| By Ebookkeeper
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| | verified against the invoice for the
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| Most people in the business world who do
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| | correct quantities and pricing received
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| not work in Accounting may have
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| | and agreed upon.
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| difficulty interviewing Accountants and
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| | 5. If you are collecting on Accounts
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| Bookkeepers. This is mainly due to the
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| | Receivable and you realize that there is
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| fact that their knowledge of the subject
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| | no record of a customer's phone number
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| is limited. Furthermore, the subject of
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| | around, how would you proceed to get in
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| Bookkeeping and Accounting alone can put
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| | contact with the customer about the open
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| some people asleep faster then some cold
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| | receivable?
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| medicines.
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| | Answer: Again answers can vary on this
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| This article will help you get through
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| | question, but the person should be able
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| some basics of interviewing for these
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| | to track down a number by using the
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| types of bookkeeping positions. We will
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| | internet or calling an information
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| jump right into the meat and potatoes of
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| | directory for the listing with the
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| the subject and assume you already know
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| | address the product shipped to. With
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| the other basics of interviewing
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| | modern day's ease of obtaining
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| candidates.
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| | information the last thing you want is a
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| Bookkeeping and Accounting can cover a
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| | person who just does not do anything.
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| large range of experience and skills. So
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| | What to ask the advanced bookkeeper in an
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| to simplify these interview questions for
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| | interview. First let's define what an
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| bookkeepers, there are two different
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| | advanced bookkeeper is.
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| interviewing groups we will focus on.
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| | B. Definition of an Advanced Bookkeeper:
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| The two groups are:
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| | A person who has a good understanding of
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| A. Standard Bookkeeper
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| | paper and record flow in a business. This
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| B. Advanced Bookkeeper
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| | person should be able to easily
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| What to ask the standard bookkeeper in an
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| | understand Accounting processes and
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| interview. First let's define what a
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| | procedures in an organization. They
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| standard bookkeeper is.
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| | usually have at least some college
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| A. Definition of a Standard Bookkeeper: A
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| | experience or an Associates / Bachelors
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| person who has a general understanding of
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| | degree in Accounting. However, years of
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| paper and record flow in a business. For
| |
| | experience doing bookkeeping could
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| example this person should understand
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| | qualify for not having a degree. An
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| customer invoicing and how that relates
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| | advanced bookkeeper should also be able
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| to accounts receivable. They should also
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| | to understand more about financial
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| understand how the company purchases from
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| | statements, computer systems, and the
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| vendors and the importance of coding
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| | general ledger then the standard
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| invoices into the accounts payable
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| | bookkeeper. In some cases an advanced
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| system. Lastly, the Standard Bookkeeper
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| | bookkeeper is capable of running all of
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| should work under the guidance of a more
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| | the accounting functions of a company.
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| experienced Accountant which could even
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| | Professional Bookkeepers can also be
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| be your outside CPA firm. Typically, the
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| | CPA's, Accounting Managers, Controllers,
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| Standard Bookkeeper is not responsible
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| | and CFO's.
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| for setting up your chart of accounts,
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| | Five Interview questions for an Advanced
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| preparing financial statements, or
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| | Bookkeeper: (Please note: sometimes there
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| handling major financial matters. This
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| | could be different answers to the same
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| person should be viewed as a processor of
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| | question. It helps if you understand what
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| information.
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| | you are asking as well. If a potential
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| Five Interview questions for a Standard
| |
| | bookkeeper gives a different answer then
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| Bookkeeper: ( Please note: sometimes
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| | what you expected, just ask if they could
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| there could be different answers to the
| |
| | explain more.)
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| same question. It helps if you understand
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| | 1. What is the difference between a
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| what you are asking as well. If a
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| | Profit and Loss Statement and a Balance
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| potential bookkeeper gives a different
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| | Sheet Statement?
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| answer then what you expected, just ask
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| | Answer: A Profit and Loss Statement (or
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| if they could explain more.)
| |
| | Income Statement) is used to measure how
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| 1. What is an Asset and what is a
| |
| | a company performed financially over a
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| Liability?
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| | set period of time, such as a month,
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| Answer: An Asset is something of value to
| |
| | quarter, or year. A Balance Sheet
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| benefit a company. Some examples of an
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| | Statement reflects the companies overall
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| Asset would be Cash, Accounts Receivable,
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| | financial health in terms of what the
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| Inventory, and Fixed Assets. Liabilities
| |
| | company has in resources (assets) and
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| are what are owed by a business. Some
| |
| | what the company owes (liabilities).
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| examples of Liabilities would be Accounts
| |
| | 2. Under the accrual basis of accounting
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| Payable, Bank Loans, and Accrued
| |
| | (which most companies use) when are
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| Accounts.
| |
| | expenses recognized?
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| 2. What is a Journal Entry?
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| | Answer: Expenses are recognized when they
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| Answer: A journal entry records the
| |
| | happen in accrual basis accounting. For
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| accounting information for a business
| |
| | example: When a purchase is made with net
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| transaction. The entry is made in a
| |
| | 30 day terms,that purchase/expense is
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| journal and then usually posted to the
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| | recorded at the time of obtaining the
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| general ledger.
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| | goods or service.
|
| 3. In Accounts Receivable, how would you
| |
| | 3. What is Depreciation?
|
| handle a customer who disputes they
| |
| | Answer: Depreciation is the process that
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| received a shipment or service from the
| |
| | spreads out the cost of an asset over its
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| company and therefore shows no amount is
| |
| | useful life as determined by the IRS. So
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| owed?
| |
| | instead of all the cost of the asset
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| Answer: Of course answers could vary, but
| |
| | being expenses in one year it could be
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| typically the bookkeeper should verify
| |
| | spread out over several years. There are
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| that the shipment or service took place
| |
| | several different types of depreciation
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| and provide supporting backup to the
| |
| | used by companies but the most common is
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| customer that could include a Bill of
| |
| | the straight line method which simply
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| Lading showing the shipment was delivered
| |
| | divides the cost by the useful years of
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| to the company, or a signed service
| |
| | the asset.
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| contract with the work performed in
| |
| | 4. The General Ledger Chart of Accounts
|
| detail, and a copy of the invoices in
| |
| | can be summarized into five main account
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| question.
| |
| | groupings. What are these accounts?
|
| 4. In Accounts Payable when the company
| |
| | Answer: *Income (Sales) *Expenses (Cost
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| makes a purchase and receives an invoice,
| |
| | of Sales) *Assets
|
| what should be verified before making the
| |
| | *Liabilities *Owners Equity or Net Worth.
|
| payment to the vendor?
| |
| | 5. What does the inventory methods FIFO
|
| Answer: Generally, a company purchase
| |
| | and LIFO stand for?
|
| order is matched up against a receiving
| |
| | Answer: FIFO = First In First Out. LIFO =
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| document or packing slip and lastly
| |
| | Last In First Out.
|
