YOU WERE LOOKING FOR: Accounts Receivable Test Questions Answers
Allowance for Doubtful Accounts Dr. Question 11 of 20 The correct journal entry for collection of accounts receivable is: Cash Dr. Cash Dr. Question 12 of 20 A promissory note is written by: a creditor in favor of a debtor a customer in favor of...
Question 14 of 20 Which of the following journal entries converts an account receivable into a note receivable? Notes Receivable Dr. Question 15 of 20 Accounts receivable are reported in the balance sheet: at face value.
Question 14 of 20 Which of the following journal entries converts an account receivable into a note receivable? Notes Receivable Dr. Question 15 of 20 Accounts receivable are reported in the balance sheet: at face value.
Which of the following statements about creating customer master records are correct? An account group always gets assigned to a customer. The company code is always a required entry. The account number may be assigned by the user externally. Information on each screen may be defined in configuration as mandatory, suppressed or optional, depending upon the account group. Information on each screen may be defined in configuration as mandatory, suppressed or optional, depending upon the company code. Which of the following statements are correct? A FI customer master is divided by client level and company code level. In case of one-time customer you have to enter the customers address in the document itself. Address, control data, and reconciliation account are included in the client level of the customer. The most efficient way to create master records is to work with the external number range not internal number range.
If a customer is also a vendor, the system can include outstanding Accounts Receivable invoice items in payment program. If a customer is also a vendor, the system can include outstanding Accounts Payable invoice items when you clear incoming payment receipts for the customer. The reconciliation account defined on the customer master record is an account used to reconcile CO transactions back to FI. All customer belonging to the same account group must be assigned to the same reconciliation account. The alternative payer is used to transfer outstanding receivable item to the alternative payers account. Which of following statements are correct? The customer master data comparison compares which master records are already created in financial accounting but not yet created in sales and distribution.
The customer master data comparison compares which master records are already created in purchasing but not yet in sales and distribution. The customer mater data comparison checks whether the customer master record contains a telephone number.
Find jobs What should be included on an invoice for services rendered? See answer What accounting software have you used, and how would you describe your experience level with these programs? See answer Do you have experience or interest in analyzing large amounts of accounting data? See answer In your own words, can you describe the importance of the accounts receivable department to the larger company? See answer What steps do you take in resolving an accounting discrepancy? What examples can you provide from your previous roles? Can you describe your experience in complying with financial laws and regulations? How do you prepare for a potential audit? What do you do? How would you rate your attention to detail skills as an accounts receivable specialist? How did you manage them all to ensure you received payments on time? What strategies do you use to maintain excellent customer service even when contact clients about late payments?
A client calls you and asks if they can pay you double the amount for your services the next month, as they need more time to gather revenue. Can you tell me about a time you overcame a challenge as an accounts receivable specialist? Based on your previous experiences, how would you describe the relationship between accounts receivable and accounts payable? Do you know what a delinquent account is? What examples can you provide? What is DSO and why is it important? Have you ever worked for a company that accepted foreign currencies and other forms of payment to reconcile debts? If so, what was your process for handling it? The interviewee should mention items such as a purchase order number, price per hour or item, dates, contact information, descriptions of items or services, payment terms and due dates and shipping or handling charges, if necessary.
You may also want to discuss whether the candidate has experience using or creating invoice templates as well. If your company uses a proprietary system, you may want to select a few components of this system, and discuss whether your candidate has experience with similar accounting software. An accounts receivable specialist needs to enter, track and manage a great deal of financial information for most organizations. Many specialists will also be asked to create financial reports and statements for management. Accounts receivable specialists may need to manage bank deposits and check receipts as well as handle payments.
Even the most cautious accounts receivable specialist will make or discover an error from time to time. Look for an emphasis on documenting findings and comprehensive descriptions of why the discrepancy occurred. I always try to detail why the discrepancy occurred and assure a great deal of transparency. Accounts receivable specialists must have a basic understanding of financial rules and regulations, including compliance with records and file management.
