case study accounting interview

47 case interview examples (from McKinsey, BCG, Bain, etc.)

One of the best ways to prepare for   case interviews  at firms like McKinsey, BCG, or Bain, is by studying case interview examples. 

There are a lot of free sample cases out there, but it's really hard to know where to start. So in this article, we have listed all the best free case examples available, in one place.

The below list of resources includes interactive case interview samples provided by consulting firms, video case interview demonstrations, case books, and materials developed by the team here at IGotAnOffer. Let's continue to the list.

• McKinsey examples
• BCG examples
• Bain examples
• Deloitte examples
• Other firms' examples
• Case books from consulting clubs
• Case interview preparation

Click here to practise 1-on-1 with MBB ex-interviewers

1. mckinsey case interview examples.

• Beautify case interview (McKinsey website)
• Diconsa case interview (McKinsey website)
• Electro-light case interview (McKinsey website)
• GlobaPharm case interview (McKinsey website)
• National Education case interview (McKinsey website)
• Talbot Trucks case interview (McKinsey website)
• Shops Corporation case interview (McKinsey website)
• Conservation Forever case interview (McKinsey website)
• McKinsey case interview guide (by IGotAnOffer)
• McKinsey live case interview extract (by IGotAnOffer) - See below

2. BCG case interview examples

• Foods Inc and GenCo case samples  (BCG website)
• Chateau Boomerang written case interview  (BCG website)
• BCG case interview guide (by IGotAnOffer)
• Written cases guide (by IGotAnOffer)
• BCG live case interview with notes (by IGotAnOffer)
• BCG mock case interview with ex-BCG associate director - Public sector case (by IGotAnOffer)
• BCG mock case interview: Revenue problem case (by IGotAnOffer) - See below

3. Bain case interview examples

• CoffeeCo practice case (Bain website)
• FashionCo practice case (Bain website)
• Associate Consultant mock interview video (Bain website)
• Consultant mock interview video (Bain website)
• Written case interview tips (Bain website)
• Bain case interview guide   (by IGotAnOffer)
• Bain case mock interview with ex-Bain manager (below)

4. Deloitte case interview examples

• Engagement Strategy practice case (Deloitte website)
• Recreation Unlimited practice case (Deloitte website)
• Strategic Vision practice case (Deloitte website)
• Retail Strategy practice case  (Deloitte website)
• Finance Strategy practice case  (Deloitte website)
• Talent Management practice case (Deloitte website)
• Enterprise Resource Management practice case (Deloitte website)
• Footloose written case  (by Deloitte)
• Deloitte case interview guide (by IGotAnOffer)

5. Accenture case interview examples

• Case interview workbook (by Accenture)
• Accenture case interview guide (by IGotAnOffer)

6. OC&C case interview examples

• Leisure Club case example (by OC&C)
• Imported Spirits case example (by OC&C)

7. Oliver Wyman case interview examples

• Wumbleworld case sample (Oliver Wyman website)
• Aqualine case sample (Oliver Wyman website)
• Oliver Wyman case interview guide (by IGotAnOffer)

8. A.T. Kearney case interview examples

• Promotion planning case question (A.T. Kearney website)
• Consulting case book and examples (by A.T. Kearney)
• AT Kearney case interview guide (by IGotAnOffer)

9. Strategy& / PWC case interview examples

• Presentation overview with sample questions (by Strategy& / PWC)
• Strategy& / PWC case interview guide (by IGotAnOffer)

10. L.E.K. Consulting case interview examples

• Case interview example video walkthrough   (L.E.K. website)
• Market sizing case example video walkthrough  (L.E.K. website)

11. Roland Berger case interview examples

• Transit oriented development case webinar part 1  (Roland Berger website)
• Transit oriented development case webinar part 2   (Roland Berger website)
• 3D printed hip implants case webinar part 1   (Roland Berger website)
• 3D printed hip implants case webinar part 2   (Roland Berger website)
• Roland Berger case interview guide   (by IGotAnOffer)

12. Capital One case interview examples

• Case interview example video walkthrough  (Capital One website)
• Capital One case interview guide (by IGotAnOffer)

13. Consulting clubs case interview examples

• Berkeley case book (2006)
• Columbia case book (2006)
• Darden case book (2012)
• Darden case book (2018)
• Duke case book (2010)
• Duke case book (2014)
• ESADE case book (2011)
• Goizueta case book (2006)
• Illinois case book (2015)
• LBS case book (2006)
• MIT case book (2001)
• Notre Dame case book (2017)
• Ross case book (2010)
• Wharton case book (2010)

Practice with experts

Using case interview examples is a key part of your interview preparation, but it isn’t enough.

At some point you’ll want to practise with friends or family who can give some useful feedback. However, if you really want the best possible preparation for your case interview, you'll also want to work with ex-consultants who have experience running interviews at McKinsey, Bain, BCG, etc.

If you know anyone who fits that description, fantastic! But for most of us, it's tough to find the right connections to make this happen. And it might also be difficult to practice multiple hours with that person unless you know them really well.

Here's the good news. We've already made the connections for you. We’ve created a coaching service where you can do mock case interviews 1-on-1 with ex-interviewers from MBB firms . Start scheduling sessions today!

The IGotAnOffer team

Top 50 Accountant Interview Questions and Answers (Examples Included)

Mike Simpson 0 Comments

By Mike Simpson

Updated 6/11/2022.

When you’re trying to land a new accounting position, the accounting interview questions you’ll face can be doozies. While you’re going to see some classic ones – like the infamous “ Tell me about yourself ” – you’re also going to have to tackle some surprising ones.

Luckily, preparing for the unexpected isn’t as challenging as you’d think. If you want to bend those accounting interview questions to your will, here’s how to make that happen.

How to Answer Accounting Interview Questions

Before we dig into the actual accountant interview questions you’ll tee off against, let’s spend a moment on something that’s equally important. You need to know how to answer these questions properly, particularly because you could face stiff competition.

Overall, there are 1.32 million people working in accounting jobs in the US, so at least a few of the other candidates likely have strong skills. So, how do you make sure you get these questions right? By embracing a winning strategy.

To begin, consider what the hiring manager is trying to find. Trust us; they have a perfect candidate in mind. What you need to do is position yourself as close to that ideal as possible while ensuring you remain genuine and honest.

While every accounting role can be a bit different, much of what the hiring managers want to find is the same. They are looking for critical thinkers with superior math skills and strong communicators with prior experience using key pieces of software. Candidates with time management and organizational skills are always going to be favored, as well as those who can work well as part of a team but also handle their responsibilities independently. Having an understanding of relevant laws and regulations is also critical.

IMPORTANT: These are skills and qualities that are usually desirable in an accountant. But as we often discuss on this blog, you need to find out what skills and qualities your specific company/firm is looking for. The best way to do this is by going over your accountant job description with a fine-tooth comb.

Now that you have a solid idea of what the hiring manager is looking for, you have to find a way to convey those details during your interview. Plus, you have to find opportunities that let you stand out from the competition, particularly since most will have credentials similar to yours.

Usually, behavioral interview questions are where you’ll have a chance to shine. But these frequently seem like the trickiest ones to answer. You have to discuss your past experience or how you think you’d act if you encountered various scenarios. Technically, there is no right or wrong answer. However, that doesn’t mean some responses aren’t better than others.

Nailing behavioral interview questions typically requires a two-step approach. First, it’s time for the STAR method . With that approach, you can turn your interview answers into compelling stories, making them tons more engaging than your typical response.

But you can’t stop there. If you want your response to stand out like the north star in the sky, take it up a notch with the Tailoring Method . With that, you can personalize your answers and speak to the company’s or hiring manager’s needs. You are highlighting your capabilities in a way that brings them value, and that’s critical if you want to make a genuine connection.

In fact we we wanted to let you know that we created an amazing free cheat sheet that will give you word-for-word answers for some of the toughest interview questions you are going to face in your upcoming interview. After all, hiring managers will often ask you more generalized interview questions!

Click below to get your free PDF now:

Get Our Job Interview Questions & Answers Cheat Sheet!

FREE BONUS PDF CHEAT SHEET: Get our " Job Interview Questions & Answers PDF Cheat Sheet " that gives you " word-word sample answers to the most common job interview questions you'll face at your next interview .

CLICK HERE TO GET THE JOB INTERVIEW QUESTIONS CHEAT SHEET

Top 3 Accounting Interview Questions

Now that you have a strategy to answer accounting interview questions, you might be feeling pretty pumped. Having a great approach feels good, no doubt about it. But that doesn’t mean a few examples won’t help.

Here are the top 3 accounting interview questions you’ll probably face and tips for answering them.

1. How do you track incoming accounting legislation and regulatory changes?

Laws and regulations that impact the accounting world change surprisingly often. With this question, the hiring manager is trying to ensure that you do your part to stay up-to-date on the latest happenings.

EXAMPLE ANSWER:

“I’ve found that using a multi-faceted approach allows me to track upcoming accounting legislation and regulatory changes effectively. First, I subscribe to several industry publications and am also a member of a professional organization that sends out newsletters regarding these topics. Second, I follow thought leaders, publications, and specific regulatory bodies on social media, all of which help me stay informed.

“Finally, I created Google Alerts that include keywords relating to these topics. That way, I receive a notification when an article is posted that aligns with the criteria, helping me catch breaking news stories quickly.”

2. How would you explain a complex accounting concept to someone who isn’t as familiar with the field or the terminology?

In many cases, accounting professionals need to convey complex concepts to stakeholders that don’t work in accounting. As a result, the hiring manager wants to know that you can do so effectively.

“Generally, I find the best approach is to use analogies if a term isn’t widely used outside of the world of accounting. I try to relate it to a topic that may feel familiar to them. For example, I may describe a ledger as a record-keeping system that’s not unlike a database, as most people are familiar with databases, at least conceptually.

“For topics that don’t translate well into other areas of expertise, I may also use examples. In my past role, I created samples of many common forms and reports that featured descriptions and definitions for various terms. That allowed me to provide handouts to those who could benefit from the information.”

3. Errors can be detrimental in accounting. How do you reduce the chance that you’ll make a mistake?

As the question suggests, making mistakes in an accounting role leads to trouble. Here, the hiring manager wants to know that you are diligent about avoiding mistakes and can check your own work with ease.

“I use a multi-step approach to help reduce my chances of making an error when inputting financial information. First, I always double-check any entries. Usually, that only takes a moment, and it allows me to catch the vast majority of typos before I complete the given task.

“Second, many accounting solutions have built-in checks that I make sure to take advantage of when there’s an opportunity. Finally, I always review any outputs caused by the information I added, as incorrect numbers may lead to calculation results that are clearly incorrect, signaling to me that there’s a mistake I need to address immediately.”

