Accountant/ Accounts Executive Interview Questions and Answers in 2025 (100+ Q&A)

Account Payble Accountant/ Accounts Executive

Ques:- Explain some of the methods used to allocate support costs?

Asked In :- BPSC, ClearBank, haysmacintyre, xl dynamics india pvt. ltd.,

Right Answer:
Some methods used to allocate support costs include:

1. **Direct Allocation**: Assigning costs directly to the departments that incur them.
2. **Step-Down Method**: Allocating costs sequentially from one support department to others based on usage.
3. **Reciprocal Method**: Considering the mutual services provided among support departments and allocating costs accordingly.
4. **Activity-Based Costing (ABC)**: Allocating costs based on the actual activities that drive costs, focusing on cost drivers.
5. **Percentage of Revenue**: Allocating costs based on the percentage of revenue generated by each department.

Accountant/ Accounts Executive Audit

Ques:- What Is An Internal Audit And What Is The Role Of Internal Audit?

Asked In :- Anand Rathi, Bajaj Allianz, Excise Department, Sage Intacct, Zaggle, Citco, KNAV, Rajkot Nagarik Sahakari Bank, Ra Chem Pharma Ltd, Mahagenco,

Right Answer:
An internal audit is an independent evaluation of an organization's internal controls, risk management, and governance processes. The role of internal audit is to assess the effectiveness of these systems, ensure compliance with laws and regulations, identify areas for improvement, and provide recommendations to enhance operational efficiency and effectiveness.

Accountant/ Accounts Executive Cost Accounting

Ques:- What does the name costing mean and what is the importance of costing?

Asked In :- Jai Balaji, Bolt & Nut Manufacturing, Full Stack Finance, LLC, paragon constructors pvt ltd, jw consultants llp, bangladesh railway, lc,

Right Answer:
Costing refers to the process of determining the total costs associated with producing a product or providing a service. It is important because it helps businesses set prices, control expenses, make informed financial decisions, and assess profitability.

Account Payble Accountant/ Accounts Executive

Ques:- What about VAT like Tax Setups in AP and AR?

Asked In :- Valethi, CTPS, Grameen Bank, equity bank, ab microfinance bank nigeria limited, floqast, square textiles, innocap,

Right Answer:
In Accounts Payable (AP) and Accounts Receivable (AR), VAT setups involve configuring tax codes and rates for purchases and sales. In AP, you need to ensure that VAT is correctly applied to supplier invoices, while in AR, it should be applied to customer invoices. This includes setting up tax accounts, determining whether VAT is recoverable, and ensuring compliance with local tax regulations.

Account Payble Accountant/ Accounts Executive

Ques:- What is Cost Accounting?

Asked In :- Nordea Bank, iServeU (India), cnk & associates llp, instawork,

Right Answer:
Cost accounting is a branch of accounting that focuses on capturing, analyzing, and reporting costs associated with producing goods or services. It helps businesses understand their expenses and improve profitability by providing detailed cost information for decision-making.

Account Payble Accountant/ Accounts Executive

Ques:- What is CMMI?

Asked In :- workplace safety and insurance board (wsib), instawork, tresvista financial services,

Right Answer:
CMMI, or Capability Maturity Model Integration, is a process improvement framework that helps organizations improve their performance by providing guidelines for developing and refining their processes.

Accountant/ Accounts Executive Audit

Ques:- Explain the difference between internal audit and statutory audit?

Asked In :- Bangladesh Securities and Exchange Commission BSEC, District Cooperative Central Bank DCCB, Federal Bank India, S S Kothari Mehta & Co, Price Bailey, EYG, Manubhai & Shah, Revenue Assurance Services, pwc, bdo uk llp,

Right Answer:
Internal audit is conducted by a company's own staff to evaluate and improve the effectiveness of risk management, control, and governance processes. Statutory audit, on the other hand, is an independent examination of financial statements required by law to ensure accuracy and compliance with accounting standards.

Account Receivable Accountant/ Accounts Executive

Ques:- I am trying to understand the connection between cost structure and contribution margin to make a profit?

Asked In :- Swagatham Resource Management, moss adams llp, norbrook laboratories ltd, zerodha, davidson kempner capital management,

Right Answer:
The cost structure refers to the fixed and variable costs a business incurs, while the contribution margin is the revenue remaining after variable costs are deducted. To make a profit, a business needs to ensure that its contribution margin covers its fixed costs. The higher the contribution margin, the more effectively a company can cover its fixed costs and generate profit.

Account Payble Accountant/ Accounts Executive

Ques:- What is a Parked Report?

Asked In :- seaoil philippines, inc., ontario securities commission, austrac, chainalysis inc.,

Right Answer:
A Parked Report is a document in accounting that allows users to temporarily save a transaction for review or approval before it is officially posted to the financial system.

Accountant/ Accounts Executive Cost Accounting

Ques:- Can you produce specific reports to suit my business?

Asked In :- Wonder Cement, Caparo India Ltd, bt financial group, premier foods, reyes tacandong & co., ab microfinance bank nigeria limited, beever and struthers, aoa, jw consultants llp, platinum life pty ltd,

Right Answer:
Yes, I can produce specific reports tailored to your business needs, including financial statements, budget vs. actual reports, and cost analysis reports.

Accountant/ Accounts Executive Cost Accounting

Ques:- How can managerial accounts help to quickly get information?

Asked In :- Prakash Kochar & Co, Thrift Store, M&T Bank Corporation, polycab, tenneco automotive, titagarh wagons limited, crowe horwath malaysia, jw consultants llp, mahathi infra services pvt. ltd., hochtief(india) pvt ltd,

Right Answer:
Managerial accounts provide timely and relevant financial information that helps managers make informed decisions quickly. They include detailed reports on costs, budgets, and performance metrics, allowing for real-time analysis and strategic planning.

