Mere having a BCom degree will not help you get your dream job in accounting and finance. One must need to have excellent communication skills, and your ability to confidently answer accounting and finance interview questions.
Hence, a thorough interview preparation is a must.
Interviews are always stressful if whether you are applying for entry-level roles or even if you are an experienced professionals. The interviews keep getting tough based on your years of experience.
This blog will give you a guided approach to achieving mastery over commonly asked BCom interview questions, accounts and finance interview questions with answers, as well as interview questions in finance.
The roles in accounting and finance are highly specialised and technical requiring you to have an in-depth understanding of financial principles, analytics skills and attention to detail.
Employers mostly test potential candidates with technical knowledge, problem-solving abilities and their ability to understand the industry trends. Therefore, preparing for accounting interview questions and finance interview questions is important.
Why Are Accounting and Finance Interviews Challenging?
The roles in accounting and finance are highly specialised and technical requiring you to have an in-depth understanding of financial principles, analytics skills and attention to detail.
Employers mostly test potential candidates with technical knowledge, problem-solving abilities and their ability to understand the industry trends. Therefore, preparing for accounting interview questions and finance interview questions is important.
As Warren Buffett once said, "Accounting is the language of business." Mastering this language is key to excelling in interviews and securing your dream job.
Top Accounting and Finance Interview Questions
Given below are- accounting and finance interview questions which are commonly asked during an interview.
Additionally, you can find tips on how to answer them effectively:
1. Explain the difference between financial accounting and managerial accounting
Well, this is a common BCom interview question that tests your foundational knowledge.
- Financial Accounting:
The preparation of financial statements for external stakeholders like investors and regulators is termed financial accounting.
- Managerial Accounting:
It deals with internal reports that can help the management to make informed decisions.
Extra Tip: If you want to stand out, try answering with the help of an example. E.g. How financial accounting actually helps in tax filing and how managerial accounting aids in budgeting.
- List the basic accounting principles
Ans: The basic principles of accounting include:
- Revenue Recognition Principle
- Matching Principle
- Cost Principle
- Full Disclosure Principle
- Explain the difference between accounts payable and accounts receivable
Ans:
| Accounts Payable | Accounts Receivable |
| Money owed by the company to suppliers. | Money owed to the company by customers. |
| Recorded as a liability in the balance sheet. | Recorded as an asset in the balance sheet. |
Extra Tip: This question tests your ability to differentiate between critical financial functions.
- What is the importance of a balance sheet and how do you analyse it?
Ans: This is a classic accounts and finance interview question and answer that evaluates your analytical skills.
- Balance Sheet: A snapshot of a company’s financial position at a specific time, showing assets, liabilities, and equity- is a balance sheet.
- Analysis: Look at key ratios like the debt-to-equity ratio and current ratio to assess financial health- is analysis.
Extra Tip: Mention how you could use- the balance sheet to identify trends or potential risks.
- The term working capital- explain the same.
Ans: Working capital is company's current assets minus current liabilities. It is usually used to measure short-term liquidity and operational efficiency.
(Current assets- current liabilities= working capital)
Extra Tip: Always relate this to the practical scenario of managing cash flow while explaining it to the interviewer to make a great impression.
- How do you handle discrepancies in financial statements?
Ans:
- Identify the Issue: Thoroughly review the statements to pinpoint the discrepancy.
- Trace the Source: Cross-check records, transactions, and supporting documents to locate the error.
- Consult Relevant Stakeholders: Collaborate with the team or department responsible for the data.
- Rectify and Reconcile: The error is corrected, and balances are matched.
- Prevent Recurrence: Implement checks, controls, or automation to avoid similar issues in the future.
Extra Tip: This accounting interview question is asked because it assesses your problem-solving skills and attention to detail.
- How one stay updated with changes in - accounting standards?
Ans: I update myself with changes in accounting standards by following professional bodies such as IFRS and GAAP, attending webinars, and pursuing certifications such as the ACCA course, which gives a deep insight into global accounting practices.
For more interview questions, check out this blog.
How to Prepare for BCom Interview Questions
Fresh BCom graduates face many challenges. In addition to theoretical knowledge, you need to present your practical skills. Here are some tips:
- Brush up on Accounting Fundamentals
Revise concepts such as journal entries, trial balances, ledgers, and financial statements. These are common areas for accounting interview questions.
Revise journal entries, trial balances, ledgers, and financial statements. These are some of the most common areas accounting interview questions arise from.
- Focus on Problem-Solving Skills
Questions like "How would you manage discrepancies in financial records?" are common during the accounts and finance interview questions and answers rounds. - Learn from Industry Standards
Courses like the ACCA course make you aligned with global accounting practices, thereby strengthening your resume and interview preparation.
Learn more about ACCA and its benefits here.
