Accenture Accounts Interview Questions and Answers

Accountancy is an evergreen profession with a constant demand for qualified accountants across various domains. This can be a great career option in Accenture for those with a flair for numbers and spreadsheets. To grow in your career as an accountant, you need to have a good understanding of the principles of finance, accounting and other related topics.

If you are planning to attend an accountant interview and are looking for the most popular accountant interview questions, then you are in the right place. We will also cover basic accounting interview questions for freshers with answers.

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Accenture Accounts Interview Questions and Answers

Are you going to an interview for the job profile of an accountant at Accenture? If you’re wondering what questions you’re likely to face in an interview, we’re here to help.

Below is a list of common accounting interview questions that can help you prepare well for your upcoming interview.

1. Define what is a balance sheet?

A balance sheet is a statement consisting of all the assets, liabilities and equity of a company at a particular point in time.

2. What does tally accounting mean?

Tally Accounting is an ERP software used by small and large businesses for business functions such as accounting, finance, inventory, payroll, etc.

3. What is the difference between capital and revenue transaction?

Accounting involves two types of business transactions – capital and revenue. A revenue transaction refers to transactions related to day-to-day activities. A capital transaction is a transaction with a long-term objective, such as the purchase of fixed assets.

4. What is meant by working capital?

Working capital refers to the value of current assets minus current liabilities that are used in day-to-day trading.

5. What is the importance of premises in terms of accounting?

From an accounting point of view, the word premises refers to the number of fixed assets that are listed on the balance sheet.

6. What is VAT?

VAT is short for Value Added Tax. It is a type of excise tax imposed on the selling price of a product. It means the price of “added value” to the product at the stage of its production.

7. What is the basic accounting equation?

Accounting is about measuring the assets, capital and liabilities of a business. The basic accounting equation therefore reads:

Assets = Liabilities + Equity

8. How do accounting and auditing differ?

Accounting and auditing are two different concepts. Accounting means recording the day-to-day financial activities of a business, while auditing checks whether these events are recorded correctly or not.

9. What is retail banking?

Retail banking means conducting financial transactions with a non-professional client and not with other business or organizational customers.

10. What are commercial bills?

Trading accounts are simply documents generated against each transaction.

11. What is double-entry bookkeeping and what are its rules?

Double-entry accounting is governed by the principle that for every debit there is a corresponding credit, which makes the value of the debit equal to the sum of all the credits. This simply means that when an amount is debited from one account at the same time, an amount is credited to another account from a similar account.

The rules were followed

• In the case of a personal account: debit the recipient and credit the donor’s account
• In the case of a real account: debit is what comes in and credit is what goes out
• In the case of a nominal account: debit all expenses and credit all income

12. What is debit and credit?

A debit notice is nothing more than an intimate notice sent to an individual dealing with a business stating that an amount will be debited from their account for the purpose stated therein. Whereas a credit note is a notice sent to an individual doing business with a business stating that his account will be credited for the purpose stated therein.

13. Can you name the different branches of accounting?

The various branches of accounting are:

• Financial accounting
• Managerial accounting
• Cost accounting

14. What does the term dual aspect mean in terms of accounting?

The term dual aspect means that every transaction you make has two aspects, i.e. it affects two accounts on their opposite sides. For example, to make a purchase, you have to give money in exchange for the product or service you use, and when you sell something, you get money in exchange for the sale you make. In short, losing and receiving money are two aspects of a financial transaction. Therefore, the transaction should be recorded in two places.

The concept of duality in terms of the basic accounting equation is:

Assets = Liabilities + Equity

15. List the accounting cases that are part of composite entries?

A compound journal entry is an accounting entry in which there is more than one debit, more than one credit, or more than one debit and credit. Accounting events that generally involve compound accounting entries are:

• Different expenses related to different line items in the supplier invoice
• Payroll related deductions and payments
• Total bank deductions related to bank reconciliation
• Financial receivable related to customer invoice and sales tax

16. What is an inactive and dormant account?

Inactive accounts are accounts that are closed and will not be used in the future. Inactive accounts are accounts that are not functional but can be used in the future.

17. What are fictitious assets?

Fictitious assets are assets that cannot be shown or touched but can only be felt, such as rights, goodwill, etc.

18. What does a general ledger account mean?

A general ledger is a type of account that a company keeps to record information about a particular type of transaction such as assets, liabilities, profits, losses, shares, etc. In short, these accounts are kept to record all types of transactions that are aggregated in the income statement and balance sheet .