47 More Accountant Interview Questions

Here are 47 more interview questions for accountants you’ll likely cross paths with:

• How would you define the role of an accountant?
• Which skills do you think are essential for accountants?
• What accounting software solutions are you familiar with?
• Can you describe an accounting process that you helped develop or improve?
• Tell me about a time you were able to reduce the cost of a critical process or procedure?
• Can you tell me about a time when you had to work with a particularly difficult client? How did you handle the situation?
• Describe a past experience where you were faced with an incredibly tight deadline. What did you do to make sure you could hand over the deliverable on time?
• Tell me about a time when you had to discuss a complex accounting concept with someone who wasn’t familiar with it. How did you make sure they understood?
• Please define and describe the three kinds of financial statements and what they contain.
• If you spot an error in another accounting professional’s work, what do you do?
• Can you tell me about a time when you made a mistake? What did you do once it was spotted?
• What is the difference between public and private accounting?
• What impact do you think AI and automation will have on accounting?
• Do you have prior experience with ERP systems? If so, which ones?
• Describe one of the biggest challenges in the accounting field and how you strive to overcome it.
• Please describe your experience with Microsoft Excel.
• Why did you choose accounting as a career?
• What is the difference between accounts payable and accounts receivable?
• Do you have any certifications? Do you plan to get any in the near future?
• When tax season arrives, are you open to working long hours?
• Which accounting skill do you like using the most? What about the least?
• Describe your experience with developing business metrics.
• Can you tell me about a time you and another accountant did not see eye to eye? How did you handle the situation?
• In your previous positions, what processes have you used to estimate bad debt?
• Describe your auditing and fraud analysis experience.
• What are two types of special journals?
• With double-ledger accounting, what ledger elements need to be equal?
• What is the minimum number of ledgers a company needs if it has four bank accounts for payment processing?
• Why is fraud easier to perpetrate with journal entries instead of ledgers?
• What role do you think blockchain will play in the future of the accounting field?
• Why is compliance vital in accounting?
• Describe your business metrics monitoring experience.
• How does a major equipment purchase impact a company’s financial statements?
• How can accounting professionals benefit from big data knowledge?
• Describe the difference between accounting and auditing.
• How do you determine the reliability of accounting information that’s given to you by an outside party?
• How do you stay on top of emerging trends in accounting?
• Do you believe you work best when you’re on-site, or is remote work a better fit?
• What attracted you to this firm?
• Did you learn anything unexpected while studying accounting in college?
• If you weren’t working in accounting, what field would you pursue instead?
• What about accounting do you enjoy most?
• Do you dislike anything about accounting?
• If you saw a colleague intentionally alter a client’s books to reflect inaccurate information, what would you do?
• What kind of management style helps you stay motivated?
• Which do you prefer, formal training or a mentor/mentee approach to learning?
• If you had a chance to acquire any accounting skill that you don’t currently have, what would it be and why?

5 Good Questions to Ask at the End of an Accounting Interview

As your interview begins to draw to a close, you should get a chance to ask the hiring manager a few questions. Make sure you are ready for this. It’s a great opportunity to learn more about the job and if it’s actually right for you.

Plus, as Indeed puts it, “Having your questions prepared shows the interviewer that you researched the company and the position.” That makes you seem more enthusiastic about the role, and that matters.

If you can’t figure out what to ask, here are some questions that can work in most situations.

• Can you describe a typical day in this accounting role?
• How will this accounting job change over the next 12 months? What about three years?
• What trait do you think is essential for those who want to succeed in this accounting role?
• Are there any major accounting projects on the horizon?
• How many accounts/clients will this role support?

Putting It All Together

Ultimately, landing an accountant interview is exciting, but it’s also okay to be a bit nervous about what’s to come. A new job usually means taking a step forward in your career, and that can be a lot of pressure, particularly with the types of interview questions for an accountant you’ll usually face.

But, by making use of the tips above and reviewing the accounting interview questions, you can be ready. You’ll have a strategy that showcases you as an amazing candidate, allowing you to demonstrate to the hiring manager why you’ll be a great addition to their team.

FREE : Job Interview Questions & Answers PDF Cheat Sheet!

Download our " Job Interview Questions & Answers PDF Cheat Sheet " that gives you word-for-word sample answers to some of the most common interview questions including:

• What Is Your Greatest Weakness?
• What Is Your Greatest Strength?
• Tell Me About Yourself
• Why Should We Hire You?

Click Here To Get The Job Interview Questions & Answers Cheat Sheet

Co-Founder and CEO of TheInterviewGuys.com. Mike is a job interview and career expert and the head writer at TheInterviewGuys.com.

His advice and insights have been shared and featured by publications such as Forbes , Entrepreneur , CNBC and more as well as educational institutions such as the University of Michigan , Penn State , Northeastern and others.

Learn more about The Interview Guys on our About Us page .

About The Author

Mike simpson.

Co-Founder and CEO of TheInterviewGuys.com. Mike is a job interview and career expert and the head writer at TheInterviewGuys.com. His advice and insights have been shared and featured by publications such as Forbes , Entrepreneur , CNBC and more as well as educational institutions such as the University of Michigan , Penn State , Northeastern and others. Learn more about The Interview Guys on our About Us page .

Copyright © 2024 · TheInterviewguys.com · All Rights Reserved

• Our Products
• Case Studies
• Interview Questions
• Jobs Articles
• Members Login

• Recently Active
• Top Discussions
• Best Content

By Industry

• Investment Banking
• Private Equity
• Hedge Funds
• Real Estate
• Venture Capital
• Asset Management
• Equity Research
• Investing, Markets Forum
• Business School
• Fashion Advice
• Interview Questions

Accounting Interview Questions and Answers (33 Samples)

33 common accounting interview questions.  Examples include technical, transactional, behavioral, and logical tests with sample answers

Prior to joining UBS as an Investment Banker, Himanshu worked as an Investment Associate for Exin Capital Partners Limited, participating in all aspects of the investment process, including identifying new investment opportunities, detailed due diligence,  financial modeling  &  LBO  valuation and presenting investment recommendations internally.

Himanshu holds an  MBA  in Finance from the Indian Institute of Management and a Bachelor of Engineering from Netaji Subhas Institute of Technology.

Josh has extensive experience private equity, business development, and investment banking. Josh started his career working as an investment banking  analyst for Barclays  before transitioning to a private equity role Neuberger Berman. Currently, Josh is an Associate in the Strategic Finance Group of Accordion Partners, a  management consulting  firm which advises on, executes, and implements value creation initiatives and 100 day plans for Private Equity-backed companies and their financial sponsors.

Josh graduated Magna Cum Laude from the University of Maryland, College Park with a Bachelor of Science in Finance and is currently an  MBA  candidate at Duke University Fuqua School of Business with a concentration in Corporate Strategy.

The First Accounting Interview Question

Free Interview Training

15 Common Accounting Technical Questions

Big 4 accounting technical questions (deloitte, e&y, pwc, kpmg), 5 common accounting behavioral/fit questions, 4 firm-specific behavioural/fit questions, wso elite modeling package & additional resources, big 4 accounting firms.

Accounting has been considered the benchmark for a stable and growing career path in the vast world of finance for over decades now.

Therefore, it establishes itself as a compelling career prospect for various professionals, from individuals looking for long-term job security to professionals beginning their career at a big four accounting firm before lateraling to other financial fields, such as investment banking or private equity.

The competitive interview process seeks to identify and reward applicants who are well-equipped with strong technical and financial skills and good attention to detail.

Consequently, answering the technical, behavioral, and logical questions with confidence and consistency is key to converting an interview into an offer.

The following free WSO Accounting Interview Guide is a comprehensive tool designed to cover every aspect of the interview process, guiding you from the beginning to the end, therefore drastically improving your odds of landing the job at your desired accounting firm.

Our guide features a total of 33 of the most common technical, behavioral, and logical questions, along with proven sample answers, that accounting professionals ask to candidates during the hiring process. 

This resource includes 12 firm-specific questions from the big four accounting firms ( Deloitte , KPMG , etc.) and proven sample answers to them.

First impressions are key in interviews, and accounting is no different. Irrespective of which accounting firm you’re applying to, you can be sure that your interviewer will ask this question, as it’s a notable standard in the industry.

Anticipating this question beforehand, crafting a compelling narrative around it, and selling yourself on it will make you stand out from the pool of potential candidates. 

Walk me through your background/resume

There are two ways to answering this question flawlessly. First, know your story and tell it like a master bard. When they ask you about yourself, they’re judging whether they would want to work with you. These questions hold serious weight; use them to make yourself a desirable coworker.

First, dial-in a cohesive 90-second resume walkthrough that focuses on the positive and motivating factors behind every transition (school to job, job to better job, most recent job to grad school).

Be deliberate. Every move you made should have a reason (preferably that you initiated). Don’t be negative. Never say you left because you were bored or “wanted to try something new.”

Second, have a few backup stories in mind. Stories that effectively portray you as a good teammate, a problem- solver , a go-getter. Have these stories ready and use them to answer whatever the interviewer is asking you. Make sure your resume lines up with these. Tell them with confidence, clarity, and relevance, and you’ll be putting yourself in good territory.

Sample Answer: I went to school to learn how to design cars, but after my first internship, I realized that I like interacting with clients directly and pursued full-time roles in B2B sales. In these sales roles, I developed solid selling skills and gained exposure to a, b, and c. Since I wanted to continue honing those skills and focus on x, y, and z, I am seeking a new role/promotion that provides that opportunity.

Sign up to our FREE 5-Day Interview Training to kickstart your interview prep.

Technical questions are undoubtedly a critical component of the accounting recruiting process. Therefore, your interviewers will expect detailed and accurate responses to commonly asked technical questions, and your answers must demonstrate in-depth knowledge and expertise of the topic at hand.

The following section features 15 common accounting interview questions and sample answers for them.

At the end of these 15 questions, we have provided you with eight exclusive firm-specific technical questions to kickstart your mock interview training.

1. What are the three main financial statements?

Sample Answer: The three main financial statements are

• Income Statement
• Balance Sheet
• Statement of Cash Flows

The Income Statement discloses a company’s revenues and expenses, which together yield net income over a period of time. The Balance Sheet discloses a company’s assets, liabilities, and equity on a specific date. The Cash Flow Statement starts with net income from the Income Statement; then adjusts for non-cash expenses, non- operating expenses like capital expenditures, changes in working capital , or debt repayment and issuance to arrive at the company’s closing cash balance.

2. How are the three main financial statements connected?

Sample Answer: Net income flows from Income Statement into the Cash Flow Statement ( CFS ) as Cash Flow from Operations. Dividends subtracted from net income are added to retained earnings from the prior period’s Balance Sheet (BS) to come up with retained earnings as on the date of the current period’s BS. The opening cash balance on the CFS is from the prior period’s Balance Sheet, while the closing cash balance on the CFS is the balance on the current period’s Balance Sheet.

The following chart gives you a more comprehensive overview of how the three financial statements are connected to help visualize and present better for your interview:

3. Walk me through the major line items of an income statement (negative numbers are shown in parentheses)?

Sample Answer: The first line of the Income Statement represents revenues or sales. Next, you subtract the cost of goods sold , which leaves gross profit. Subtracting operating expenses, depreciation, and amortization from gross profit gives you operating income . Next, you subtract interest and any other expenses (or add other income) from operating income to get pre-tax income. Then subtract tax payments and what’s left is net income.

4. If you could only use one financial statement to evaluate the financial state of a company, which would you choose?

Sample Answer: I would want to see the Cash Flow Statement to see the actual liquidity position of the business and how much cash it is using and generating. 

The Income Statement can be misleading due to any number of non-cash expenses that may not truly be affecting the overall business. And the Balance Sheet alone just shows a snapshot of the company at one point in time, without showing how operations are performing. 

Whether a company has a healthy cash balance and generates significant cash flow indicates whether it is probably financially stable, and this is what the CF Statement would show.

Sample Follow-up Question: Now, assume you can choose to see two of a company’s three financial statements. Which would you choose?

Sample Follow-up Answer: I want to see the Income Statement and the Balance Sheet because one can produce an accurate expected or illustrative Cash Flow Statement with the information presented in the Income Statement and Balance Sheet. 

The Cash Flow Statement begins with Net Income and then adjusts for non-cash and non-operating expenses, both of which are available in the Income Statement. We can calculate the changes in net working capital from information on the Balance Sheet to arrive at the Cash Flow from Operations. 

Capital Cash Expenditures in the investing section of the Cash Flow Statement could be inferred by taking the year-over-year change in PP&E from the Balance Sheet, plus depreciation expense , less any cash inflows from the sale of capital assets. 

Repayments of Debt in the financing section of the Cash Flow Statement can be inferred using the year-over-year changes in short-term and long-term debt balances while also adjusting for any debt capital raised. Similarly, repurchases of equity, dividends paid to equity investors, and equity capital raised would also be reflected on the Balance Sheet.

5. What is the purpose of the changes in the working capital section of the cash flow statement?

Sample Answer: Due to accrual accounting, certain non-cash items affect the income statement and the balance sheet, like accounts payable and accounts receivable . Therefore, to reverse the effects of the non-cash items, we adjust for them in the “Changes in working capital” section.

