Interview Questions.

Top 100+ General Ledger Interview Questions And Answers

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Top 100+ General Ledger Interview Questions And Answers

Question 1. How Would You Reconcile A General Ledger?

Answer :

The widespread ledger is the master set of bills that aggregates all transactions recorded for a business. When someone is reconciling the general ledger, this typically means that man or woman bills inside the trendy ledger are being reviewed to make certain that the supply documents in shape the balances shown in each account. The reconciliation system is a commonplace hobby simply prior to the advent of the auditors for the annual audit, to make certain that the accounting statistics are in pristine situation.

Question 2. Please Tell Us Why Should We Hire You As A General Ledger?

Answer :

This is the element where you hyperlink your talents, experience, schooling and your persona to the process itself. This is why you need to be wholly acquainted with the job description in addition to the company way of life.

Remember even though, it's far quality to again them up with real examples of say, how you are an amazing crew participant. It is feasible that you may now not have as plenty abilities, revel in or qualifications as the opposite candidates. What then, will set you other than the rest? Energy and ardour would possibly.

General Accounting Interview Questions
Question 3. List Some Steps Of The Concept Of Reconciliation Of General Ledger?

Answer :

The concept of reconciling the overall ledger can also talk to inspecting the general ledger as a whole to make sure that each one bills are being aggregated into the monetary statements.

This reconciliation procedure entails the subsequent steps:

Summarize the ending balances in all sales accounts and affirm that the mixture amount suits the sales general within the income announcement.
Summarize the ending balances in all expense bills and affirm that the aggregate quantity fits the expense overall in the profits announcement. This may be conducted at the person cost line object level inside the earnings declaration.
Summarize all asset, legal responsibility and equity accounts and confirm that the aggregate amounts match the respective line objects in the stability sheet.
Question 4. List Some Steps For Reconciliation Process At Account Level?

Answer :

The reconciliation procedure at the account level normally comprises the subsequent steps:

Beginning balance investigation. Match the beginning stability inside the account to the ending reconciliation detail from the prior period. If the amounts do not fit, investigate the purpose for the variance in the previous duration. If the account has not been reconciled for a while, it is viable that the error lies several intervals inside the past.
Current length investigation. Match the transactions said inside the account inside the length to the underlying transactions, and adjust as necessary.
Adjustments evaluate. Review all adjusting magazine entries recorded in the account inside the duration for appropriateness, and regulate as essential.
Reversals evaluation. Ensure that each one journal entries that have to have reversed within the period were reversed.
Ending balance assessment. Verify that the ending detail for the account fits the ending account stability.
Accounting Basics Tutorial
Question 5. List Some Steps For Balancing Of Ledger Account?

Answer :

This entails following steps:

 First overall of each the sides are taken.
 Secondly distinction between the totals of both   the sides is calculated.
 If the debit facet is in excess to the credit aspect  then area the difference on the credit score side by way of writing By Balance c/fd.
 If the overall of credit score aspect is in excess to the debit facet, vicinity the difference on the debit facet with the aid of writing To Balance c/fd.
 After placing the difference on the perfect facet, ensure the totals of both the sides are same.
Financial Accounting Interview Questions
Question 6. What Do You Know About Balancing A Ledger Account?

Answer :

To realize the net effect of all of the business transactions recorded in the ledger account, the debts need to be balanced. Thus, Balancing of Ledger Account manner the balances of Debit and Credit aspect should be same.

Question 7. Tell Me What Are The Purposes Of Maintaining Control Ledgers?

Answer :

Purposes of keeping manage ledgers are:

 Sundry Debtors
 Sundry Creditors
 Advances to Staff
Accounts Interview Questions
Question eight. Tell Me What Are Control Ledgers?

Answer :

In a commercial enterprise, once in a while it is not possible to hold money owed of all the providers and clients inside the main ledger. In such cases other than general or principal ledger, the control ledgers are maintained. Control ledgers statistics the individual debts. In the stop of the duration, stability proven in the predominant ledger has to tally with the balance inside the person ledger accounts maintained in the manipulate ledger.

