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Most accounting interview questions are a mix of technical and knowledge-based questions meant to see if you have the skills to do well as an accountant. To get you interview-ready, we’ve gathered some common accounting questions and answers for interviews.
Interviewing for an associate accountant role? You’ve come to the right place. This comprehensive guide will walk you through the most common and critical associate accountant interview questions you need to nail in order to land the job.
Whether you’re fresh out of college or making a career change interviewing for an accounting role can feel daunting. Not only do you need to demonstrate your technical competency, but also your communication skills attention to detail, and problem-solving abilities.
This book has the best interview questions for associate accountants, based on feedback from real hiring managers and interviewers. It gives you sample answers to each question so you can write great answers that show off your skills and experience.
Let’s dive in!
General Entry-Level Accounting Interview Questions
First, hiring managers usually ask you some general questions to get a sense of your background, motivation, and soft skills. Then, they move on to more specific questions. Here are some common examples:
What attracted you to a career in accounting?
Example response I’ve always enjoyed working with numbers and analyzing financial data. An accounting career allows me to leverage my strong math skills and satisfaction for detailed work. I’m also drawn to the problem-solving aspects of the job – identifying and resolving discrepancies utilizes critical thinking. Most importantly I appreciate that accounting work provides concrete insights that drives business success.
Why are you interested in this associate accountant position?
Example response I’m attracted to this role because it aligns with where I currently am in my career journey as someone newer to the accounting field. I’m eager to gain hands-on experience with core accounting tasks like financial reporting reconciliations and month-end close. This role provides an opportunity to apply my educational background in accounting while gaining invaluable on-the-job training. I believe the experience and knowledge I’ll develop as an associate accountant are essential foundations to advance my career over time.
What do you consider to be your strengths as they relate to this position?
Example response: Some of my key strengths that would enable me to excel in this associate accountant role are my attention to detail, organization, time management, and communication abilities. Accounting requires meticulous attention to detail which I possess. I’m also extremely organized which allows me to keep accurate records and meet deadlines. Time management is crucial for prioritizing and completing accounting tasks efficiently. Finally, communication skills help me collaborate cross-functionally and explain financial information clearly to various stakeholders.
What do you consider to be your weaknesses and how are you working to improve them?
Example response: One area I’m working to improve is learning to manage my time more efficiently. In college, I sometimes struggled with taking on too many commitments at once and had difficulties prioritizing my workload. However, through my internships I’ve learned how to better manage competing priorities. I’m making progress by planning out my schedule proactively and being realistic about what I can achieve in the time available. I’m eager to continue enhancing my time management abilities on the job as an associate accountant.
Why should we hire you for this position over other candidates?
Example response: You should hire me because I have the necessary educational background coupled with practical experience to hit the ground running in this role. My accounting coursework provided me with a solid foundation in accounting principles and techniques that I can apply right away. Additionally, through my internships I gained hands-on experience with month-end closes, account reconciliations, financial statements, and other key accounting tasks. I’m excited to leverage this knowledge to immediately contribute value in an associate accountant role. My strong work ethic and team player attitude will also enable me to thrive in this position.
Core Accounting Interview Questions
Now let’s move on to some of the more specific accounting-related questions to showcase your technical abilities:
What are the three key financial statements and their purpose?
Example response: The three main financial statements are the income statement, balance sheet, and cash flow statement. The income statement shows a company’s revenues, expenses and net profit or loss over a period of time. It provides insights into profitability. The balance sheet details assets, liabilities and equity at a single point in time to portray financial position. The cash flow statement outlines cash inflows and outflows and helps evaluate liquidity. Together, these core statements provide a comprehensive view of a company’s financial performance.
Walk me through the month-end close process.
Example response: The month-end close process starts by reconciling and adjusting all balance sheet and income statement accounts. Common tasks include reconciling bank and credit card statements, recording depreciation, and posting adjusting journal entries. The next step is finalizing monthly financial statements and reports for review. An important component is analyzing variances between actuals vs. forecasts. Finally, all accounting books and records must be closed out for that month. Throughout the process, I would collaborate closely with other departments to address any open items or issues. The close process helps ensure accuracy in our reporting.
What are some best practices in internal controls?
Example response: Some best practices I would implement for strong internal controls include segregation of duties, access controls, and regular auditing. Segregating incompatible tasks between different people helps prevent errors or fraud. Access controls like user permissions minimize risk by restricting access to sensitive financial data. Additionally, performing regular audits deters misconduct and identifies control gaps or weaknesses. I would also ensure proper oversight and monitoring of financial activities. Following these best practices limits the potential for misuse of company resources or erroneous financial reporting.
How would you determine the proper way to value inventory for a manufacturing company?
Example response: Determining inventory valuation depends on the cost flow assumption the company uses. For example, a company using first-in, first out (FIFO) would value inventory at the costs of the earliest acquired goods. In comparison, last-in, first-out (LIFO) valuation bases inventory value on the costs of the most recently acquired goods. I would work to understand the business, industry standards, and management preferences to select the optimal cost flow assumption. The goal is to choose an inventory valuation method that most accurately reflects cost of goods sold and ending inventory value on financial statements.
