My first big leadership role was over an analysis project a few years back. I was still trying to hone my leadership and management skills, and had not quite mastered the delegation that is a necessary part of good leadership. Not only was I a new leader, but my team was fairly unexperienced as well.
Each young, unexperienced team member wanted to go about the analysis in a slightly different way, so it seemed every task was getting done multiple times. Our deadline was approaching quickly and we were struggling to work together. As the leader, I knew I had to step up and start delegating and actually leading better than I had been. I started handing out specified roles to everyone, so we were able to analyze the future performance of the company and determine that the business was going to be able to sustain itself in the long run with a few minor adjustments.
As an accountant, making errors can lead to huge financial issues for the company. I think it is important for every accountant to acknowledge this fact and admit that he or she is susceptible to errors.grygizserowing.ml/2229.php
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At my last company, there were a lot of mistakes happening, and the managers were struggling to stop them. I helped implement a checks-and-balances system that used teamwork and peer evaluation to ensure everyone was doing their best work. I also always take the time to double-check my own work to ensure it is error free.
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I was able to gain knowledge of accounting standards through my undergraduate, graduate and certifications studies. Accounting standards, like the standards of so many other industries, may change from time to time. As I pursued my Certified Information Systems Auditor certification, I realized some of my other accounting standards knowledge was out of date.
It was at this time that I gained a new sense of priority for my continued learning. Ever since I was a kid, I have been drawn to numbers.
Most of my friends thought I was odd because of my love for math. Premises refer to fixed assets that are shown in the balance sheet. Yes, as per my knowledge there are total 33 accounting standards published so far by ICAI. The purpose of these standards is to implement same policies and practices in any country. It is the abbreviation of Institute of Chartered Accountants in India.
Accounting interview questions guide
We know that accounting is all about assets, liabilities and capital. Therefore, the accounting equation is: It is a type of accounting that is specifically designed for the business that offers services to users. Public accounting offers audits and CPAs to review company financial records to ensure accountability. It is for general public. To become a CPA, one should have to do many other qualifications as well.
It is a qualification with hour requirement; it means that one should complete credit hours at any accredited university. A reconciliation statement is prepared when the passbook balance differs from the cashbook balance. Public accounting is a type of accounting that is done by one company for another company. Private accounting is done for your own company.
Project implementation involves six steps in total such as: Yes, I do believe that accounting standards play a very important role to prepare good quality and accurate financial reports. It ensures reliability and relevance in financial reports. There are three branches of accounting named as "Financial Accounting", "Management Accounting" and "Cost Accounting". Accounting is all about recording daily business activities while auditing is the checking that whether all these events have been noted down correctly or not.
As the name implies, the dual aspect concept states that every transaction has two sides. For example, when you buy something, you give the cash and get the thing. Similarly, when you sale something, you lose the thing and gets the money. So this getting and losing is basically two aspects of every transaction. It is the term introduced in the records for every defective or unsatisfactory good returned back to its supplier. Material facts are the bills or any document that becomes the base of every account book.
It means that all those documents, on which account book is prepared, are called material facts. Yes, I have prepared few MIS reports during my previous jobs.
10 Essential Accounting Interview Questions and Answers
MIS reports are created to identify the efficiency of any department of a company. It is the time required by the company to pay all its account payables. It is a type of banking that involves a retail client. These clients are the normal people and not any organizational customers. Not much knowledge but basic mathematical background is required in accounting for operations like addition, subtraction, multiplication and division. All types of exchange bills, bonds and other securities owned by a merchant that is payable to him are said as bills receivable. By depreciation we mean that a value of an asset is decreasing as it is in use.
Consigner is the owner of the goods or you can say he is the person who delivers the goods to the consignee. The consignee is the person who receives the goods. Balancing means to equate both sides of the T-account i. You must be very good at statistics if you want to do well in accounting. Otherwise, with minimum knowledge you cannot manage your day to day transactions effectively in accounting. It is the residual value of an asset.
Part 1 – Core Accounting Questions
The residual value is the value that any asset holds after its estimated life time. Suppose you have to produce an additional unit of output. The estimated cost of additional inputs to produce that output is actually the marginal cost. It is a kind of groups made on the basis of same responses by a system. Provisions are the liabilities or the anticipated items such as depreciation. You can say provisions are expenses. Reserves are the profits of any company and a part of that profit is placed back to the business to keep it sustainable in tough times of a company.
