Top 20 Interview Questions & Answers for Accountant Executive Roles - 2021

Preparing for an accountant executive job interview? This guide provides a list of essential questions and answers that will help you showcase your experience, skills, and knowledge in the field of accounting and finance. Whether you're applying for a role at a small company or a large corporation, these questions cover all key areas of the job.

Behavioral Questions

• 1. Tell me about a time when you had to handle a difficult financial situation. How did you approach it and what was the outcome?
  Answer: In my previous role, I was responsible for managing the company's budget and expenses. During a financial crisis, I had to make some tough decisions to cut costs without sacrificing essential operations. I analyzed our expenses and identified areas where we could reduce spending. I presented my findings to senior management and got their approval for implementing cost-saving measures. As a result, we were able to stay within our budget and avoid any financial difficulties.
• 2. Can you give an example of a time when you found a mistake or discrepancy in financial records? How did you handle it?
  Answer: At my previous job, I noticed that there was an error in the financial statements, which could have resulted in incorrect tax filings. I immediately alerted my supervisor and worked with the accounting team to correct the mistake. I also conducted a thorough review of our records to ensure that no other discrepancies existed.

Situational Questions

• 3. If a client requested an urgent financial report, but you were already overwhelmed with your workload, how would you handle the situation?
  Answer: In such a scenario, I would first prioritize my tasks and delegate any non-urgent work to my team members. Then, I would communicate with the client and set realistic expectations for when they can expect the report. If possible, I would also ask for assistance from my colleagues to ensure timely delivery of the report.
• 4. Suppose you discovered fraudulent activity within the company's financial records. How would you handle the situation?
  Answer: If I discovered any fraudulent activity, I would immediately bring it to the attention of my superiors. I would also document all the evidence and assist with the investigation. I understand the importance of ethical behavior in the accounting profession, and I would not hesitate to take action to protect the company's interests.

Technical Questions

• 5. What is the difference between accounts receivable and accounts payable?
  Answer: Accounts receivable refers to the money that a company is owed by its customers for goods or services provided, while accounts payable refers to the money that a company owes to its creditors for goods or services received.
• 6. Can you explain the basic principles of accounting?
  Answer: The basic principles of accounting are consistency, materiality, conservatism, and objectivity. Consistency means using the same accounting methods and principles consistently throughout a reporting period. Materiality means only reporting significant financial information. Conservatism means being cautious and recording potential expenses and losses, while objectivity means reporting financial information accurately and without bias.

Cultural Fit Questions

• 7. How do you stay updated on changes in accounting practices and regulations?
  Answer: I regularly attend seminars and workshops related to accounting and finance to stay updated on any changes in practices and regulations. I also follow industry publications and use online resources to keep up with any developments in the field.
• 8. What motivated you to pursue a career in accounting?
  Answer: I have always had a strong aptitude for numbers and problem-solving, and I find the field of accounting to be challenging and fulfilling. I am also attracted to the stability and potential for growth in the accounting profession.

Additional Questions

• 9. What accounting software are you familiar with?
  Answer: I am proficient in using QuickBooks, Xero, and Microsoft Excel for financial reporting and analysis.
• 10. Can you walk me through the steps you take to close the books at the end of a reporting period?
  Answer: Sure, the first step is to prepare an unadjusted trial balance. Then, we make adjusting entries for any accrued or deferred expenses or revenues. Next, we prepare an adjusted trial balance and use it to create the financial statements. Finally, we close the books by transferring the balances to the retained earnings account.
• 11. What is a balance sheet?
  Answer: A balance sheet is a financial statement that reports a company's assets, liabilities, and equity at a specific point in time, usually at the end of a reporting period. It follows the formula Assets = Liabilities + Equity.
• 12. How do you ensure accuracy in financial statements?
  Answer: I ensure accuracy by following a detailed review process, performing reconciliations, and double-checking all calculations. I also make sure to adhere to accounting principles and standards. Additionally, I maintain thorough documentation of all financial transactions for audit purposes.
• 13. How do you handle a high-stress work environment?
  Answer: I thrive in fast-paced environments and am used to handling multiple tasks and deadlines. To manage stress, I prioritize my tasks, communicate effectively with my team, and take breaks when needed to recharge and maintain productivity.
• 14. Can you give an example of how you improved a company's financial processes?
  Answer: In my previous role, I noticed that the month-end closing process was taking longer than necessary due to manual data entry and reconciliation. I suggested implementing an automated system, which significantly reduced the time required for closing and improved the accuracy of financial statements.
• 15. How do you handle conflict with a team member or colleague?
  Answer: I believe in open and honest communication, so if there is a conflict, I would first try to discuss the issue with the person and find a resolution. If that doesn't work, I would involve a mediator or seek guidance from a supervisor to find a mutually beneficial solution.
• 16. How do you keep sensitive financial information confidential?
  Answer: I understand the importance of maintaining confidentiality in the accounting profession. I strictly adhere to company policies and procedures and ensure that only authorized personnel have access to sensitive financial information. I also take measures to secure digital and physical records.
• 17. Can you tell me about a time when you had to explain complex financial information to non-financial colleagues?
  Answer: At my previous job, I had to present the company's financial performance to the board of directors, which included members from non-financial backgrounds. I prepared a simplified report with visual aids, explained each line item in simple terms, and addressed any questions they had. The board was able to understand the information easily, and they appreciated my efforts to make it accessible to them.
• 18. How do you handle a discrepancy in financial statements between different departments?
  Answer: I would first investigate the discrepancy and try to identify the source of the issue. Then, I would work with the respective departments to determine the correct amount and make the necessary corrections. I would also implement measures to prevent similar discrepancies from occurring in the future.
• 19. What do you think are the most important qualities an accountant should possess?
  Answer: I believe that accountants should have strong analytical skills, attention to detail, and the ability to prioritize and manage their time effectively. They should also have excellent communication and interpersonal skills to collaborate with colleagues and present financial information to stakeholders.
• 20. How do you handle changing priorities or unexpected tasks?
  Answer: I am adaptable and can quickly shift my focus to handle changing priorities or unexpected tasks. I always make sure to prioritize tasks based on importance and urgency, and I communicate effectively with my team to ensure that we are all on the same page.