accounting and finance jobs

Top 15 Accounting and Taxation Interview Questions and Answers in 2022

accounting interview questions and answers

Accounting and Taxation will always be topics that never cease to fail to make an impression among individuals looking for a thriving career. If you are a keen learner and have a sound mind for finance and calculations, these are the best choices. After completing the course, your next target will be how to prepare for that challenging interview. Do not worry. We are here to help you through that. This article lists the most frequently asked top 15 accounting interview questions and answers which helps you to crack your next accounting interview.

Here are the top 15 Accounting interview questions and answers in 2o22:

1. Introduce yourself.

Ans: This is a very challenging question. It can leave a lasting impression on you and is essential in securing a job. Stress the fact that you are sincerely interested in accounting and Taxation. Give examples. Say how you found out about the interest and how it became your passion. Impress the employer.

Read more: How to introduce yourself in an interview

2. What are the different types of Accounting

Ans: Take a moment. Answer with clarity. Talk about Financial Accounting. Explain how it records information about a company. Next, speak about Administrative Accounting and how it helps make plans and actions for a company. Focus on the fulfilment of objectives and how they can improve a company’s strategy. Now comes Cost Accounting. This industry-based accounting handles the analysis of a company’s unit costs of production. Tax Accounting is for registering and preparing reports on tax returns and payments. Management Accounting is a larger form of cost accounting. It records all the financial and economic data of a company. It deals with short-term and long-term finance-related decisions.

different types of accounting

3.Which all Accounting and Taxation platforms have you worked on? And which one gave you the best experience?

Ans: Your overall app experience counts. Explain how it gave you a great experience and made you comfortable while working on it. Do say which accounting and taxation platforms you worked on.

4.How will you retain Accounting accuracy?

Ans: As accuracy remains a critical factor for an organisation, working with Microsoft Excel is the best option, as it is error-free and highly compatible.

5.What do you know about Working Capital?

Ans: It is the difference between current liabilities and current assets used in everyday trading. 

6.What can you do to improve a company’s Working Capital Flow?

Ans: With the stock in hand. The stock turnover rate has to be high for improved working capital. But over-stock should be avoided. Make sure about the company before you answer.

7.What difference is between ‘Accounts Payable’ and ‘Accounts Receivable?’

Accounts Payable is the company’s amount, the purchased goods and services from a supplier. It is a liability. Accounts Receivable is the amount a company has to collect for selling the goods or services to its customers on credit. This is an asset.

8.Common mistakes made in Accounting?

Ans: The lack of backup, mixing personal accounts with companies, communication gap between the accountant and company, misallocation of resources, misplacing receipts, lack of efficiency during manual accounting, and not keeping account books up-to-date.

common accounting mistakes

 

9.What are the golden rules of Accounting and Taxation?

This is an important accounting interview question and answer.

Ans: The company should debit the receiver and credit the giver. Secondly, debit whatever that comes in and credit what goes out. And finally, debit the expenses and losses and credit incomes and gains.

10.What is GST?

Ans: GST is Goods Service Tax. It is the most significant indirect tax reform in India. Government fixes various GST rates on goods.

11.What do you know about TDS?

TDS is Tax Deducted at Source. It aims at collecting the tax on every source of income. It’s shown in the assets section on a balance sheet.

12.Tell me about Bank Reconciliation Statement.

Ans: BRS or Bank Reconciliation Statement allows us to compare our bank account records to the banks. BRS happens when the passbook and cash book balance differs.

13.What do you know about Basic Accounting equations?

Ans: Asset=Liabilities + Capital

14.Tell me about CMM.

Ans: CMM is Capability Maturity Model. It is a document for providing a model and six elements of infrastructure that s used to calculate the efficacy and capacity of a company’s finance process.

15.How do you seen yourself in this company?

Ans: I see myself growing along with company and learning the new standards of the market and implementing them in my work.

Tips to keep in mind before attending an Interview

Brush through all the relevant accounting interview questions and answers to be well prepared. Be ready with your own set of personal questions. Before you attend the interview, practice in front of a mirror. Make sure you have all the necessary documents. Carry extra copies of your resume. Arrive on time—punctuality matters. Go alone and go with confidence. Dress appropriately and look like a professional. Stay calm until your turn. Do not keep fidgeting. Smile and bring out your sense of humour. Appear confident. Make eye contact. When a seat is offered, you can sit. Make sure you sit straight and focus on full attention. Look at all the members of the panel. Do not take time to answer the questions. Pay attention and try to answer difficult questions. Try not to seem rushed. If a question is not clear, apologise and ask again. Be in your proper self. Beating around the bush is not good. Get the interviewer’s confidence. Trust yourself and give it your best shot.

Accounting Interview Questions and Answers Where does Spot Giraffe come in?

After finishing your Accounting and Taxation Course, we at SpotGiraffe help you gain confidence in attending an interview by giving you mock interviews on accounting interview questions and answers. It builds your self-esteem, and you can face the interviews on a positive note.

 

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