Top 20 Accounting Manager Interview Questions and Answers for 2022

Accounting is an essential part of any company. It has a significant influence on the growth of any organization. Thus, any employer seeks to hire an accounting manager who has good knowledge and is well experienced in the field. Are you looking for accounting manager interview questions to prepare for your upcoming interview? This article lists the commonly asked interview questions for the accounting manager job along with answers.

Top 20 accounting manager interview questions and answers accounting is an essential part of any company it has a significant influence on the growth of any organization thus any employer seeks to hire an accounting manager who has good knowledge and is well experienced in the field are you looking for accounting manager interview questions to prepare for

Your upcoming interview this video lists the commonly asked interview questions for the accounting manager job along with answers one what are the daily duties of an accounting manager this question tests whether you are familiar with your duties as an accounting manager sample answer one of the key duties is to manage the accounting department and oversee

Its operations the accounting manager monitors an analyses accounting data generates financial statements or reports and enforces and establishes proper accounting principles policies and methods other duties include assigning projects directing staff to make sure accuracy and compliance are maintained needing daily financial accounting targets and initiating

Corrective actions where needed two what inspired you to become an accountant the employer wants to know what motivated you to choose accounting as your career sample answer my dad was an accountant right from my early schooling years he used to tell me what he does and how good he felt to help companies manage their finances effectively including cutting

Costs as the years went by i developed more interest in this profession and became very passionate about it as a result i choose to study accounting to become an accountant three why is it important to maintain record here the employer wants to know whether you understand the importance of maintaining accounting records effectively sample answer maintaining

Records is necessary for any business as it facilitates management decisions financial growth and customer support records help to show parties where a company stands records also help to scrutinize the profitability of a business and remain compliant properly maintained records help to maintain good customer relationships and protect a business from lawsuits

Four differentiate accounts payable from accounts receivable this question is intended to assess your understanding of these two concepts sample answer account payable is the amount of firm owes as a result of buying goods or services on credit from a supplier or vendor on the other hand accounts receivable refers to the amount of money a company is entitled to

Collect since it sold products on credit to a client thus accounts receivable are assets while accounts payable are liabilities five what do you understand by tds and how is it shown on a balance sheet the enquirer wants to assess your knowledge about tds and whether you understand why it is displayed on a balance sheet sample answer tds is an acronym for tax

Deducted at source the idea behind this concept is to collect tax at every income source governments use this tool to collect taxes and thereby minimize tax evasions tds is displayed in the assets section on a balance sheet that is immediately after the head current asset six briefly explain the meaning of double entry bookkeeping and the rules involved here your

Knowledge regarding double entry bookkeeping is tested including the rules associated with it sample answer double entry bookkeeping refers to an accounting system of bookkeeping that requires every account entry to have an opposite and corresponding entry to a different account these corresponding and equal sides are called debit and credit the rule that guides

Double-entry bookkeeping is that one account is debited while the other one is credited concurrently seven mention some drawbacks of a double entry system the question further assesses your knowledge regarding a double entry system specifically about its disadvantages sample answer one drawback of a double entry system is that it is not easy to find errors if

They are in transactions documented in books besides this kind of system requires more clerical labor if compensatory errors are present it is challenging to locate them moreover if information about a transaction is not properly documented in the journal it is not preferable to disclose if one is using a double entry system eight describe an accounting process

You have developed or are seeking to improve the interviewer wants to test your innovativeness or ability to create something new sample answer during my previous role i realized that the process for tackling travel reimbursements for sales teams was so time consuming and difficult the expense reports of every one were coming in late to eliminate this issue i

Formed a team to assess the process and streamline it to be effective the team used an application that facilitated the entire process after transitioning to the new process reports have always been timelier 9. which financial statement can you use to quickly review the overall health of a company as an accounting manager you should be familiar with essential

Statements this question tests your understanding of the statement that can reveal how well or bad a company is doing sample answer the cash flow statement provides a picture of the amount that a company generates it can show whether a firm is making profits or losses that being said it is worth noting that to have a full overview of a company’s health three