Sample Follow-up Question: What does it mean if your change in net working capital is negative on the cash flow statement? Is negative working capital a bad thing for a company?

Sample Follow-up Answer: While negative working capital by pure definition (i.e., current liabilities > current assets ) may indicate a solvency issue for a company, or an inability to satisfy its obligations, negative working capital is not necessarily a bad thing. 

Suppose a company is making a concerted effort to stretch out its payment terms with its vendors as much as possible to preserve its cash position (which is not included in the calculation of working capital). In that case, this will result in negative working capital (since Accounts Payable would likely cause an excess of current liabilities over current assets). 

The company still has the liquidity to satisfy its obligations, but stretching out the vendor payment provides the company with the most flexibility.

6. What is the difference between accounts payable and accrued expenses?

Sample Answer: They are the same thing. The main difference is that accounts payable is typically a one-time expense with an invoice (such as the purchase of inventory) while accrued expenses are recurring (like employee expenses). As a result, both accounts are reflected in working capital calculations.

7. Give some examples of accounting events that are typically involved in compound entries.

Sample Answer: Examples of such accounting events would be:

• Bank deductions which are associated with a bank reconciliation
• Deduction of expenses related to payroll payments
• Sales transaction subject to sales tax

8. Can a company have a negative book value?

Sample Answer: Yes, a company could have a negative book Equity Value if the owners are taking out large cash dividends or if the company has been operating for a long time at a net loss, both of which reduce shareholders’ equity. Negative equity means that the company’s current assets are fully funded by debt.

9. What is WACC, and how do you calculate it?

Sample Answer: WACC is the acronym for Weighted Average Cost of Capital . It is used as the discount rate in a discounted cash flow analysis to calculate the present value of a company’s cash flows and terminal value . It reflects the overall cost of a company raising new capital, which represents the riskiness of investment in the company.

WACC represents the blended cost (or return on the invested capital ) to both debt holders and equity holders, based on the cost of debt and equity for that specific firm.

The formula below helps you calculate the WACC of a company if you are put on the spot and asked to calculate it as part of your technical interview:

where, E = Market value of equity D = Book value of debt P = Value of preferred stock KE= cost of equity ( Calculate using CAPM ) KD = cost of debt (Current yield of debt) KP = cost of preferred stock (Interested rate on preferred stock) T = Corporate tax rate

10. What is goodwill?

Sample Answer:

Goodwill is an asset that captures the amount paid for acquiring a company over its fair market value .

Here is an example: Company A buys Company B for $100 million in cash. Company B has one asset: a factory with a book value of $75 million, debt of $25 million, and equity of $50 million, which equals the book value (assets minus liabilities).

• Company A’s cash balance declines by $100 million to finance the acquisition (cost of the acquisition)
• Company A’s PP&E increases by $75 million (book value of Company B’s factory)
• Company A’s debt increases by $25 million (Company B’s acquired debt)
• Company A’s goodwill increases $50 million (purchase price of Company B minus book value of equity in Company B)
• In short, Goodwill = Consideration paid - Net fair value of assets acquired
• In this case, it is equal to $50 million ($100 million - $50 million)

11. What is a deferred tax liability, and why might one be created?

Sample Answer: Deferred tax liability is a tax expense amount reported on a company’s income statement not paid in cash during that accounting period but expected to be paid in the future. This occurs when a company pays less taxes to the government than they show as an expense on their income statement.

This can be caused due to differences in depreciation expense between book reporting ( GAAP ) and tax reporting. This will lead to differences in tax expenses reported in the financial statements and taxes payable to the government.

12. What’s the difference between enterprise value and equity value?

Sample Answer: Equity Value represents residual value for common shareholders after the company satisfies its outstanding obligations (net debt, preferred stock, which is senior to common equity).

13. Describe the liabilities items on a balance sheet.

• Revolver: This is a line of credit, which is not fixed in size, but rather has a maximum limit. A company can borrow and then pay off the debt at any time. Think of it as a credit card for companies. A Revolver is typically secured by a company’s working capital assets, such as Accounts Receivable, Inventory, and Prepaid Assets.
• Accounts Payable: This is almost the opposite of Accounts Receivable. The company has received items but hasn’t yet paid for them. It’s an IOU to their supplier.
• Deferred Revenue : The company has collected cash from customers for services that will be delivered over time (think a subscription you pay upfront for an entire year). 
• Accrued Expenses: These expenses are recorded on the income statement but haven’t yet been paid in cash. These are typically recurring expenses like rent, salaries, etc.
• Deferred Tax Liability: The company has paid fewer cash taxes than it owes and will have to make it up by paying additional taxes to the government in the future.
• Long-Term Debt: Just like a car loan or a mortgage on your house, this is an amount of debt that matures in more than a year.

14. Describe the equity items on a balance sheet.

• Common Stock and Additional Paid-in Capital : This refers to the market value of the shares of stock when they were issued by the company, not the market value at the current time.
• Treasury Stock : This is the total value of shares that the company has repurchased from investors, at the value they were repurchased, not their current value.
• Retained Earnings: This is the company’s cumulative net income minus any dividends that have been paid to equity investors.

15. What is net working capital?

Net Working Capital = Current Assets – Current Liabilities

• Current assets include items on the Balance Sheet like inventory, accounts receivable, prepaid expenses , and other short-term assets. Current liabilities include accounts payable, accrued expenses, deferred revenue, and other short-term liabilities.
• An increase in net working capital is a use of cash. This could be from increasing current assets like inventory or accounts receivable. For example, if you increase inventory, it is not (yet) a cost on the Income Statement but is still a use of cash due, which needs to be accounted for on the CF statement.
• A decrease in net working capital is a source of cash. This could include changes such as increasing accounts payable or reducing inventory. If you reduce inventory, you are selling more goods than you are producing, which means you realize a cost on your Income Statement. This is why in calculating free cash flow , you subtract an increase in net working capital. 
• On the other hand, if you are increasing accounts payable, you preserve your liquidity by taking a little longer to pay your vendors for your raw materials/inputs.
• If net working capital went up, a company must have “used” cash to increase (for example, by purchasing more inventory than they sold).

Sample Answer: Net Working Capital is current assets minus current liabilities. It measures a company’s ability to pay off its short-term liabilities with its short-term assets. A positive number means they can cover their short-term liabilities with their short-term assets. A negative number indicates that the company may have trouble paying off its creditors, resulting in bankruptcy if cash reserves are insufficient.

A detailed understanding of the answers to the 15 technical questions above indicates you have a strong technical foundation to gain a competitive edge over the applicant pool. This section aims to further strengthen your technical skills by helping you tailor your interview preparation specific to the accounting firm you are applying for.

The following section features eight exclusive questions that actual interviewers asked candidates at the Big 4 Accounting Firms .

The following questions have been taken from WSO’s company database , which is sourced from the detailed experiences of more than 30,000 people with accounting interviews.

Deloitte Technical Questions

Sample Answer: Beta is a measure of the volatility of an investment compared with the market as a whole. The market has a beta of one, and hence, investments that are more volatile than the market have a beta greater than one, while those that are less volatile have a beta less than one.

“Spreading comps” is the task of collecting and calculating relevant multiples for comparable companies .

Sometimes an analyst can pull the relevant multiples from a resource like CapitalIQ.

However, sometimes you have to research a company’s data and financial information in their 10-K / 10-Q to make sure they have adjusted for non-recurring charges or irregular accounting across an industry that can skew multiples across comparable companies. These charges can include one-time legal expenses, restructuring fees, asset write-downs, etc.

These adjustments will be detailed in the footnotes section of the financial statements .

A simple comps table is shown below.

Sample Answer: Spreading comps means calculating relevant multiples from comparable companies and summarizing them for easy analysis and comparison. It can be challenging when a company’s data and financial information must be scoured to conduct the necessary research.

PricewaterhouseCoopers (PwC) Technical Interview Questions

CAPM is used to calculate the required/expected return on equity ( ROE ) or the cost of equity of a company. The formula for CAPM is as follows:

Re = Rf + ß (Rm – Rf)

Sample Answer: The Capital Assets Pricing Model (referred to as CAPM) calculates the required return on equity or the cost of equity. The return on equity is equal to the risk-free rate (usually the yield on a 10-year US government bond) plus the company’s beta (a measure that compares the stock’s volatility to the stock market) times the market risk premium.

A $10 increase in depreciation decreases EBIT by $10, therefore reducing EBIT (1-t) by$10 * (1-t), where t is the tax rate. Assuming a 40% tax rate, it drops EBIT (1-t) by $6, but you must add back the $10 depreciation in the calculation of Free Cash Flow . Therefore your FCF increases by $4, and your valuation will increase by the present value of that $4 (the equation for PV is below).

This increase of $4 corresponds to the savings in tax due to depreciation.

Ernst & Young (E&Y) Questions with Sample Answers

Sample Answer: Investing in stocks would be inherently less risky since the investment would still be worth a positive value if the stock price went down to $50, while the option would be worth $0 in the worst-case scenario. Another thing to keep in mind is that while stocks can be held forever, options have a date of expiry, after which it will be useless (especially relevant if the prediction doesn’t materialize within the stipulated expiry).

Factors affecting option prices include,

• Current stock price
• Exercise price
• The volatility of the stock
• Time to expiration
• Interest rate
• The dividend rate of the stock.

Below is a chart of how these factors influence the price of an option.

KPMG Sample Technical Questions with Answers

It is important to keep your technical overview at a high level in an interview. Therefore, start with a high-level overview and be ready to provide more detail upon request.

• Project out cash flows for 5 - 10 years depending on the stability of the company
• Discount these cash flows to account for the time value of money
• Determine the terminal value of the company - assuming that the company does not stop operating after the projection window
• Discount the terminal value to account for the time value of money
• Sum the discounted values to find an enterprise value
• Subtract Net Debt and divide by diluted shares outstanding to find an intrinsic share price

This answer was edited and taken from the “ Investment Banking Interview: Walk Me Through A DCF ” post by WSO user @blmon00.

Sample Answer: Select project B with a higher NPV . When it comes to comparing different projects with similar sizes, NPV should be used. However, if the sizes of the projects are very different, IRR would make more sense.

Fit or “behavioral” questions are used to assess whether you have the right attitude, work ethic, personality, and values to fit in with an accounting firm’s culture. Most accounting firms look for an alignment between the candidate’s values with their firm's culture and do so through asking situational and ethical questions.

This section walks you through 5 of the most common types of fit questions and suggests approaches for answering them. The suggested approaches and sample answers are meant to be illustrative. Always remember, as an accountant, you need to adapt your answers to be true to yourself and your own words. 

Common Accounting Behavioural Questions

You will need to be comfortable with numbers and generate formulas and perform calculations using Excel.

It is beneficial to talk about how you have managed your portfolio, completed a self-study modeling course , took the accounting or finance courses offered at your school, etc.

Sample Answer: Although I majored in English, I have had an independent interest in accounting since I interned at a big four accounting firm in my first year of university. Ever since I completed that project, I have managed my portfolio of limited savings, investing in companies that I view as safe, long-term growth plays through simple fundamental analysis . 

As a result, I have achieved an average annual return of 15% on my portfolio over four years.

As an accountant, you will likely be utilizing a lot of Excel. Therefore, having a strong background in Excel will give you a big leg up on the competition.

If your school has any classes focused on Excel, enrolling in those classes would be a good idea. However, if you feel motivated, check out some online courses, such as our Excel Modeling Course , which should give you a leg up while applying.

Have a concise 30-second pitch prepared. Concentrate on the three main bullets highlighted in the introduction, and identify three of your traits that manifest those qualities. Examples include being extremely driven, never giving up, wanting to learn, looking for challenges, etc.

Make sure you take only 20-30 seconds and speak with confidence, but avoid arrogance.