Accountant/ Accounts Executive Cost Accounting

Ques:- Are you happy with the grades you achieved at A-level?

Asked In :- Bobst India, CPCL, Torrent Pharma, Infinx Healthcare, PMEP Consulting, Expenzing, kpmg canada, eis, london metal exchange, state bank of mauritius,

Right Answer:
Yes, I am satisfied with the grades I achieved at A-level.

Accountant/ Accounts Executive Cost Accounting

Ques:- What is meant by RTGS?

Asked In :- Bharat Benz, Manba Finance, american family insurance, v.ships, infrastructure ontario, zemen bank s.c., my home constructions, pmc, kpmg philippines, uganda wildlife authority,

Right Answer:
RTGS stands for Real-Time Gross Settlement. It is a system for transferring money from one bank to another on a real-time basis, where the transactions are settled individually and immediately.

Account Payble Accountant/ Accounts Executive

Ques:- Tell me about your experience in cost accounting?

Asked In :- Pramata, Kirtane & Pandit, Adaptive Financial Consulting, Midland Microfinance, commercial bank of ethiopia, sa power networks, i2c inc.,

Right Answer:
I have experience in cost accounting where I analyzed costs related to production, monitored budget variances, and prepared detailed reports to help management make informed financial decisions. I also worked on cost allocation methods and conducted variance analysis to identify areas for cost reduction.

Account Payble Accountant/ Accounts Executive

Ques:- What is the difference between EFT & Wire?

Asked In :- Mcb Bank, deloitte luxembourg, sahni natarajan & bahl, deccan fine chemicals pvt. limited, rently,

Right Answer:
EFT (Electronic Funds Transfer) is a broad term that includes various electronic payment methods, such as direct deposits and debit transactions, typically used for recurring payments. Wire transfers are a specific type of EFT that involves transferring funds between banks or financial institutions, usually for larger, one-time transactions, and are processed more quickly.

Account Payble Accountant/ Accounts Executive

Ques:- What is FBT(Fringe Benefit Tax)??

Asked In :- NJ India, Tata AIA Life, S S Kothari Mehta & Co, PHCN, rcbc savings bank, kra(kenya revenue authority),

Right Answer:
Fringe Benefit Tax (FBT) is a tax applied to the value of certain benefits provided by an employer to their employees, in addition to their salary or wages. It is meant to tax non-cash benefits such as company cars, health insurance, and other perks.

Accountant/ Accounts Executive Taxation

Ques:- What do you know about sales tax.

Asked In :- Miramed Ajuba Solutions, Birla Cement, Ameriprise India, Doshi Accounting and Services, Liberty Financial, Newcastle Permanent, IBG Fincon, david jones, azets, norges bank investment management,

Right Answer:
Sales tax is a consumption tax imposed by the government on the sale of goods and services. It is usually calculated as a percentage of the purchase price and collected by the seller at the point of sale. The seller then remits the collected tax to the government. Sales tax rates can vary by state or locality.

Accountant/ Accounts Executive Reconcilation

Ques:- DEFINE BANK RECONCILIATION

Asked In :- Price Bailey, Rennova Solutions, bitstamp,

Right Answer:
Bank reconciliation is the process of comparing and matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement. This helps identify any discrepancies between the two records.

Accountant/ Accounts Executive Income Tax Returns

Ques:- WHAT IS THE SECTION CODE OF ITR OF INCOME TAX

Asked In :- JSL, whirlpool corporation, boe,

Right Answer:
The section code for Income Tax Return (ITR) forms varies based on the type of income and the taxpayer's category. Common section codes include:

- ITR-1: Section 139(1)
- ITR-2: Section 139(1)
- ITR-3: Section 139(1)
- ITR-4: Section 44AD, 44AE
- ITR-5: Section 139(1)
- ITR-6: Section 139(1)
- ITR-7: Section 139(4A), 139(4B), 139(4C), 139(4D)

Please specify the type of ITR for a more precise section code.

Accountant/ Accounts Executive Accounting Standard

Ques:- What is the accounting treatment to rectify the wrong entries?

Asked In :- Medline Industries India, EYG, state street, gcb bank limited, pcf bank,

Right Answer:
The accounting treatment to rectify wrong entries involves making correcting journal entries. This can be done by either reversing the incorrect entry with a journal entry that negates it and then recording the correct entry, or by directly adjusting the incorrect entry if it is still within the same accounting period.

The Accountant / Accounts Executive category on takluu.com is designed for professionals responsible for maintaining accurate financial records, handling accounts payable and receivable, and supporting financial audits. These roles are critical for the smooth functioning of an organization’s finance department.

This section covers essential topics including journal entries, ledger posting, bank reconciliation, invoicing, payroll processing, taxation basics, and preparation of financial statements. Interview questions also test knowledge of accounting principles (GAAP/IFRS), compliance regulations, and use of accounting software like Tally, QuickBooks, or SAP.

Candidates preparing for positions such as Junior Accountant, Accounts Executive, Finance Assistant, or Bookkeeper will find curated interview questions, practical scenarios, and tips on managing day-to-day accounting tasks efficiently.

Interviewers typically assess your accuracy, attention to detail, and understanding of financial processes. You may be asked to explain how you handle reconciliations, manage expense reports, or ensure timely submission of tax filings.

At Takluu, we provide detailed study materials and example questions to help you build confidence and demonstrate your competence in interviews.

Whether you are a fresher starting your career or an experienced professional seeking advancement, this category offers comprehensive preparation to help you succeed in accounting roles.

Questions in: Accountant/ Accounts Executive

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