Financial statements need to be checked these are the cash flow statement the balance sheet and the income statement ten what do you understand by working capital the employer wants to assess whether you are familiar with working capital sample answer working capital is a financial metric that is obtained by subtracting current liabilities from current assets

In other words it is the difference between the current assets of a company like cash and accounts receivables and its current liabilities like account payable this metric is used to determine the operating liquidity that is available to a company it relates to the cash available to a company at any moment after fulfilling its responsibilities 11. what does it

Mean to have a negative working capital the interviewer seeks to know whether you understand the concept of negative working capital sample answer negative working capital is a situation where the current liabilities of a company exceed its current assets it means liabilities that ought to be paid within a year or more than the current assets mobilized over the

Same period 12. what is the difference between accounts receivable and deferred revenue here the questioner wants to assess whether you can differentiate deferred revenue from accounts receivable sample answer accounts receivable consists of money owing from customers for products or services already provided deferred revenue on the other hand represents money

Gotten from customers for goods and services not yet offered 13. what considerations are made when recorded ppe the interviewer seeks to understand whether you are well informed about ppe and considerations associated with it sample answer for areas are considered when accounting for property plant and equipment ppe on a balance sheet these are additions capital

Expenditures depreciation initial purchase and dispositions other than these revaluation may also be considered 14. explain matching and revenue recognition principles the interviewer is interested in knowing if you are familiar with these principles sample answer the matching principle maintains that the timing of expenses should be matched to the period they

Are incurred and not the time they are actually paid the revenue recognition principle prescribes the timing and process by which revenue is recognized and recorded as an item in financial statements based on a particular criterion such as transfer of ownership 15. name some accounting software you have used technology has been adopted in all sectors including

Accounting the interviewer wants to hear the software you have applied in your work sample answer there are various accounting software used to facilitate different processes some of the accounting applications that i have used include zoho books free agent freshbooks tipulte and netsuite erp 16. what is the importance of cogm to companies your understanding

Of cogm and why it is important to businesses is sought here answer cost of goods manufactured or cogm refers to a statement or schedule that indicates the whole cost of production for a company at a particular period a cogm schedule is important as it gives companies a general idea of whether the costs of production are too low or too high relative to sales

They are making 17. what is the biggest challenge you have faced in the profession and how did you overcome it here the interviewer seeks to know whether you can inevitable challenges when they occur sample answer my greatest challenge has been to deal with frequently changing regulations and laws changes in compliance laws tax rates and employee compensation

Requirements have always been a challenge in the profession but i overcome the challenge by monitoring upcoming legislation setting up news alerts and subscribing to industry publications by staying informed i remain ahead and ensure to implement changes as they occur 18. in your opinion how will automation and ai impact accounting this question tests your level

Of awareness of how technology will impact accounting sample answer from my perspective automation and ai are great and interesting developments they could significantly streamline operations in accounting this is particularly true for very repetitive tasks like replication of data between two systems in such a case automation and ai will relieve accountants

And let them concentrate on tasks that really need human intervention that will potentially boost engagement besides these technologies will reduce errors and boost productivity 19 which erp systems are you familiar with using this question the interviewer wants to know whether you are conversant with erps or you will require training to attain full productivity

Sample answer during my previous roles as an accountant manager i have worked with different solutions i’ve used microsoft dynamics gp oracle enterprise manager and netsuite erp systems because i am conversant with the erp concept i can learn new systems quickly and as needed thus i can become proficient in new erps fast if needed 20. where do you see yourself

In five years this question is meant to assess your planning abilities and whether you can set achievable goals sample answer in five years i expect to have gained significant experience in the profession this will enable me to handle more managerial tasks and execute them effectively i will also be able to easily resolve complex challenges moreover i plan to

Enroll in a short course to up my skills to remain relevant and productive in the industry conclusion if you are preparing for your next interview these are the top accounting manager questions that will help to assess the skills and strengths of your candidates using them will enable any employer to obtain a true picture of the abilities of every candidate that

Way selecting the most qualified accountant will be quick and hassle free

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Top 20 Accounting Manager Interview Questions and Answers for 2022 By ProjectPractical