Tricky Record to Report Accounting Interview Q&A Insights

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Tricky Record to Report Accounting Interview Q&A Insights

What is a journal entry, and can you give examples of commonly passed journal entries in GL Accounting?
A: Common examples include:
-Accruals: Dr. Expense / Cr. Accrued Liabilities
-Prepayments: Dr. Prepaid Expenses / Cr. Cash or Bank
-Depreciation: Dr. Depreciation Expense / Cr. Accumulated Depreciation
-Intercompany Transactions: Dr. Intercompany Receivable / Cr. Intercompany Payable

What is intercompany accounting, and how do you ensure accuracy in intercompany transactions?
A: Intercompany accounting entails the systematic recording of transactions between distinct legal entities within the same corporate group. To uphold accuracy in this process, it is essential to:

-Conduct regular reconciliations of intercompany balances.

-Ensure that all entities record their transactions within a synchronized time frame.

-Validate the exchange rates applied to transactions involving different currencies.

-Execute timely matching and clearing of intercompany accounts.

Can you explain the steps involved in preparing reconciliations?
A: The reconciliation process generally involves the following steps:

-Extracting balances from the General Ledger (GL) and sub-ledgers, such as bank and intercompany accounts.

-Identifying discrepancies between the GL and source documents.

-Investigating discrepancies through transaction comparison.

-Adjust entries to resolve differences.

-Finalizing the reconciliation and documenting it for review.

Can you walk us through the process of closing the books for month-end or year-end?
A: The month-end close process typically encompasses the following activities:

-Recording final journal entries, which may include accruals, deferrals, and depreciation.

-Reconciling all significant accounts, such as bank and intercompany accounts.

-Verifying revenue recognition, expense allocations, and any necessary provisions.

-Review variance analysis reports to assess financial performance.

How do you approach the preparation of intercompany reconciliations?
A: When preparing intercompany reconciliations:

-Ensure all intercompany transactions are recorded consistently across entities.

-Reconcile intercompany accounts by comparing records between the entities.

-Investigate discrepancies, such as timing differences or errors in transaction recording.

-Confirm that all intercompany balances are eliminated during consolidation.

What KPIs are used to measure the efficiency of the R2R process?
A: KPIs for R2R include:

-The number of days taken to close the books.

-Number of journal rejections

-Reconciliation accuracy rate

-Financial reporting accuracy Ensure reports are submitted without errors.

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