What are the steps involved in the accounting cycle?
Example response: The accounting cycle begins with identifying and analyzing financial transactions. These transactions are then recorded in the general journal. Next, these journal entries are posted to the relevant accounts in the general ledger. The ledger balances are used to prepare the major financial statements. After reporting, accounts must be adjusted through adjusting entries. Finally, the books are closed for that accounting period and the data is compiled for reporting. Ensuring this cycle is completed properly is crucial for accurate financial statements.
How would you explain a complex accounting issue in simple terms to a non-finance manager or external client?
Example response: Explaining complex accounting to non-finance audiences requires relatable analogies and avoiding technical jargon. For example, when describing accrual vs. cash basis accounting, I might compare it to credit vs. debit cards. Credit accrues a balance that must be paid later, while debit immediately deducts from your cash balance. Providing specific examples relevant to the audience also helps simplify concepts. My goal would be translating the core ideas into digestible takeaways that resonate with the listener’s perspective. Patience and empathy are key.
Behavioral Interview Questions
Let’s round out this guide with some common behavioral interview questions to assess your soft skills:
Tell me about a time you made an accounting error. How did you handle it and what did you learn?
Example response: Early in my internship, I once classified a supply expense as an equipment purchase in error. Thankfully, our controller caught the mistake during a random audit. I immediately took responsibility and worked to fix the misclassification. In the future, I became more diligent about double checking my work. It taught me the importance of oversight and reviews to catch errors I might overlook. The experience motivated me to slow down and focus on accuracy.
Describe a situation where you had competing priorities and how you managed them.
Example response: As an intern, I was once managing month-end close tasks while also asked to compile an urgent financial report for management. To prioritize, I consulted with my manager and team to understand the most critical deadlines and realigned my schedule accordingly. I ended up working overtime to deliver both on time, which taught me to be proactive in my time management. Going forward, I improved at setting realistic timelines, communicating priorities cross-functionally, and requesting help early if overwhelmed.
Tell me about a time you had to persuade someone to your point of view. Were you successful?
Example response: During an audit project, I discovered discrepancies in a client’s inventory accounting that were distorting their financial ratios. However, the client insisted their current method was fine. I used facts from my analysis to walk them through the impact in detail. By maintaining professionalism and focusing on their needs, I convinced them to implement my recommendations to improve accuracy. This experience demonstrated the importance of logical persuasion and relationship-building skills in accounting.
Describe a challenging situation you encountered in your accounting studies or career thus far and how you overcame it.
Example response: My most challenging collegiate accounting course involved cost accounting. I struggled to grasp concepts like overhead allocation and variances between standard and actual costs. To improve, I re-read chapters, watched supplemental videos, and did additional practice problems. I
Describe an accounting process you’ve developed or improved.
This may be a challenging question to answer if you’re early in your career. But the interviewer wants to see that you can think critically and are willing to try new things with tried-and-true methods. You could talk about a time in a previous job or internship when you tried to make a process better or came up with a new way to do something.
People with more experience should talk about a time when they changed or created a process that had a direct effect on the company. You could talk about a time you noticed a specific report was consistently taking more time than expected. But, you discovered a way to make the process more efficient, saving the company time (and money).
How would you determine if a company can afford its short-term commitments?
The best way to determine a company’s ability to cover short-term commitments is by using the current ratio. The current ratio involves dividing the company’s current assets by current liabilities. This ratio, which shows how much of the company’s debts will be covered by its current assets, is sometimes called the working capital ratio.
>>MORE: Learn more vital formulas and the top accounting skills for your resume.
3 most frequently asked accounting interview questions
FAQ
How to prepare for an accounting associate interview?
Why should we hire you for an associate accountant?
What type of questions are asked in an accounting interview?
What is an accounting associate interview question?
Accounting associates have to be able to work with colleagues from other departments and teams. This question is designed to gauge your ability to communicate and collaborate effectively. It also gives the interviewer an idea of your problem-solving skills and how you handle working with a diverse group of people. How to Answer:
How do you answer an accounting interview question?
This question is a great way for the interviewer to learn more about your skills and how they can benefit their company. When answering this question, it’s important to highlight your most relevant skills that relate to accounting. Example: “I think one of my strongest skills as an accountant is my attention to detail.
How do I prepare for an accounting associate job interview?
You just landed an interview for the accounting associate position you’ve been eyeing. Now, it’s time to prepare and make sure you put your best foot forward. The key to acing any job interview is preparation—and that means being ready to answer both general questions about yourself as well as questions specific to the role you applied for.
What should you look for when interviewing accounting associates?
When interviewing accounting associates, look for candidates with a firm grasp of basic accounting principles. Be wary of candidates with poor organizational skills. 1. How do you ensure that you meet your deadlines regardless of workload?
