When have you had an issue with a transaction?
This is an example of a situational interview question, but it will be easier to answer if you can relate it to a specific example. Think about how you would handle the challenge of reconciling any one transaction. Use this as an opportunity to show off your problem-solving, analytical and collaboration skills.
Example answer: "If a customer presents a check, but there is a hold on it, I would advise the customer to try a new payment method. If this isn't an option, I would investigate why the check was returned and sort through the situation. I would make a note of the hold on the system and adjust my workflow accordingly."
What is the difference between revenue recognition and accrual accounting?
Revenue recognition relies on the idea that revenue should be recognized when the product or service has been delivered to the customer. This means that if a product goes missing or it is stolen, then no revenue will be recognized. Accrual accounting, on the other hand, recognizes revenue regardless of the product or service being out of your control.
Example answer: "The most important thing to remember is that revenue should be recognized when the product or service has been delivered to the customer. In the case of theft, if a product can't be returned to the inventory, then revenue shouldn't be recognized. If the product is returned, the revenue should be recognized. The point is that it shouldn't happen in the first place."
What is the difference between GAAP and IFRS?
IFRS stands for International Financial Reporting Standards, a system being implemented by many countries around the world. It's important that accounting interns have a good understanding of the differences between GAAP and IFRS, since this will be a major part of their duties. In your answer, be precise and concise.
Example answer: "IFRS is a system that was implemented by the International Accounting Standards Board. It is intended to provide uniform accounting standards for the whole world. Previously, accounting standards were decided by governments or each country's own accounting bodies, leading to inconsistencies. However, IFRS is considered more transparent. This is because it ensures consistent accounting procedures are used throughout the world."
Why are you pursuing a career in accounting?
An accounting career requires a disciplined and methodical approach to problem solving. If you chose to pursue a career in accounting, be prepared to describe your analytical skills and how you will use them to help the company.
Example answer: "I have academic experience in accounting. Throughout my education, I have developed strong analytical skills. These skills are essential to an accountant. For example, I know how to examine financial reports to identify red flags, like large expenses or irregular inventory. I will use these skills to thoroughly examine your finances. By doing so, I can proactively identify any potential problems before they snowball into bigger issues."
Give us an example of a time you had to work with a difficult person.
These questions will help a potential employer gain a better understanding of how well you work under pressure, which is an important skill for all employees to have. It gives you a chance to showcase your communication skills while dealing with a difficult situation.
Example answer: "I once had a supervisor who was very unorganized and unsupportive. He did not like to assign tasks and only did the paperwork. He was very difficult to work with and insulted everyone in the office. I was able to work around this issue by getting assistance in the office and not relying on him for anything. I also kept in contact with him less often."
What is the most important thing a manager should know about you?
Learn to clarify your strong points and sell them on your success stories.
Example answer: "I have high energy and like to work hard. I'm confident I can use my skills to benefit your organization."
What kind of internship do you want?
Your answer should say something about you, your career aspirations and how you could benefit from an internship in this company. Employers want interns to be a good fit, so they need to know that you have a genuine interest in the company and that you would add value to the organization.
Example answer: "I have never had an internship before, but I was fortunate enough to work for a similar firm through college. After researching the position, I would love the opportunity to work here as an accounting intern."
Have you worked with other interns before?
As an accounting intern, you may be working with other interns. The interviewer wants to know whether you have any previous experience doing so and whether you have the attitude and skills necessary to manage a team effectively. You should demonstrate that you are a compassionate, fair and experienced leader who can drive productivity in the workplace.
Example answer: "I have great relationships with my peers and colleagues. The most important part of being a team player is to take the time to listen to your team and ensure they have a clear understanding of tasks and duties. I have found the best way to achieve this is by over-communicating. I like to list everyone’s responsibilities for reference whenever they need guidance. I also provide them with a method of communication that they can use to reach out to me for any reason. In addition, I take the time to stay in touch with my team members on a personal level. I often take them to lunch to get to know them better. This creates an environment of mutual respect while also making sure my team members are happy."
How do you determine which client to focus on?
This question is deceptively easy and might seem like you could answer it with a simple, "I would focus on the clients who bring in the most revenue." An effective response will not only address your reasoning, but will also demonstrate your knowledge of the industry and how you would go about prioritizing clients. There isn't one right answer to this question. Instead, you should focus on your own priorities and how you determine which clients to focus on.
Example answer: "I will focus on the clients who bring in the most revenue, but I would also consider the clients whose revenue is growing the fastest. I would weigh the potential revenue against the amount of work it takes to manage the client, their long-term potential and their ability to refer business. For example, I would likely focus on a client in a different industry than my own, who has shown an ability to generate referrals and has a steady stream of inbound leads, in order to generate revenue."