Sample Table: Key Financial Ratios
| Ratio | Formula | Purpose |
| Current Ratio | Current Assets / Current Liabilities | Measures short-term liquidity |
| Debt-to-Equity Ratio | Total Liabilities / Shareholder Equity | Assesses financial leverage |
| Gross Profit Margin | (Gross Profit / Revenue) x 100 | Evaluates profitability |
| Return on Equity (ROE) | (Net Income / Shareholder Equity) x 100 | Measures return on investment |
Advanced Accounting and Finance Interview Questions
For roles that goes beyond entry-level i.e. if you are a professional, then the following accounting and finance interview questions are majorly asked:
1. What are deferred taxes, and how are they recorded?
Answer: Deferred taxes arise due to differences in accounting income and taxable income. These are recorded as assets or liabilities in the balance sheet.
2. Significance of a cash flow statement- explain
Answer: The cash flow statement will help stakeholders make informed decisions by providing insights into inflows and outflows of cash of the company, hence building knowledge about the liquidity position.
- Steps to evaluate the financial health of a company
Answer:
- Analyse the balance sheet- to check the debt levels.
- Assess the income statement- to check the profitability.
- Review the cash flow statement- to check the liquidity.
- Role of software in accounting, please explain.
Answer: Tally, QuickBooks or SAP are used to - ease and simplify bookkeeping, financial reporting and tax compliance.
Note: This is one of the most commonly asked BCom interview questions
Top Behavioral Interview Questions
Behavioral questions will test how you react to pressure. Here are some illustrations:
- 1. Can you give an example wherein you resolved a discrepancy in finances?
Answer: Share a STAR-based (Situation, Task, Action, Result) story emphasising your problem-solving abilities.
- 2. How do you manage multiple tasks when deadlines are tight?
Discuss strategies for time management and provide some examples from your academic or internship experiences.
Common Pitfalls to Avoid in Accounting and Finance Interviews
- Not Preparing Enough
Mere memorising answers to theoretical accounting interview questions is just not enough. If you want to ace the interview and get the job, practice mock interviews to build confidence. - Lack of Industry Knowledge
This can be easily termed as a rookie mistake, but it is extremely important to stay updated with industry trends like the adoption of AI in accounting or blockchain in finance. Stay updated with trends such as the adoption of AI in accounting or blockchain in finance. - Weak Communication Skills
Explaining technical concepts in layman’s terms is crucial for roles requiring client interaction.
The Role of ACCA in Advancing Your Career
The ACCA course is a world-recognised qualification which prepares students with advanced accounting and finance skills. Its emphasis on financial reporting, audits, and taxation will make it the perfect choice for BCom graduates looking to enhance their expertise.
As the famous investor Benjamin Graham would say, "The best investment you can make is in yourself." Pursuing an ACCA course not only boosts your knowledge but also makes you more employable in a competitive job market.
Want to know everything about ACCA course, check out this blog.
FAQs
- What are the most common accounting and finance interview questions?
The most common accounting and finance interview questions include topics like financial statement analysis, budgeting, and accounting principles. - How can I prepare for bcom interview questions in accounting and finance?
Focus on core topics like journal entries, trial balances, and taxation, and practice frequently asked bcom interview questions for better preparation. - What is the best way to answer accounts and finance interview questions and answers?
Use a structured approach: explain the concept, provide an example, and relate it to the job role for clear and confident responses to accounts and finance interview questions and answers. - How important is knowledge of accounting standards for finance interview questions?
It’s crucial to understand accounting standards like IFRS and GAAP, as they often form a key part of finance interview questions. - Does pursuing an ACCA course help in answering accounting interview questions?
Absolutely! The ACCA course equips you with global accounting knowledge, making it easier to tackle complex accounting interview questions. - What are some technical accounting and finance interview questions after BCom?
Technical questions might include calculating financial ratios, analysing cash flow, or explaining double-entry bookkeeping. - What soft skills are assessed in accounts and finance interview questions and answers?
Communication, problem-solving, and analytical thinking are often evaluated alongside technical knowledge during accounts and finance interview questions and answers. - How can I excel in finance interview questions for freshers after BCom?
Build strong fundamentals, stay updated with market trends, and practice answering situational finance interview questions confidently.
Conclusion:
After BCom, preparing for an accounting and finance interview requires both technical knowledge and practical exposure with the necessary confidence. Emphasise the most common BCom interview questions along with industry-related topics provided above and train yourself to answer questions perfectly.
To drive career opportunities even more, consider ACCA courses, which are recognised worldwide, with a curriculum that is in line with international standards. This can easily separate you in the competitive job market. Additionally, choosing Imarticus Learning for your ACCA preparation is beneficial because it is India’s 1st and only authorised prep provider for World’s Top 4 Certifications in Accounting & Finance
As Warren Buffett rightly said, "The more you learn, the more you earn." So, invest time in mastering these interview questions and pave the way for a successful career in accounting and finance.