My dedication differentiates me from other candidates you may be interviewing. The process of getting an interview here at a Big 4 was exceptionally challenging, as many accounting firms don’t recruit directly from my university. 

So I cold-called and wrote letters to all the alumni I could find to get here, looking for someone to speak with me. 

Finally, I got in touch with Jim Stevens, had an informal lunch to talk about the industry, and he offered to help get me an interview. So I didn’t just drop my resume; I had to work to get here — an accomplishment I am proud of. You can be sure that if I am hired, I will show the same dedication to this job.

Motivated, smart, driven, humble, efficient. All good options along those lines. Accounting firms also tend to view applicants as compelling if they have demonstrated integrity in the past and have strong values and ethics. Just have an example to back up whatever word you chose.

Talk about your time management practices. Your task management strategies (how you stay organized, your self-management methods, and how you avoid procrastinating while things pile up) are critical to a career in accounting.

Sample Answer: Between taking five classes a semester and participating in a few extracurricular activities, I have had a lot of tasks and assignments to keep track of. 

However, I managed stress by staying organized, using the planner on my phone to track what was due when, and maintaining a folder or binder for each task. 

This firm allows me to make sure I space out my work on projects that are due around the same time, make sure nothing gets lost or neglected, and avoid surprises. 

In addition, I try to follow a regular schedule throughout the week that assures I won’t let things go; I have found that if I don’t allow tasks to pile up, I create less stress for myself to manage.

Knowing the culture of each accounting firm before walking into an interview is key to displaying an alignment between your personal beliefs with the firm’s culture and walking out with an offer.

The following section features four exclusive questions asked by interviewers in the big four accounting firms in interviews. This aims to help you jumpstart your training for the respective accounting firms you are interviewing for.

The following questions have been taken from WSO’s company database, which is sourced from detailed accounting interviews experiences of more than 30,000 people.

WSO Company Database

Gain Access to Exclusive Data on Compensation, Interviews, and Employee Reviews.

Deloitte Fit Questions

1. What are some of your strengths?

• Going into the interview, you should have your three top strengths in mind and a story ready to go for each of them.
• When you answer this question, make sure you identify your greatest strength and make it very clear. Don’t dance around the answer. The strength you describe must be a quality that will help you become a great junior employee.
• You can list anything here; just make sure the strength you discuss backs up those characteristics for success that are listed in the introduction and provide vivid examples in support.
• Reiterate that you are a highly motivated, detail-oriented, great multi-tasker, team player, and fluent communicator with a high level of endurance, etc.

Sample Answer: From my resume, I have strong quantitative skills and performed well in school as you can probably tell. However, I think one of my greatest strengths vital for accounting is not something that can be documented. And that is my ability to learn quickly. 

At my internship last summer, I was brought into the office by my boss, given an old version of an Excel model and a list of variables he wanted to tweak, and told to rebuild the model from scratch. At the time, I had no previous modeling experience, no training, and no idea of what I was doing. I knew my boss didn’t have time to hold my hand through the process, so I had to teach myself. I bought a book and used Internet resources to learn how to rebuild the model to my boss’s specifications in a very short amount of time. 

My boss was amazed at the quality of the model, and it is now being used for his analysis and in presentations to clients.

PricewaterhouseCoopers (PwC) Behavioral Questions

2. what role do you like to take in a team situation.

It is important to show that you are comfortable with both a leadership role and working under someone else's leadership. 

Try to talk about your teamwork skills (communication, collaboration, etc.) and how those skills are effective when you are the leader and when you support someone else’s leadership.

Sample Answer: I’m comfortable leading a team or taking instructions from another leader. However, when the leadership isn’t appointed, I think it’s useful to consider my teammates’ concerns and preferences. 

For example, in one of my classes last year, I was placed in a group where nobody was confident about the subject matter, so they all shied away from taking responsibility. 

I thought I could help in that particular group by taking the initiative, so I stepped up to coordinate the group’s assignments. In another group situation, where one student insisted on taking charge, I was happy to support him. He communicated his ideas and organized a plan, which allowed the rest of us to deliver our tasks on time with high quality. 

Overall, I think the quality of leadership is more important than who provides it, and most important of all is the quality of the team’s work. Since every situation presents a unique set of personalities, it’s important to read those personalities and identify how you best fit into the group dynamic.

Ernst & Young (E&Y) Fit Questions with Sample Answers

3. what is an example of a big risk you have taken in your life.

This question asks whether you follow a sound thought process in making important decisions.

Think of the biggest risk you ever took in your life and describe the thought process you went through when deciding to take the risk. Tell how you weighed the positives and negatives of all the alternative scenarios. Then discuss and evaluate the outcome of that risk and what you learned from the experience.

Here are some questions to help generate other ideas. Did you ever travel abroad or afar alone at a young age? Have you ever started a small business? Have you ever made a risky financial investment?

Sample Answer: One of the biggest risks I have taken was during the final match of my conference golf tournament last spring. We were on the 18th hole, and I was 1-up playing match play. I drove the ball a little offline and ended up partially blocked by a tree. My opponent was in great shape, and I knew he would make par at worst. So I had to decide whether to try to hit a riskier shot that could result in a big number, or play it safe, try to make par, and hope my opponent didn’t make birdie. 

I weighed my options. It was a shot I had hit before, and I knew that if I executed, chances were good that I would win or halve the hole and win the match. Even on the downside, if I didn’t hit the shot, I could still make par and halve, and if I lost the hole, we would go into a playoff. I decided to take the risk, trust my game, and go for the win. I pulled it off beautifully, made my par, halved the hole, and won the match and the championship for my team.

KPMG Behavioral Questions with Sample Answers

4. why kpmg.

Sample Answer: Any accounting firm can generally ask this question, and the preparation routine is consistent across all such firms. Ideally, you want to tie in and present an alignment between your interests and values with the firm’s culture and support this with examples.

An exceptionally strong way of demonstrating this would be networking with current accountants at the firm, talking about the appreciation you felt towards the characteristics of those you networked with (refer to specific people wherever possible), and concluding with how that makes you feel the firm would be a great place to work.

Succeeding as an accountant requires technical expertise in finance. Interviewers can ask over thousands of questions in various ways, and therefore candidates who have memorized answers are eliminated in early interview rounds. 

However, the minority of candidates who have taken the effort to master the underlying accounting concepts can answer unexpected questions on the spot and consequently receive offers from accounting firms. If you’re an aspiring accountant, WSO has got you covered with its official Accounting Foundations Guide , featuring:

• 45+ lessons
• 15 exercises
• All accounting concepts for someone looking to be proficient at accounting

Think about it - if this page can set you miles ahead of the competition, imagine what our complete package can do for you.

The Accounting Foundations Guide will help you achieve technical mastery and place you in the strongest position to land the job.

Everything You Need To Build Your Accounting Skills

To Help you Thrive in the Most Flexible Job in the World.

The following are the Big 4 Accounting Firms referenced in this guide, and part of the 185+ accounting firms WSO has data on in its company database :

• Deloitte | Deloitte Overview | Deloitte Site
• PricewaterhouseCoopers ( PwC )| PwC Overview | PwC Site
• Ernst & Young (E&Y)| E&Y Overview | E&Y Site
• KPMG | KPMG Overview | KPMG Site

Additional interview resources

To learn more about interviews and the questions asked, please check out the additional interview resources below:

• Investment Banking Interview Questions and Answers
• Private Equity Interview Questions and Answers
• Hedge Funds Interview Questions and Answers
• FP&A Interview Questions and Answers
• Finance Interview Questions and Answers

Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.

or Want to Sign up with your social account?

• Online Degree Explore Bachelor’s & Master’s degrees
• MasterTrack™ Earn credit towards a Master’s degree
• University Certificates Advance your career with graduate-level learning
• Top Courses
• Join for Free

9 Accounting Interview Questions + How to Prepare Answers

Discover how to answer priority questions for your upcoming accounting interview and use our tips and resources in your job search.

What to expect for an accounting interview

An upcoming interview for an accounting position can be an exciting moment, whether you are launching your career, looking for an advanced role, or even switching to accounting from another industry. You may be wondering what are common interview questions employers will ask you, the kind of answers you should prepare to showcase your accounting knowledge, and what else you should expect for your interview. 

As with interviews in many professions, it’s a good idea to reflect not only on your skills in the accounting field, like preparing financial and cash flow statements, monitoring financial activities, and using software, but also on your workplace skills such as communication and analytical thinking. In addition, it’s important to be able to explain to employers how your skills, experience, and education can translate to a company’s success.

Read on to discover common accounting interview questions that employers may ask you during the hiring process and how you can prepare with techniques like the STAR Method to answer successfully.

9 accounting interview questions 

We selected the questions in this section to give you an idea of the questions that accounting professionals encounter during interviews, as well as how employers are designing interviews to find the best candidates. Below you’ll find technical questions measuring your accounting knowledge,  behavioral questions that highlight how you’ve performed in past roles, and situational questions that explore how you might handle situations that might come up in the position you’re applying for.  

These questions are based on: 

Job seekers’ reports on Glassdoor of accounting questions they’ve answered 

Advice for employers on Indeed and LinkedIn on what to look for in an accounting candidate

1. Which accounting software packages are you comfortable using? 

Employers ask this to gauge your familiarity with the various software programs available, especially ones you’d be using in the role you’re applying to fill. 

Prepare your answer by reflecting on your experience with programs and how you’ve found them to be useful in your previous accounting roles. In addition, review the job description and research programs that you may not have experience with and prepare to discuss the range of possibilities for the role. 

2. What are the common financial statements used in accounting?  

Employers ask this to test your accounting knowledge and how you demonstrate your understanding of different concepts and processes. 

Prepare your answer by reviewing definitions of different types of financial statements, such as the balance sheet, income statements, and cash flow statement, and reviewing your own experience putting these statements together.

3. How would you explain a complicated accounting process or report to someone outside of the accounting team? 

Employers ask this to get a sense of how you conduct cross-functional conversations and whether you explain accounting concepts well enough to help non-accountants make informed decisions. 

Prepare your answer by reflecting on different accounting scenarios, writing down explanations, in simple terms, and connecting them to business procedures that people in non-accounting roles would be responsible for. 

4. What is your accounting experience in different industries? 

Employers ask this to understand the diversity of your experience in different accounting departments and your ability to adapt to different contexts.  

Prepare your answer by reflecting on your past work experiences. If you have diverse accounting experience, practice emphasizing how you adapted to different accounting requirements. If your accounting experience is limited to only a few industries or roles, practice emphasizing the diversity of projects you may have completed. 

5. How do you stay up-to-date on new tax laws and regulations? 

Employers ask this to get a sense of how you continue your own education as an accountant and keep your skills current.  

Prepare your answer by taking inventory of accounting influencers or brands you are subscribed to, conferences and classes you attend, and courses and certificate programs you’ve completed. Take some time before the interview to identify additional career development resources you’d like to pursue. Practice explaining how you apply new tax law and regulation insights to past and current roles. 

6. What accounting processes are you most familiar with?

Employers ask this to find out how the specifics of your accounting background—the actual tasks, processes, and projects you’ve been responsible for in previous roles or learned about through coursework—will translate to the role you now want to fill.  

Prepare your answer by making a list of accounting processes with which you are familiar, including complex accounting procedures, such as mergers, acquisitions, and divestitures. Write down examples of how these processes work in real-world business situations. 

7. How do you handle a tight deadline and multiple accounting projects you’re responsible for? 

Employers ask this to find out how you adjust your productivity and workflow when pressure mounts. 

Prepare your answer by emphasizing your time management skills. You can point to work experiences in the past or describe how you’d handle hypothetical work situations that are relevant to the position you’re applying for.  

8. How have you used automation to improve accounting processes? 

Employers ask this to learn how you can bring efficiency and precision to the accounting team. 

Prepare your answer by exploring your experience with automation and the measurable effect of it on projects you’ve worked on in the past. 

9. What experience do you have leading an accounting team? 

Employers ask this to learn about any leadership skills you have and how they might apply to the position you’re applying for. 

