provide a time when you dealt calmly and effectively with a high-stress situation.           
Ø  Share an experience in which your willingness to lead or offer an opinion helped your company.              
Ø  Describe a time when you successfully persuaded another person to change his/her way of thinking or behavior.               
Ø  Provide a time when you worked in a rapidly evolving workplace. How did you deal with the change? (Show that you can adapt.)
Ø  Tell me about a time you successfully trained a staff in budgeting or financial management.        
Ø  Please share an experience in which you successfully taught a difficult principle or concept. How were you able to be successful?  
Ø  Provide an experience in which you were sensitive to somone's needs or feelings. How did your helpfulness affect your work environment?            
Ø  Tell me about your last experience computing, withholding, and accounting for payroll deductions.        
Ø  Provide an example of a time when you successfully organized a diverse group of people to accomplish a task. 
Ø  Describe an experience in which your ability to work well with others and reconcile differences helped your company or employer. (The employer wants to know you know how to negotiate.)       
Ø  Share an experience in which personal connections to coworkers or others helped you to be successful in your work. (Be sure to explain that you prefer to work with others.)
Ø  Tell me what tax planning work you did in your last job.
Ø  Please share with me an example of how you helped coach or mentor someone. What improvements did you see in the person's knowledge or skills?
Ø  Provide an experience in which your ability to actively find ways to help people improved your company or your own work ethic.              
Ø  Share an experience in which you determined depreciation rates of capitalized items and advised your management to purchase, lease, or dispose of an item with good results.           
Ø  In your experience, what is the key to developing a good team? (Be sure to explain how you encourage and build trust, respect, and cooperation.)