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19. What are balance sheet accounts?

Balance sheet accounts, known as permanent accounts, are types of accounts in which the balance does not close at the end of a financial year and is carried over to the next accounting year.

20. What is marginal cost?

Marginal cost is the estimated cost of the additional inputs that are required to produce the output. Costs are calculated by dividing the change in total costs by the difference in product output. It simply states the increase and decrease in the total cost of a product due to the production of one extra unit of the product.

21. What does the term overhead mean in accounting?

In accounting terms, overhead means the value of the company’s indirect expenses, i.e. rent, salaries, etc.

22. How many accounting standards are there in India and do you know them?

Possible answer:
There are more than 41 accounting standards in India and I am familiar with them. These standards are set by the Accounting Standards Board (ABS).

23. What does a deferred tax liability mean?

It means that the company will have to pay higher taxes in the future because of its transactions in the current period.

24. What accounting applications have you used?

Possible answer 1:
I have experience using Microsoft Accounting Professional, Microsoft Small Business Financials, Financial Force, etc.

Possible answer 2:
I have previously worked on software like Tally, Zoho Books, Microsoft Accounting Professional and others to improve accuracy and simplify the calculation process.

25. What is GST?

It is a tax on good and service; a type of indirect tax that the seller charges the customer from the value of the goods or services used. GST was introduced in India on 1 July 2017. This type of tax replaced all previously existing indirect taxes in India.

26. What is a bank reconciliation?

It is a process carried out by companies to ensure that their records i.e. balance sheet, general ledger account details etc. are consistent with bank records.

27. What are the various financial constraints that can impact a company’s financial statements?

Some examples of financial constraints:

• Zero balance between benefits and costs incurred
• Qualitative characteristics have no or zero balance
• Ambiguities between true and fair representation
• much delay leading to irrelevant information

28. What does GAAP mean?

GAAP stands for Generally Accepted Accounting Principles issued by the Institute of Chartered Accountants of India (ICAI) and the provisions of the Companies Act, 1956. The principles are general accounting standards that companies follow to summarize their accounting records into financial statements and accurately record company financial information.

29. In your opinion, what are the terms/terms that an accountant should be familiar with?

Possible answer:
An accountant should have good knowledge in the following areas:

• Analysis and reporting of financial data
• Budget planning
• Account management
• Basic accounting principles and procedures
• Knowledge of financial rules and regulations
• Knowledge of various accounting software

30. What is a cost target and why does it happen?

A cost objective is the process of recording all costs incurred by a company in the ordinary course of business. This is done to find out the company’s cost-to-loss ratio and find ways to control costs.

31. What is a liability account?

It is a company’s general ledger account that records its liabilities, debts, customer advances, deferred income taxes, etc., which are the result of past transactions made by the company.

32. How do you ensure that your work is error-free?

Possible answer:
When I’m in an extremely difficult situation, I’m always open to asking my team members for suggestions. I have a habit of checking everything before I email files or show them to my seniors. I use software and also calculators to make sure I am doing the task correctly.

33. What made you choose accounting as a profession?

Possible answer 1:
Accountants are in high demand with opportunities across all sectors and industries and even in different parts of the world. I feel it is a very challenging but exciting job profile. Plus, I’ve always been interested in numbers and problem-solving tasks.

Possible answer 2:
Accounting is not just about numbers; it also helps the individual to develop their communication, leadership and problem solving skills. It gives me great satisfaction because I learn things not only on a professional level but also on a personal level.

34. Why should we hire you?

Possible answer 1:
The position you are hiring for is the best fit for me. I am confident that with the skills I bring I would help the company grow as I have a proven track record of managing corporate finances effectively.

Possible answer 2:
I have the required qualifications and skills for this job. I’m a pro with numbers and accounting software. I also have good analytical skills apart from being good at maths which I think is important for an accountant.

35. Do you prefer to work independently or as a team?

Possible answer 1:
I like working in a team because I think two minds can do a better job than one. I also enjoy brainstorming and collaborating with my colleagues.

Possible answer 2:
I really enjoy working with a team and brainstorming ideas, but I can also work independently to get things done. For the most part, I prefer working alone because I think it helps me work faster and meet deadlines.

36. Do you have any questions for us?

You can ask general questions about company culture or specific questions about your profile. Some of the sample questions:

• What accounting software is used in the company?
• What major projects is the team currently working on?
• What are the current challenges of the accounting department?
• How often are financial review meetings held?
• What are the next steps in the interview process?

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