Prepare your answer by exploring all of your past leadership experiences in accounting. Besides managerial roles you may have held, include instances when you’ve exhibited leadership on a day-to-day basis, such as training a co-worker on a new program or process, delivering a presentation to stakeholders, or serving as a project accountant.

Tips and resources for your accounting job search

In addition to preparing to answer priority questions, use the following tips and resources to interview with confidence:  

Reflect on your qualifications, such as a CPA license, experience at a public accounting firm, and specific areas of expertise.

Conduct thorough research into each company you're applying to work for, including the mission statement and values, products they offer, growth potential, financial goals, and structure of the accounting department.  

Prepare questions to ask potential employers , based on your company research and details in the job description. These might include, “What are the next steps in the recruitment process?” or “What would you like a new hire in this role to accomplish in the first 90 days?”

Prepare to answer general interview questions like, “Why are you leaving your current job?” or “Tell me about a time you corrected a mistake you made on the job.” 

Prepare to answer behavioral interview questions (about your past work experiences) and situational interview questions (how you’d handle hypothetical work situations) with STAR Method (Situation, Task, Action, and Result) answers.

Update your LinkedIn profile and resume to showcase the best of your professional history.  

Reflect on your accounting career goals at all junctures of your job search. 

Read more: 10 Examples of Strengths and Weaknesses for Job Interviews

Build job-ready accounting skills with Coursera

Taking online courses can be a great way to build accounting knowledge, discover career options, and even gather ideas for your upcoming interview. Coursera offers several accounting learning experiences in partnership with the University of Illinois, the University of Pennsylvania's Wharton School, AICPA, and CIMA. Inside, you can explore tax laws, use data analysis to make accounting decisions, and prepare financial statements.

To learn more, click the options below:

Keep reading

Coursera staff.

Editorial Team

Coursera’s editorial team is comprised of highly experienced professional editors, writers, and fact...

This content has been made available for informational purposes only. Learners are advised to conduct additional research to ensure that courses and other credentials pursued meet their personal, professional, and financial goals.

Hacking the Case Interview

Although case interviews do not require any technical math or finance knowledge, there are basic formulas that you should know in order to do well in order to master case interview math .

This article will cover the 26 formulas you should know for case interviews. These formulas are organized into the following categories:

• Profit Formulas
• Investment Formulas
• Operations Formulas
• Market Share Formulas
• Accounting, Finance, and Economics Formulas

If you’re looking for a step-by-step shortcut to learn case interviews quickly, enroll in our case interview course . These insider strategies from a former Bain interviewer helped 30,000+ land consulting offers while saving hundreds of hours of prep time.

Profit Formulas for Case Interviews

1. Revenue = Quantity * Price

Revenue is the amount of money a company brings in from selling its products. This can be calculated by taking the number of units sold and multiplying it by the price per unit.

Example: Your company sells shirts for $20 each. Last year, your company sold 1,000 shirts. So, your total revenue last year was 1,000 * $20 = $20,000.

2. Total Variable Costs = Quantity * Variable Costs

Costs are payments that a company needs to make in order to run and operate its business. There are two different types of costs, variable costs and fixed costs.

Variable costs are costs that directly increase for each additional unit of product made. It represents the cost of raw materials needed to make the product.

Total variable costs are calculated by taking the number of units produced or sold and multiplying it by the raw material cost per product.

Example: It costs your company $5 to purchase the raw materials needed to make a shirt. If your company sold 1,000 shirts last year, the total variable costs are 1,000 * $5 = $5,000.

3. Costs = Total Variable Costs + Fixed Costs

Total costs for the company can be calculated by adding total variable costs and fixed costs.

Fixed costs are costs that do not directly increase for each additional unit of product made. They may include costs such as rent for the building or equipment needed to make the product.

Example: Your company pays annual rent of $10,000. It also leases the equipment it needs to make its shirts for $2,000 a year. Therefore, fixed costs are $10,000 + $2,000 = $12,000. Total variable costs were calculated to be $5,000 from the previous example. So, total costs are $12,000 + $5,000 = $17,000.

4. Profit = Revenue – Costs

Profit is the amount of money the company keeps after paying for all of its costs. Profit is calculated by subtracting total costs from total revenue.

Example: Last year, your shirt company generated revenues of $20,000 and had costs of $17,000. The profit last year was $20,000 - $17,000 = $3,000.

5. Profit = (Price – Variable Costs) * Quantity – Fixed Costs

This formula summarizes the previous four formulas into one concise and simplified equation.

6. Contribution Margin = Price – Variable Cost

Contribution margin represents how much money each product sold brings into the company after accounting for the cost of raw materials needed to make the product.

Example: If your company’s shirts sell for $20 and raw materials cost $5, then the contribution margin is $20 - $5 = $15 per shirt.

7. Profit Margin = Profit / Revenue

Profit margin represents the percentage of revenue that a company keeps as profit after taking into account all of its costs.

Example: Last year, your company generated $20,000 in revenue and had $17,000 in costs. Its profit was $3,000. Therefore, your company’s profit margin is $3,000 / $20,000 = 15%.

Investment Formulas for Case Interviews

8. Return on Investment = Profit / Investment Cost

Companies make investments by spending money in the hopes of earning even more money in the future as a result of the investment. Return on investment, or ROI or short, represents how much additional money a company generates relative to the size of its initial investment.

ROI is calculated by taking the profit that the company generated from the investment and dividing it by the investment cost.

Example: Your company spent $5,000 on marketing to advertise its shirts. As a result, the company generated an additional $6,000 in profits from selling shirts. This profit does not yet take into account the costs of the marketing campaign.  Therefore, the company has a net increase in profits of $1,000 from its original $5,000 investment. The ROI is $1,000 / $5,000 = 20%.

9. Payback Period = Investment Cost / Profit per Year

Payback period represents how long it would take a company to recoup the money it spent on an investment. It is usually specified in years.

Example: Your company invested in redesigning its shirts for $5,000. As a result, the company expects annual profits to increase by $1,000 for every year going forward. Therefore, the payback period for this investment is $5,000 / $1,000 = 5 years.

Operations Formulas for Case Interviews

10. Output = Rate * Time

The output of production can be calculated by taking the rate of production and multiplying it by time.

Example: The machine that your company uses to produce shirts can produce 5 shirts per hour. If the machine runs for 12 hours, then it will produce 60 shirts.

11. Utilization = Output / Maximum Output

Utilization represents how much a factory or machine is being used relative to its maximum possible output.

Example: The machine that your company uses to produce shirts can produce 5 shirts per hour. Therefore, its maximum capacity in a day is 5 shirts per hour * 24 hours = 120 shirts. If your machine is being used to only produce 60 shirts per day, then it is at 60 / 120 = 50% utilization.

Market Share Formulas for Case Interviews

12. Market Share = Company Revenue in the Market / Total Market Revenue

Market share measures the percentage of total market sales a particular company has. Market shares can range from 0%, no presence in the market, to 100%, complete dominance in the market.

Example: Your company sells shirts and generates $100M in annual revenues. The market size of shirts is $500M. Therefore, your company has a market share of $100M / $500M = 20%. 

13. Relative Market Share = Company Market Share / Largest Competitor’s Market Share

Relative market share compares a company’s market share to the largest competitor’s market share. It measures how strong of a presence a company has relative to the market leader. If the company is the market leader, relative market share measures how much of a lead they have over the next largest player.

Instead of using company market share and the largest competitor’s market share, you can use company revenue and the largest competitor’s revenue. This will give you the same answer.

Example: Your company has a 20% market share in the shirts market. Your largest competitor has a 50% market share. Therefore, your relative market share is 20% / 50% = 0.4.

Example 2: Your company is the market leader and has a 50% market share in the shirts market. Your largest competitor has a 25% market share. Therefore, your relative market share is 50% / 25% = 2.

Accounting, Finance, and Economics Formulas for Case Interviews

These formulas are much less commonly seen in case interviews than the previous formulas. You likely won’t need to use these formulas since they require more technical knowledge of accounting, finance, and economics.

However, you should still be familiar with these formulas in the small chance that one of these concepts shows up in your case interview.

14. Gross Profit = Sales – Cost of Goods Sold

Gross profit is a measure of how much money a company makes from selling its product after taking into account the costs associated with making and sellings its product. These costs are often called the cost of goods sold.

Compared to the previous profit formula, which was simply revenue minus costs, gross profit is always higher since it does not take into account all of the costs of the business.

Example: Your company sold $20,000 of shirts last year. The cost to produce these shirts was $5,000. Therefore, your gross profit is $20,000 - $5,000 = $15,000.

15. Operating Profit = Gross Profit – Operating Expenses – Depreciation – Amortization

Operating profit is calculated by taking gross profit and subtracting all operating expenses and depreciation and amortization.

Operating expenses may include rent, utilities, maintenance and repairs, advertising and marketing, insurance, and salaries and wages. So, operating profit is always less than gross profit.

Depreciation is the spreading of a fixed asset’s cost over its useful lifetime.

For example, let’s say that a company purchases a new machine for $10,000 that it expects to last for 5 years. Instead of stating that it incurred $10,000 in costs in its first year, the company may choose to state that the new machine costs $2,000 per year for the next five years.

Amortization is the spreading of an intangible asset’s cost over its useful lifetime. It is the exact same principle as depreciation except that it deals with intangible assets, or assets that aren’t physical.

For example, let’s say that a company purchases a patent for $10,000 and expects the benefits of the patent to last for 20 years. Instead of stating that it incurred $10,000 in costs in its first year, the company may choose to state that the patent costs $500 per year for the next twenty years.

Example: You sold $20,000 of shirts last year. Cost of goods is $5,000, operating expenses are $10,000, depreciation of a machine is $2,000, and amortization of a patent is $500. Therefore, your operating profit is $20,000 - $5,000 - $10,000 - $2,000 - $500 = $2,500.

16. Gross Profit Margin = Gross Profit / Revenue

This is the exact same formula as the profit margin formula except that gross profit is used. Gross profit margin measures how much money a company keeps from selling its products after taking into account cost of goods sold.

Example: Your company has a gross profit of $15,000 from $20,000 of revenue. Therefore, your gross profit margin is $15,000 / $20,000 = 75%.

17. Operating Profit Margin = Operating Profit / Revenue

This is the exact same formula as the profit margin formula except that operating profit is used. Operating profit margin measures how much money a company keeps from sellings its products after cost of goods sold, operating expenses, depreciation, and amortization is taken into account.

Example: Your company has an operating profit of $2,500 from $20,000 of revenue. Therefore, your operating profit margin is $2,500 / $20,000 = 12.5%.

18. EBITDA = Operating Profit + Depreciation + Amortization

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It is a financial metric used to measure a company’s cash flow or the amount of cash that a company has generated in a period of time.

To calculate EBITDA, start with operating profit and add back depreciation and amortization expenses.

Example: Your company has an annual operating profit of $2,500. Depreciation expenses are $2,000 and amortization expenses are $500. Therefore, your EBITDA is $2,500 + $2,000 + $500 = $5,000.

19. CAGR = (Ending Value / Beginning Value)^(1/Time Period) – 1

CAGR stands for compounded annual growth rate. It measures how quickly something is growing year after year.

Example: Your company generates $144M in annual revenue. Two years ago, your company only generated $100M. Over this time period, your CAGR was ($144M / $100M)^(1/2) - 1= 20%. In other words, your company grew by 20% each year for two years.

20. Rule of 72

The Rule of 72 is a shortcut used to estimate how long a market, company, or investment would take to double in size. To use it, simply divide 72 by the annual growth rate to get an estimate for the number of years needed to double in size.

Example: Your company is growing steadily at 9% per year. Using the Rule of 72, we’d expect it to take 72 / 9 = 8 years for your company to double in size if it maintains its current growth rate.

21. NPV = Cash Flow / [(1 + Discount Rate)^(Time Period)]

NPV stands for net present value. It measures how much future cash flow is worth today.