Question 9. What Does A Ledger Posting Means?

Answer :

All the business transactions are first recorded in Journal or Subsidiary books in a chronological order when they without a doubt take vicinity and from there the transactions of similar nature are transferred to Ledger and this method of transferring is called as ledger posting.

Management Accounting Interview Questions
Question 10. What Does Mean By Business As A General Ledger?

Answer :

Business is an economic hobby regarding the production or procurement and sale of certain goods and services for the satisfaction of human need in the society.

Question 11. Why Would You Like To Work With Us As A General Ledger?

Answer :

More probably than not, the interviewer wishes to look how tons you understand about the business enterprise culture and whether you may discover with the corporation's values and vision. Every organization has its strong points and those are those that you ought to spotlight to your solution.

Oracle widespread ledger (GL) Interview Questions
Question 12. Tell You Know About Unix As General Ledger?

Answer :

Unix (all-caps UNIX for the trademark) is a circle of relatives of multitasking, multiuser pc working systems that derive from the authentic unix, evolved inside the Seventies.

General Accounting Interview Questions
Question thirteen. Which Steps Would You Take Before You Approve An Invoice For Payment As A General Ledger?

Answer :

This question measures your information of invoice verification method, so make sure you have checked it out before going to the interview. Such a regular system ought to involve checking to peer if the obtained items are in pleasant manner, recording in the pocket book. One greater aspect, it's also exact to explain the significance of each step to the interviewers.

Question 14. Tell Me How Many Periods Should Have In General Ledger, Taking Into Account The Annual Closing?

Answer :

There general periods will be 13. First 12 durations for every month and thirteenth period for the yr final transactions.

Question 15. Tell Me The Procedure For Testing After Implementation As Functional Consultant In General Ledger?

Answer :

Testing entails a little by little check of numerous transactions configured within the SAP system. 

Example: In case of MM we need to test say if the purchase cycle is running in the gadget as it's miles in real enterprise scenario i.E. Whether or not it's miles generating PRs, RFQ, PO, GI, LIV well and there may be no mistakes all through transactions.

Account executive Interview Questions
Question 16. Please Give Me Your Self Introduction As A General Ledger?

Answer :

 Explain quick about your training history.
 Explain brief approximately your paintings enjoy.
 Explain short about your abilities and strength.
 Explain quick approximately your weak spot.
Question 17. What Qualities Do You Have That Can Make You A Good Accountant In General Ledger?

Answer :

Aside from the obvious ones along with numeracy and interpersonal skills, key skills will encompass willpower and self discipline (to get through the difficult professional examinations) and an hobby within the commercial enterprise international commonly.

An potential to paintings in (and in the end lead) teams, sturdy analytical abilties, precise verbal and written communique competencies and interest (specially at the audit side) are some of the others you can mention, in case you are not strong in a number of these areas then you can have issues making a persuasive case for your self.

Chartered accountant Interview Questions
Question 18. Tell Me About The Difference Between Ledger And General Ledger?

Answer :

General Ledger are the ones ledgers are used generally in all sorts of enterprise corporations.

Example:

purchases, income, printing & stationary and so forth

Ledger is which ledger is created for the business organisation requirement.

Financial Accounting Interview Questions
Question 19. Do You Know What Is A General Ledger Account?

Answer :

A standard ledger account is an account or report used to type and keep stability sheet and earnings announcement transactions.

Examples of widespread ledger accounts consist of:

The asset debts which include Cash, Accounts Receivable, Inventory, Investments, Land and Equipment.

Question 20. Please Tell Me What Is A General Ledger?

Answer :

A trendy ledger is a entire report of financial transactions over the existence of a corporation. The ledger holds account facts this is had to prepare financial statements and consists of bills for property, liabilities, owners equity, revenues and charges.

Accounting Reports Interview Questions
Question 21. Explain What Is The Significance Of Responsibility In Oracle Applications?