Offset accounting is one that decreases the net amount of another account to create a net balance. It is the indirect expenditure of a company such as salaries, rent dues etc. We know that all types of transactions need to be documented. The trade bills are the documents, generated against each transaction.
As per fair value accounting, a company has to show the value of all of its assets in terms of price on balance sheet on which that asset can be sold. A compound journal entry is just like other accounting entry where there is more than one debit, more than one credit, or more than one of both debits and credits.
It is essentially a combination of several simple journal entries. The accounting events that are frequently involved in compound entries are; Record multiple line items in a supplier invoice that address to different expenses Record all bank deductions associated to a bank reconciliation Record all deduction and payments related to a payroll Record the account receivable and sales taxes related to a customer invoice 53 Mention the types of accounts involved in double entry book-keeping?
Double entry book-keeping involves five types of accounts, Income accounts Expense accounts Asset accounts Liability accounts Capital accounts 54 Mention what are the rules for debit and credit for different accounts to increase the amount in your business accounts? The rules for debit and credit for different accounts, for a capital account , you credit to increase it and debit to decrease it for an asset account , you debit to increase it and credit to decrease it for a liability account , you credit to increase it and debit to decrease it for an expense account , you debit to increase it, and credit to decrease it for an income account , you credit to increase it and debit to decrease it 55 List out the Stages of Double Entry System?
Recording of transactions in the journal Posting of journal entry in to the respective ledger accounts and then preparing a trial balance Preparing final accounts and closing of books of accounts 56 Mention what is the disadvantage of double entry system? The disadvantage of double entry system, If there is any compensatory errors, it is difficult to find out by this system This system needs more clerical labour It is difficult to find the errors if the errors are in the transactions recorded in the books It is not preferable to disclose all the information of a transaction, which is not properly recorded in the journal 57 Mention what is General ledger account?
The General ledger account is an account where the company records all the information for its various expenses and income types into separate accounts. Such that all the debits and credits pertaining to that particular type of transaction can be entered in one place and kept balanced. In a bank reconciliation statement, following thing can be excluded.
Direct payments made by bank not entered in Cash book Cheques deposited but not cleared Cheques dishonoured not recorded in cash book Wrong debits given by bank Bank Charges or Interst debited by bank Banks direct payment not entered in Cash book 60 Under the accrual basis of accounting, when revenues are reported in the accounting period?
When service or goods have been delivered, then revenues are reported in the accounting period. The unearned revenues falls under "Liability" account. The account "Cash" will be credited when a company pays a bill. Assets minus liabilities is equal to owners' equity or stockholders equity. Entries to revenues accounts such as Service Revenues usually goes into credit side.
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The difference between accumulated depreciation and depreciation expense is that Accumulated depreciation: It is the total amount of depreciation that has been taken on a company's assets up to the date of the balance sheet Depreciation expense: It is the amount of depreciation that is reported on the income statement. Basically, it is the amount that corresponds only to the period of time indicated in the heading of the income statement. To adjust entries into account, you can sort entries into five categories. Accrued expenses: Expenses have been incurred but the vendors invoices are not generated or processed yet Accrued revenues: Revenues have been earned but the sales invoices are not generated or processed yet Deferred revenues: Money was received in advance of having been paid or earned Deferred expenses: Money was paid for a future expense Depreciation expense: An asset purchased in one period must be allocated to expense in each of the accounting periods of the asset's useful life 68 Explain what a deferred asset is and give an example?
A deferred asset refers to a deferred debit or a deferred charge.
An example of a deferred charge is bond issue costs. These costs involves all of the fees or charges that an organization incurs in order to register and issue bonds. This fees are paid in a near time when the bonds are issued but it will not be expensed at that time.
A bank reconciliation is a process done by a company to ensure that the company's records check register, balance sheet, general ledger account, etc. A deposit in transit is a checks and cash that have been received and recorded by an entity, but which have not yet been entered in the records of the bank where the funds are deposited. An over accrual is a condition where the estimate for an accrual journal entry is too high. This estimate may apply to an accrual of expense or revenue. A short term amounts due from buyers to a seller, who have purchased goods or services from the seller on credit is referred as account receivable.
The cash flow statement showcase the cash generated and used during the year or months. Various activities that are involved for the Cash Flow are Operating activities — business activities accounting to cash Investing activities — sale and purchase of equipment or property Financial activities- purchase of stock and own bonds Supplemental information- exchange of significant items that don't involve cash 74 Mention what happens to company's "Cash Account" if it borrows money from the bank by signing a note payable?
Due to double entry, the "cash account" will increase as such the liability account increases.