Receiving $1,000 right now is not the same as receiving $1,000 five years from now. If you received $1,000 right now, you could invest it and grow your money. Therefore, it is better to receive $1,000 right now than to receive the same amount in the future.

Net present value takes this into account.

Cash flow is the amount of money you expect to receive in the future. Time period is how many years in the future you will receive that amount of money. The discount rate is the return you expect to get from investing your money.

Example: You expect to receive $1,000 five years from now. You expect that you will be able to get 8% annual returns by investing in the stock market. Therefore, the net present value of your future cash flow is $1,000 / [(1 + 0.08)^5] = $680.58.  In other words, receiving $680.58 today would give you the same value as receiving $1,000 five years from now.

22. Perpetuity Formula: Present Value = Cash Flow / Discount Rate

An annuity is a fixed sum of money paid at regular intervals such as every year. Perpetuity is an annuity that lasts forever.

The present value of a perpetuity is calculated by taking the cash flow of each payment and dividing it by the discount rate.

Example: You are expecting to receive $1,000 per year for the rest of your life. You expect that you will be able to get 8% annual returns by investing in the stock market. Therefore, the present value of this perpetuity is $1,000 / 0.08 = $12,500.  In other words, receiving $12,500 today would give you the same value as receiving $1,000 each year for the rest of your life.

23. Return on Equity = Profit / Shareholder Equity

Return on equity , or ROE for shirt, measures how effectively a company is using its assets to create profits. It is calculated by taking profit and dividing by shareholder equity, which represents the net worth of a company.

In other words, shareholder equity is the value of a company’s total assets minus its total liabilities.

Example: Your company’s profit this year is $100M. Shareholder equity, or the net worth of the company is $1B. Your company has a ROE of $100M / $1B = 10%.

24. Return on Assets = Profit / Total Assets

Return on assets , or ROA for short, measures how profitable a company is relative to its total assets. In other words, it shows how efficiently a company is using its assets to generate income.

Assets can be anything that has value that can be converted into cash. This includes cash, property, equipment, inventory, and investments.

Example: Your company’s profit this year is $100M. Your company as $400M worth of assets. Your company has a ROA of $100M / $400M = 25%.

25. Price Elasticity of Demand = (% Change in Quantity) / (% Change in Price)

Elasticity is a measure of how much customer demand changes for a product given a change in the product’s price. In almost all cases, an increase in a product’s price results in a decrease in customer demand. Therefore, price elasticity of demand is usually negative.

Example: Your company has decreased its product’s price by 10%. As a result, the number of units sold has increased by 20%. Therefore, the price elasticity of demand is 20% / -10% = -2.

26. Cross Elasticity of Demand = (% Change in Quantity for Good #1) / (% Change in Price for Good #2)

Cross elasticity of demand measures how much customer demand changes for a product given a change in price of a different product.

If two products are complements, an increase in price of one product will result in a decrease in demand of the other product. Complementary products have a negative cross elasticity of demand.

If two products are substitutes, an increase in price of one product will result in an increase in demand of the other product. Substitute products have a positive cross elasticity of demand.

Example: A competitor has decreased the price of a competing product by 20%. As a result, the demand for your product has dropped by 10%. The cross elasticity of demand is -10% / -20% = 0.5.

Learn Case Interviews 10x Faster

Here are the resources we recommend to learn the most robust, effective case interview strategies in the least time-consuming way:

• Comprehensive Case Interview Course (our #1 recommendation): The only resource you need. Whether you have no business background, rusty math skills, or are short on time, this step-by-step course will transform you into a top 1% caser that lands multiple consulting offers.
• Hacking the Case Interview Book   (available on Amazon): Perfect for beginners that are short on time. Transform yourself from a stressed-out case interview newbie to a confident intermediate in under a week. Some readers finish this book in a day and can already tackle tough cases.
• The Ultimate Case Interview Workbook (available on Amazon): Perfect for intermediates struggling with frameworks, case math, or generating business insights. No need to find a case partner – these drills, practice problems, and full-length cases can all be done by yourself.
• Case Interview Coaching : Personalized, one-on-one coaching with former consulting interviewers
• Behavioral & Fit Interview Course : Be prepared for 98% of behavioral and fit questions in just a few hours. We'll teach you exactly how to draft answers that will impress your interviewer
• Resume Review & Editing : Transform your resume into one that will get you multiple interviews

Land Multiple Consulting Offers

Complete, step-by-step case interview course. 30,000+ happy customers.

50+ senior accountant interview questions to ask candidates

Accounting is the process of collecting and studying important financial information to help a company track its income and expenditures.

Those working in this industry require strong numerical skills and mathematical knowledge to complete demanding tasks. Using skills assessments and engaging interview questions is essential to hire the right professionals. 

One test you should include in your skills assessment is the  Advanced Accounting test . You can use this test to determine which candidates can manage financial records and accounting figures for your business.

So, are you ready to find top talent? Discover more than 50 senior accountant interview questions and sample answers to help you hire a professional for your financial team. 

Table of contents

20 frequently asked senior accountant interview questions to ask candidates , 8 sample answers to essential frequently asked senior accountant interview questions, 18 challenging senior accountant interview questions to ask job applicants , 6 sample answers to essential challenging senior accountant interview questions, 16 situational senior accountant interview questions to help you hire the right candidate , 5 sample answers to essential situational senior accountant interview questions, when should you use senior accountant interview questions in your hiring process, find experienced professionals using our skills tests and senior accountant interview questions .

Check out these 20 frequently asked senior accountant interview questions to learn more about your candidates’ experience, accounting skills, technical knowledge, and behavior in the workplace. 

1. Explain the systems you have in place for keeping track of assignments given to staff members.

2. How do you stay organized as a senior accountant?

3. Talk me through the steps of meeting tight deadlines. 

4. Describe how you would monitor your team’s performance. 

5. How do you stay aware of accounting and auditing standards?

6. Are you comfortable learning new software?

7. How do you direct internal and external audits?

8. What is the accounting equation? 

9. What are the main features of a financial statement? 

10. Share some of your career goals in accounting. 

11. What accounting software are you familiar with?

12. Are you able to explain complex financial information to those who don’t have experience in the accounting industry? 

13. Explain what financial forecasting and projections are.

14. Explain your budget preparation process.

15. What are some common errors in accounting? 

16. How would you deal with a difficult client? 

17. What qualities do you believe make a good accountant?

18. Tell me about a time you made a mistake at work. How did you handle it?

19. What experience do you have in supporting and training beginner accounting staff?

20. Describe a time you were unhappy with an accounting process. What did you do to improve it?

Refer to these sample answers to some of the most important frequently asked accountant interview questions to  hire the right person  for your company. 

1. How do you direct internal and external audits?

An internal audit is a process accountants use to review their own organization’s operations. They can also assist in risk management to identify any financial or legal issues.

On the other hand, an independent accountant who isn’t related to your company is responsible for conducting an external audit. In this case, they will examine your organization’s financial statements and important business records. 

Senior candidates should understand how to direct these processes. They need to request external audits each year and internal audits on a continual basis, whether that’s weekly or daily. 

Do you want to test candidates’ knowledge of audits? Send them an  International Standards on Auditing test  to determine whether they can plan and perform financial assessments for your business. 

2. What is the accounting equation?

The accounting equation is a basic formula that calculates assets. Skilled candidates will know that the equation takes the following form:  assets = liabilities + shareholder’s equity .

Senior accountants use this equation to calculate a company’s total assets. Experienced candidates should understand how to use the accounting formula when completing tasks on a double-entry bookkeeping system.

3. Explain your budget preparation process.

Each candidate may have their own unique budget preparation process, but learning about their personal accounting processes is still important. 

For example, one candidate may prefer to learn your organization’s goals before creating a budget that aligns with your incoming and outgoing expenses. Other applicants could first determine the income and cash flow when evaluating income sources such as investments, returns, shares, and bonds.

A standard budget preparation process includes the following steps:

Understand the company’s goals 

Estimate the income for the time covered by the budget

Identify fixed costs and variable expenses

Calculate the budget deficit or surplus

4. What experience do you have in supporting and training beginner accounting staff?

Senior accountants should be capable of training beginners in your organization. This requirement is key because top professionals usually have more experience in the accounting industry. An ideal candidate will explain their process for training new team members who have less work experience in accounting firms. 

Use a  Leadership & People Management test  to find potential leaders among your group of candidates. Accountants with more advanced knowledge and expertise can encourage your team to develop new skills.

5. What accounting software are you familiar with?

Accounting software helps accountants record and organize transactions, financial statements, and standard bookkeeping tasks. It’s easier to store information in one place than handle paper documents that team members can misplace or damage. 

Over the past few years, the accounting industry has generated more than  $141bn just from accounting software  and financial profit. Therefore, candidates must be prepared to use this technology. 

Candidates should give examples of accounting software and how these programs helped them develop their  financial skills . For instance, Xero is a cloud-based accounting program that accountants use to perform the following tasks:

Track projects

Accept payments

Manage contracts

Organize expenses

Senior candidates may know more about similar software, depending on their level of expertise.

A  Xero test  helps you discover which candidates have experience with this accounting program. The test gives them a chance to prove their ability to generate financial reports and process transactions.

6. How do you stay aware of accounting and auditing standards?

Staying up to date with accounting regulations and standards is critical. Candidates need to be aware of the latest trends, especially if they want to provide accurate and consistent information. 

Senior candidates might:

Subscribe to newsletters from large accounting firms

Attend business conferences 

Join industry associations

Check government websites for updated rules

Read online and print publications 

7. Explain the systems you have in place for keeping track of assignments given to staff members.

Candidates with more experience may have the confidence to track completed team members’ tasks. You’re looking for senior professionals who can guide others and develop techniques for monitoring employee productivity.

Each candidate will have their own process, but you should focus on their organization and  time management skills . Many accountants use project management software to track how long team members spend on each task. 

Send candidates a  Time Management test  to see how they prioritize, delegate, and complete accounting tasks. 

8. Tell me about a time you made a mistake at work. How did you handle it?

Everyone makes mistakes in the workplace, even advanced professionals. Making and learning from mistakes encourages employees to achieve their  personal development goals . Therefore, senior candidates should be honest about past accounting errors and how they overcame them. 

For example, accountants may include the wrong information on a financial statement, slowing down the company’s operations. To resolve this mistake, they can notify higher management and complete another statement to ensure the information is accurate. 

Below are 18 challenging senior accountant interview questions. Use these questions to determine how much experience candidates have in the accounting industry. 

1. What is the relation between a ledger and a journal? 

2. Name some of the best enterprise resource planning systems. 

3. Tell me the difference between a trial balance and a balance sheet. 

4. What is the difference between cash and trade discounts?

5. Talk me through the steps of preparing a reconciliation statement. 

6. Name some essential terms you must include in a balance sheet. 

7. What is deferred revenue expenditure? Give me some examples. 

8. Why do we need accounting standards? 

9. How do you calculate owner’s equity? 

10. What is a bank reconciliation statement?

11. Explain what the convention of materiality is when making transactions. 

12. Tell me what an accounting loss is. 

13. What is creative accounting? 

14. Share the differences between a debit note and a credit note. 

15. What is the relationship between cost accounting, financial accounting, and managerial accounting? 

16. Tell me the four phases of accounting. 

17. What is computerized accounting?

18. Explain what real and nominal accounts are in accounting. Can you give me examples? 

Compare your candidates’ responses with these sample answers when evaluating their skills, accounting knowledge, and talent gaps. 

1. What is the relation between a ledger and a journal?

A journal is a subsidiary book of account that stores transactions. Ledgers are principal books of account that organize and summarize recorded transactions in a journal. They function in physical books or software, depending on how you prefer to keep financial information.

Senior candidates should understand what these accounting entries are and how they relate to business transactions. 

Since candidates must be able to explain financial information and related processes, send them an  Accounting Terminology test  to see what terms they understand. Skills tests like this are the fastest way to review applicants’ expertise.