Answer :

users can't access the concurrent packages ( much like Forms) until until the program is connected to a obligation through a ?Request Group?. Thus the obligations offer the entire safety by restricting access to forms, reviews, tables( through statistics-companies) and also to unique statistics ( through profile options like Set of Books Id, MO Org Id).

Question 22. Explain What Is Meant By Business?

Answer :

Business is an pastime carried out with the only purpose of incomes profit. The hobby may also vary in line with the scope and extent.

Question 23. Explain What Is About Future Period And Adjustment Period?

Answer :

Future period method in oracle now not yet opened, u cannot put up any entry in this era, U will have two future durations or one displayed in calendar options, adjustment duration way, usually organisation might also have three hundred and sixty five days, or 13 months as per co's necessities, if u have 13 month, Jan to Dec its twelve months, extra one month i.E dec say instance 25th to 31st Dec. So right here we've got 13 months, extra 5 days referred to as adjustment period, this is use complete to go into additional entries Audit time,if your dec length is closed, u may nevertheless have 5 days duration to entry adjustment entries given by means of auditors.

Accounting Principles Interview Questions
Question 24. What Is The Difference Between Ledger And General Ledger?

Answer :

General Ledger manner, Those ledgers are using normally in all forms of enterprise agencies. Eg: purchases, sales, printing&stationary, and many others...Ledger way, which ledger is created for the enterprise organization requirement.

Accounts Interview Questions
Question 25. How Strong In Finance? Justify Sensex Is The Backbone Of National Income? Assume That You Are Going To Merge One Company? What Are The Steps Are U Taken?

Answer :

It is true that sensex is the spine of national earnings. Sensex is an index that measures the movement of the proportion expenses of a set of main businesses from distinctive sectors of the financial system , which implies that it's far a degree of shareholders' expectancies of organizations' future overall performance primarily based on destiny plans of organizations and the general financial scenario.

Question 26. Explain What Is Procedure For Testing After Implementation As Functional Consultant?

Answer :

Testing involves a grade by grade check of diverse transactions configured within the SAP machine.

Example: In case of MM we want to test say if the purchase cycle is running in the machine as it's miles in actual business state of affairs i.E. Whether it's miles generating PRs,RFQ,PO,GI,LIV nicely and there is no errors in the course of transactions.

Question 27. Explain What Qualities Have You Got That Would Make You A Good Accountant?

Answer :

Aside from the plain ones consisting of numeracy and interpersonal capabilities, key abilities will consist of determination and self field (to get via the tough professional examinations) and an hobby inside the enterprise world normally. An potential to paintings in (and in the end lead) groups, strong analytical abilties, exact verbal and written verbal exchange capabilities and curiosity (specially on the audit facet) are a number of the others you may mention - if you aren't sturdy in a number of those regions then you may have troubles making a persuasive case for yourself.

 You are likely to be asked many questions looking for evidence of these specific competencies and will be expected to offer examples which can be backed up with evidence: for instance, if requested about your management qualities, you need to provide an instance of in which you led a set efficiently in preference to just pointing out 'human beings always appearance to me to take the lead'.

Management Accounting Interview Questions
Question 28. Explain What Is An Accrual?

Answer :

Accrual foundation of accounting manner that the fees or revenues of occasions are identified in the period wherein they occur, even though the coins flows might also take area in some other accounting duration.

Like for a period of July 05 - October 05, if the organisation was because of obtain one thousand K from an person X but has no longer received but for a few motive, will recieve in November 05. It could be nevertheless be accounted for inside the period July 05 - October 05 and not the length beginning from November 05.

Question 29. What Experience Do You Have With General Ledger?

Answer :

Experience to make entries of all coins and non cash transaction, buy and sales for coins and for credit score

Question 30. Explain Cost Sheet-orientation And Understating Of Problems?

Answer :

Cost sheet is sheet Where all of the fee must be recorded which related to the product




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