2. Tell me the difference between a trial balance and a balance sheet.

Candidates of all levels should know the main functions of a trial balance and standard balance sheet in accounting. This question will give you a better idea of whether they have enough experience for your open position.

A trial balance depicts the closing balance of standard ledgers. On the other hand, a balance sheet shows accountants the total assets, liabilities, and shareholder’s equity. These documents are crucial because they represent the financial affairs given to external stakeholders.

3. Tell me what an accounting loss is. 

An accounting loss refers to a decrease in net income. This decrease means that the revenue generated from selling your products is less than the costs required to make them. Candidates should understand this basic term if they have experience working in accounting firms. 

They can also mention the following possible reasons for an accounting loss:

Cash or goods lost because of theft 

Low revenue stream

Competitive markets 

Weak budgeting strategies 

Inefficient accounting staff

Rising variable costs

4. Explain what the convention of materiality is when making transactions.

The convention of materiality is the concept that accountants should report only essential or relevant material items in financial statements. This helps companies record business transactions that accounting standards haven’t addressed.

Senior accountants should follow these practices when managing a significant business transaction in their organization. 

Use a  Financial Accounting test  to find out which candidates can handle complex accounting transactions that focus on cash flow, income statements, and statutory compliance.

5. Talk me through the steps of preparing a reconciliation statement.

A reconciliation statement is a document that compares the balances of two different accounts to ensure they are in agreement and detect any errors.

Depending on the accountant’s preferences, there are a few ways to prepare this vital information. Candidates should understand what this statement is and how to organize one for your business. 

Preparing a reconciliation statement involves the following steps:

Match the deposits:

Once your organization receives a bank statement, the accountant will compare issued checks and deposits. This action ensures every bank record aligns with the debit side of the bank statement. 

Adjust bank statements:

Accountants write down how much the bank receives on a cash balance statement. They can also deduct any outstanding checks that the bank hasn’t cleared. 

Make cash account adjustments:

Next, it’s crucial to adjust the cash balance (fees and interest) in the business account. An accountant may have to remove monthly service charges, overdraft fees, and accounting errors. 

Compare balances:

This step determines whether the accountant has matched the bank and cash balance correctly. They must ensure the ending balances are equal on a reconciliation statement before including it in the company’s yearly audit. 

6. Name some of the best enterprise resource planning systems.

Enterprise resource planning (ERP) is a type of software system that accountants use to manage financial resources.

Senior candidates should have experience with ERP if they want to support your organization’s day-to-day activities. It’s also essential for these professionals to understand basic budgeting and resource management when using this advanced software. 

The following are some of the best enterprise resource planning systems:

Oracle NetSuite

SAP S/4HANA

Microsoft Dynamics 365

Oracle ERP Cloud

Sage Intacct

Oracle JD Edwards EnterpriseOne

SAP Business One

Salesforce CRM

Send candidates a  Financial Management test  to see whether they can maximize your company’s profits and manage its overall finances using ERP. 

Use these 16 situational senior accountant interview questions to learn about candidates’ behaviors and accounting processes. 

1. Describe a time when you disagreed with an accounting process. How did you handle it? 

2. How do you maintain accounting accuracy?

3. Talk me through the steps of responding to negative feedback. 

4. Errors can be detrimental to accounting processes. How do you reduce the risk of making mistakes?

5. Describe one of the biggest challenges in the accounting industry and how you plan to overcome it.

6. How do you respond when a colleague disagrees with you?

7. How do you verify the reliability of accounting information given to you by an outside source?

8. What would you do if you spotted an error in another team member’s work?

9. Tell me about a time you were able to reduce the cost of an accounting procedure.

10. Talk me through the steps of introducing a new team member and guiding them through your accounting processes. 

11. If you have collected cash from customers but not recorded it as revenue, what happens to it?

12. How do you record PP&E? Why is this process important?

13. How do you ensure you don’t forget key details for monthly journal entries and record transactions? 

14. Describe a time when you had to use numerical data or a graph to convince higher management to accept your idea. 

15. Tell me about a time that you needed to be innovative to meet a customer’s demands. 

16. If you had a chance to acquire any accounting skill you don’t currently have, what would it be? 

Here are some sample answers to situational accounting interview questions. Refer to these when reviewing candidates’ responses after the interviews.

1. Errors can be detrimental to accounting processes. How do you reduce the risk of making mistakes?

Accounting errors can negatively impact your company’s financial processes. Research shows that  more than 66% of accounting firms  provide continuous training just to prevent errors. Therefore, hiring a senior accountant who can minimize mistakes is important to ensure the financial department stays on track. 

One way to achieve this goal is by using software that automatically detects errors in financial statements. Technology catches errors that the human eye may miss. Some accountants might also improve their record-keeping to reduce errors in accounting transactions.

2. Describe a time when you disagreed with an accounting process. How did you handle it?

Accountants will always have their preferences when completing tasks. Since accounting is challenging, these professionals may create processes to help them manage important information.

Sometimes other team members will disagree with specific methods, so it’s critical that your candidates know how to negotiate ideas when straying away from standard processes. 

Send candidates a  Negotiation test  to see how they would influence conversations and convince higher management to try another accounting process. 

3. Talk me through the steps of responding to negative feedback.

Negative feedback can feel daunting, but it’s vital to take the points on board. Even though senior candidates have more experience and skills, they can still benefit from constructive criticism on how they complete specific tasks. Therefore, you should hire a professional who acts upon feedback in a positive way.

For example, they might respond by creating an action plan that encourages them to achieve their personal development goals. 

Use a  Big 5 (OCEAN) personality test  to evaluate the candidate’s openness, conscientiousness, extroversion, agreeableness, and emotional stability to understand how they might receive feedback and make changes. 

4. How do you ensure you don’t forget important details for monthly journal entries and record transactions?

Senior candidates may respond that they check profit, loss, and balance sheets regularly to ensure the information is accurate. They can also make a checklist to help them complete a month-end journal entry.

Accountants usually create comprehensive reports containing important information or update journal entries that focus on transactions flowing in and out of your organization.

5. Explain the steps of introducing and guiding a new team member through your accounting processes.

Candidates with  strong leadership skills  should be able to guide others in your team and train new employees who don’t have as much financial knowledge. It’s essential that all employees receive the same warm welcome when joining a group of experts.

Senior accountants can teach beginners effective accounting processes that will help them avoid crippling errors. 

The senior candidate could take the following steps: 

Communicate your company’s core values 

Outline expectations in the accounting department 

Introduce the new hire to other team members

Give them a dedicated training day 

Add them to a group chat for further communication 

Being a leader requires strong communication, so it’s worth sending candidates a  Communication skills test  to see how they actively listen and react to verbal and non-verbal cues.

Using skills tests before asking senior accountant interview questions in an interview can help you focus on only the most talented professionals. This process ensures you only interview candidates with relevant skills and knowledge of accounting practices and documents, such as transaction records and financial statements. 

For example, sending candidates a  Numerical Reasoning test  will help you determine who has the most advanced numerical skills. The test results will show you whether candidates can understand number patterns and manage finances in accounting. 

By using skills tests, you can also take advantage of the following benefits: 

unconscious bias

Fill skill gaps in your organization

Avoid a bad hire 

Speed up recruitment time 

Enhance the candidate experience

Improve your brand

Reduce your employee turnover rate  

Now that you have some interview questions, what’s next? 

Our  test library  can help you find relevant skills assessments for a senior accountant role. You can search through personality, cognitive function, situational judgment, and language tests to help you hire a professional for your company. 

For more guidance, book a free 30-minute  live demo  to learn how skills tests can enhance your hiring process. We will also evaluate your recruitment strategies to determine their effectiveness in locating talent. 

Hire an experienced professional using our skills assessments and senior accountant interview questions.

Related posts

55 Java 8 interview questions (+ sample answers) to assess developers’ skills

50 Jenkins interview questions to hire top developers

How to hire a squarespace designer (And mistakes to avoid)

Hire the best candidates with TestGorilla

Create pre-employment assessments in minutes to screen candidates, save time, and hire the best talent.

Latest posts

The best advice in pre-employment testing, in your inbox.

No spam. Unsubscribe at any time.

Hire the best. No bias. No stress.

Our screening tests identify the best candidates and make your hiring decisions faster, easier, and bias-free.

Free resources

This checklist covers key features you should look for when choosing a skills testing platform

This resource will help you develop an onboarding checklist for new hires.

How to assess your candidates' attention to detail.

Learn how to get human resources certified through HRCI or SHRM.

Learn how you can improve the level of talent at your company.

Learn how CapitalT reduced hiring bias with online skills assessments.

Learn how to make the resume process more efficient and more effective.

Improve your hiring strategy with these 7 critical recruitment metrics.

Learn how Sukhi decreased time spent reviewing resumes by 83%!

Hire more efficiently with these hacks that 99% of recruiters aren't using.

Make a business case for diversity and inclusion initiatives with this data.

• Discounts and promotions
• Delivery and payment

Cart is empty!

Case study definition

Case study, a term which some of you may know from the "Case Study of Vanitas" anime and manga, is a thorough examination of a particular subject, such as a person, group, location, occasion, establishment, phenomena, etc. They are most frequently utilized in research of business, medicine, education and social behaviour. There are a different types of case studies that researchers might use:

• Collective case studies

• Descriptive case studies

• Explanatory case studies

• Exploratory case studies

• Instrumental case studies

• Intrinsic case studies

Case studies are usually much more sophisticated and professional than regular essays and courseworks, as they require a lot of verified data, are research-oriented and not necessarily designed to be read by the general public.

How to write a case study?

It very much depends on the topic of your case study, as a medical case study and a coffee business case study have completely different sources, outlines, target demographics, etc. But just for this example, let's outline a coffee roaster case study. Firstly, it's likely going to be a problem-solving case study, like most in the business and economics field are. Here are some tips for these types of case studies:

• Your case scenario should be precisely defined in terms of your unique assessment criteria.

• Determine the primary issues by analyzing the scenario. Think about how they connect to the main ideas and theories in your piece.

• Find and investigate any theories or methods that might be relevant to your case.

• Keep your audience in mind. Exactly who are your stakeholder(s)? If writing a case study on coffee roasters, it's probably gonna be suppliers, landlords, investors, customers, etc.

• Indicate the best solution(s) and how they should be implemented. Make sure your suggestions are grounded in pertinent theories and useful resources, as well as being realistic, practical, and attainable.

• Carefully proofread your case study. Keep in mind these four principles when editing: clarity, honesty, reality and relevance.

Are there any online services that could write a case study for me?

Luckily, there are!

We completely understand and have been ourselves in a position, where we couldn't wrap our head around how to write an effective and useful case study, but don't fear - our service is here.

We are a group that specializes in writing all kinds of case studies and other projects for academic customers and business clients who require assistance with its creation. We require our writers to have a degree in your topic and carefully interview them before they can join our team, as we try to ensure quality above all. We cover a great range of topics, offer perfect quality work, always deliver on time and aim to leave our customers completely satisfied with what they ordered.

The ordering process is fully online, and it goes as follows:

• Select the topic and the deadline of your case study.

• Provide us with any details, requirements, statements that should be emphasized or particular parts of the writing process you struggle with.

• Leave the email address, where your completed order will be sent to.

• Select your payment type, sit back and relax!

With lots of experience on the market, professionally degreed writers, online 24/7 customer support and incredibly low prices, you won't find a service offering a better deal than ours.

Would you like a 4 day work week?

15 Accountant Interview Questions with Sample Answers (2023)

7 sep, 2023.

• Interview Questions

Dive into our curated list of Accountant interview questions complete with expert insights and sample answers. Equip yourself with the knowledge to impress and stand out in your next interview.

1. could you discuss a time when you helped reduce costs at a previous company.

When preparing for this question, reflect on a specific instance where you were able to identify inefficiencies or unnecessary expenditure in a company's books. The interviewer wants to understand your capacity for critically assessing financial data for the benefit of the company.

In my previous role, I noticed that the company was consistently exceeding its budget in a few areas. Upon closer examination, I found that we were using premium services where cost-effective alternatives would serve the purpose. I brought this to the attention of management and, after careful consideration, we switched to more economical options, saving the company approximately 20% annually.

2. How have you maximized tax deductions for a corporation?

This question assesses your understanding and application of tax laws. Interviewees should demonstrate their ability to apply these laws effectively, and provide specific examples of how they maximized tax deductions.

I once worked with a company that was not fully leveraging tax credit opportunities. After a thorough review of their financials, I introduced them to a few underutilized tax credits related to their industry. This resulted in significant tax savings for the company.

3. How do you ensure accuracy when preparing and reviewing financial statements?

Accuracy is fundamental in accounting, and the interviewer wants to gauge how you achieve this in your work. Provide specific methods or systems you use to ensure accuracy in your work.

I follow a methodical process when preparing and reviewing financial statements. This includes double-checking my work, using reliable accounting tools, and periodically cross-referencing with original documentation. This multi-level review process helps ensure accuracy in the financial statements I prepare.

4. Describe a complex financial project you have managed. What was the outcome?

This question allows you to showcase your project management skills in a financial context. Be sure to discuss the complexity of the project, your role, and the results achieved.

I managed a complex project involving the financial integration of two merging companies. It involved reconciling numerous accounts, aligning financial strategies and ensuring regulatory compliance. Despite its complexity, we successfully completed the project on time and within budget, achieving a seamless financial integration.

5. How have you adapted to changes in financial regulations?

Accounting is a field subject to frequent changes in financial regulations. The interviewer wants to understand your adaptability and how you keep abreast of these changes.

I regularly follow industry news and attend webinars and workshops to keep updated with changes in financial regulations. For instance, when the tax law changes came into effect, I attended several seminars to understand the implications, ensuring I could efficiently implement these changes in our work.

6. Can you discuss a time when you had to explain financial information to non-financial staff?

The ability to communicate financial information to non-financial staff is a critical skill for Accountant s. The interviewer wants to see how you simplify complex information for wider understanding.

I once had to explain the financial implications of a proposed project to the marketing team. I broke down the cost components and highlighted the impact on the company's bottom line. This helped them understand and make informed decisions on their marketing strategies.

7. How do you stay updated with the latest accounting software and technologies?

This question assesses your familiarity with accounting tools and how proactive you are in learning new technologies. Discuss specific tools you have used and how you stay up-to-date with technological developments in the field.

I use a combination of methods to stay updated with the latest accounting software and technologies. This includes subscribing to relevant newsletters, attending industry-specific tech webinars, and experimenting with new tools on a trial basis to gauge their effectiveness.

8. How do you handle tight deadlines and high-pressure situations?

Accounting often involves working under pressure to meet strict deadlines. The interviewer wants to understand your stress management skills in these situations.

I prioritize and break down tasks into manageable parts to effectively handle tight deadlines. In high-pressure situations, I maintain focus on the task at hand while ensuring accuracy in my work. I also believe in proactive communication with my team to ensure we collectively meet our goals.

9. How have you improved financial reporting efficiency in the past?

This question allows you to demonstrate your innovative thinking and problem-solving skills. Discuss how you've utilized tools, methods, or processes to improve the efficiency of financial reporting.

In my previous role, I noticed that the financial reporting process was time-consuming due to manual data entry. I introduced and implemented an automated system that significantly reduced the time spent on data entry, improving overall efficiency.

10. Can you discuss your experience with budget forecasting?

Budget forecasting is a crucial aspect of accounting. The interviewer wants to understand your experience and expertise in this area. Share a specific example of a budget forecast you've handled.

At my previous job, I was responsible for creating quarterly budget forecasts. I used historical data, company objectives and industry trends to project revenues and expenses. My accurate forecasts helped the company plan and allocate resources efficiently.

11. Have you ever identified a problem that resulted in significant cost savings?

This question assesses your problem-solving skills and your impact on the company's bottom line. Provide an example where your actions led to significant cost savings.

At my former company, I identified outdated vendors still being paid due to an oversight. Upon my discovery, we ceased payments and backtracked the unnecessary costs, resulting in substantial cost savings.

12. How do you handle confidential information?

Accountants often have access to sensitive company information. The interviewer wants to understand your ethics and integrity when dealing with such information.

I treat all company information as strictly confidential, regardless of its nature. I follow all company policies and legal regulations concerning confidentiality and data protection, and am committed to preserving the trust and integrity of my role.

13. How have you used data analysis to inform business decisions?

Data analysis is increasingly important in accounting. The interviewer is interested in how you use data analysis to inform and influence business decisions.

I regularly used data analysis to provide insightful reports to the management team at my previous job. These reports included profitability analysis and expense trends, which guided strategic business decisions and performance improvement measures.

14. Can you describe a time when you had to make a difficult decision and what was the outcome?

This question aims to understand your decision-making skills and integrity. Discuss an instance where you faced a challenging decision and the reasoning behind your choice.

Once, I had to decide whether to write off a significant bad debt that impacted our annual performance. After thorough analysis and considering all factors, I chose to write it off, as it was ethically right and financially prudent in the long run.

15. How do you ensure continuous professional development?

Professional development is essential in the ever-evolving field of accounting. The interviewer wants to see your commitment to learning and staying current in your field.

I am committed to continuous professional development. I regularly attend industry conferences, engage in webinars, and participate in skill-enhancing courses. I also read industry literature and maintain active memberships in professional accountant networks.

4dayweek.io

Remote Jobs with a 4 day work week

Get involved

• Add company
• Free resume builder...
• Career services...
• Advice and Guides
• Work life balance
• Case studies
• Salary guides
• Interview Processes
• Career Paths
• Career Advice
• Best AI Resume builders
• Sellframe Ltd Made in Scotland 🏴󠁧󠁢󠁳󠁣󠁴󠁿

4 Day Week Jobs

• View all job categories

Part time Jobs

Remote jobs with a reduced workweek.

• 4 day week pro rata
• 4 day week during summer
• 4 half day week
• 4 day week every 2nd week

4 Day Work Week Studies

• By Countries
• By States and Regions

4 Day Week Jobs by Location

• North America
• South America

4 Day Week Companies by Location

• Netherlands
• New Zealand
• Copyright © 2024 Sellframe Ltd. All Rights Reserved.
• Terms and conditions
• Privacy policy

Your cart is currently empty!

Financial Due Diligence Case Study Interview

How to ace the Transaction Advisory (TAS) case study

Table of contents

• Intro to the financial due diligence case study interview

Why is the FDD case study interview important?

• What to expect

How to prepare

Note: There are many different names and acronyms for “financial due diligence” including FDD, transaction advisory (TAS), deal advisory, accounting diligence, and M&A due diligence. These terms are used interchangeably throughout the article.

Intro to the financial due diligence case study

The financial due diligence case study is an important part of the interview process. The idea of having to complete a case study during the interview process often causes anxiety among interviewees. 

The case study interview is often a difficult part of the interview process because it tests your ability to think critically about a business and articulate your findings in a time-sensitive environment. Additionally, this portion of the interview process is difficult due to its variability. There are a number of different scenarios that can be presented. For example, the exercise could just be a review and subsequent discussion/presentation or could test your understanding of accounting and your ability to perform key excel skills. 

The case study is often the most nerve-racking part of the transaction advisory interview process because it represents the “unknown”. Luckily, Financialduediligenceinterview.com is here to help calm your nerves. 

The financial due diligence case study is an important step in the interview process because it tests a candidate’s ability to think critically about a business in a time-sensitive environment, basic accounting knowledge, understanding of the financial due diligence process, and key excel skills. 

If a candidate does not understand the basics, then companies will have to spend extra time teaching new hires in an already busy/stressful job. 

However, don’t let this scare you. If you aren’t an experienced hire, then the interviewers will not expect you to perform like one. As stated above, the goal of the case study interview (for non-experienced hires) is to make sure the candidate understands the basics, which financialduediligenceinterview.com can teach you. Additionally, a candidate’s understanding of the basics proves that he or she has done their research and is serious about the opportunity. 

What to expect from a transaction advisory case study?

There are a few different forms of case studies that can be presented in a transaction advisory interview. Generally, the case study will fall into one of the below categories (by order or probability):

• Review of a ~5-10 page business scenario/overview and presentation of findings
• Review of a ~5-10 page business scenario, basic excel model, and subsequent presentation of findings

You will have ~1-2 hours to complete the case study and will present for ~30 minutes. The typical case study will include a 5-10 page business scenario/summary as well as one page of instructions. 

First, the business scenario will be a fictional M&A transaction (i.e., your client is buying a business). The business scenario will include a detailed summary of the transaction, a summary of the business type and operating model, a summary of the business performance and history, and monthly trended financial statements. Buried throughout the summary (similar to a real-world project) and financial statements will be items to consider in the financial due diligence process. Specifically, you will be instructed to focus on the potential quality of earnings adjustments and red flags that should be brought up to your client. 

If the case study involves a modeling test, this will generally require you to leverage trial balance data to build a basic income statement and balance sheet that tie together via equity. From there you will be asked to build a basic adjusted EBITDA table. See our complete financial due diligence interview guide for a full example case study and excel model to help you prepare.

Practice makes perfect. The best way to prepare for the case study interview is to practice. First, you will need to nail down your understanding of the process and goals of financial due diligence. Next, you will need to learn how to analyze a business with an eye toward identifying red flags and potential quality of earnings adjustments. Finally, you will need to work on your ability to present your findings in a clear, concise, and confident manner. 

Leverage our free resources or complete financial due diligence interview guide to help you prepare for all of these items.

Full interview guide

Learn how to master the interview process for for roles at big 4 and other elite FDD firms.​

Free resources

Leverage our free resources to help you prepare for the FDD interview process.

The transaction advisory case study can feel like a daunting task, but there is no reason to be worried. The goal of the case study is not to stump you, but to confirm that the candidate has the basic skillsets needed for the job. If you prepare adequately then there should be no problem. 

Baylor International Studies

Case management, immigration law, and a willingness to learn: an interview with charlie kruljac.

by Tatum Koster (’24)

Kruljac started his time working during undergrad and quickly discovered a passion for teaching. He began a job tutoring student athletes, which as a result connected him more with his peers. Wanting to become more involved with his peers, he became a global engagement ambassador at Baylor University. Kruljac enjoyed welcoming new international students into Baylor and helping them immerse in the culture. After graduation, Kruljac worked with Teach for America from 2019-2021, where he taught at underprivileged schools. As well as work experience throughout his undergraduate years, he gained volunteer experience with the International Institute of St. Louis, where Kruljac is still involved today. Kruljac has taught courses during his time there, including a “bridge to college class”. Kruljac still pursues this passion of teaching today.

After Kruljac’s years of various job and volunteer experiences, he discovered an interest in a career that requires working with families. He is now a case manager at Cofman & Bolourchi, LLC. In Kruljac’s current work, he works closely with attorneys in the field of immigration law. He prepares the filings for the attorneys and contacts the families they are working with to verify any information. When asked what major challenges he deals with on a daily basis, Kruljac said the workload is very busy and there is a rushed feeling. In addition, another challenge Kruljac faces is the “difficulty of working with a complicated and dysfunctional immigration system across cultural and linguistic lines of difference”. While working as a case manager, Kruljac is applying to law schools, including Baylor Law. He hopes to pursue a career in immigration law. Kruljac has years of experience to prepare him for this role.

When asked to give advice to current students, Kruljac expressed the importance of discovering what you’re interested in and passionate about and making a willingness to learn the subject. Kruljac remembers his time at Baylor through courses completed such as Comparative Politics, a semester-long study abroad program in Mendoza, and his time in the Baylor Interdisciplinary core.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Save my name, email, and website in this browser for the next time I comment.