This may be a manual system or an electronic one. You will want to understand whether your candidate has experience in managing information so it can be audited easily as well. Accounts receivable specialists are responsible for supporting accounting duties on behalf of an organization. This question helps interviewers determine a candidate's knowledge and understanding of their role within the larger context of their organization.
A candidate's answer should emphasize: Ability to see the bigger picture Previous relevant experiences Here is an example of a quality candidate answer: Example: "The accounts receivable team is an important part of a company's financial or accounting department because they are in charge of making sure clients or customers pay their debts to their employer. An accounts receivable specialist's ability to identify outstanding debts and communicate finance needs to clients ensures that their employer receives payment to contribute to their overall income and revenue streams.
What are the goals of Accounts receivable? What is your greatest weakness? Explain, what are the issues related to Accounts receivable? After Receiving Payment from Customer, What is the next step till finalization? Why did you leave your last job? Why should we hire you? What are examples of deferred revenue expenditure? What is your greatest accomplishment? When have you had to be extra thorough in completing tasks? Have you ever had to prepare a bill or invoice for services rendered? If so what should be included? Walk me through your accounts receivable experience? Do you have any plans for continued education? In your opinion, what makes you a great problem solver?
What can we expect from you in your first 90 days? Explain what are derivatives? What are your salary expectations? What are the components or materials used by Accounts receivable departments? Explain why is Capital amount put in Liabilities and not in Assets? Are you a team player? Define Inter-company Transaction in Account Receivable? What challenges are you looking for in this position? How debtors play its role in Accounts receivable? What experience do you have in this field? What are the duties of this post? Why do you want to work with us? What is reconciliation statement and investment banking? Tell me a suggestion you have made that was implemented in this field? Explain what is factoring? Have you ever had a conflict with a boss or professor? Tell me what you know about this company?
To what extent were you involved in collections? What is the Auto Invoice? If your previous co-workers were here, what would they say about you? What has been your biggest professional disappointment? How would you know you were successful on this job? What Is The Auto Invoice? Do you have any question to ask? Responsibilities Generating invoices and account statements. Performing account reconciliations. Maintaining accounts receivable files and records. Producing monthly financial and management reports. Investigating and resolving any irregularities or inquiries. Assisting in general financial management and analysis. Review AR aging to ensure compliance. Maintain accounts receivable customer files and records. Follow established procedures for processing receipts, cash, etc.
Process credit card payments. Investigate and resolve customer queries. Process adjustments. Develop a recovery system and initiate collection efforts. Communicate with customers via phone, email, mail or personally. Assist with month-end closing. Collect data and prepare monthly metrics. Combination of education and experience may be accepted. Strong math, typing, and computer skill, especially with bookkeeping software. Excellent communication, research, problem-solving, and time management skills. High level of accuracy, efficiency, and accountability. Attention to detail. An ability to prioritize and manage expectations A keen eye for detail An ability to work independently The ability to communicate articulately and efficiently with other people within the company A mathematical background.
In every account receivable interview, these are the question that every candidate should expect, so be prepared. If you found this article useful and would love to get more updates like this one kindly subscribe below, by entering your email and hit the share button to share to your friends. CSN Team.
Labor Category File C. Contract Workforce File Answer:- a Select which applies — this Revenue Basis option in Contract Master File, billings must be computed and posted to GL before you compute the revenue. Normal Method C. Based on GL Answer:- b Billng Master File True or False. Billings can be computed as frequently as required. True B. False Answer:- a This details the timesheet dates, hours, billed amounts, billing rate and labor category of each employee who has charged to a specific contract within a range of timesheet dates. Labor Detail by Category B. Certificate of Performance — Labor Answer:- b True or False A. False Answer:- b Suppress none B. Suppress provisional billing rates C. Suppress all Answer:- b This is a three-line billing description that will print at the top of the bill. Header Information.
IT skills. Basic knowledge of accounting Account receivable clerk is actually an accounting job and as such demands some sound accounting skills. Accounting is the building block of this job, so have that in mind and get the best accounting skills you can muster on daily basis. Being in a sensitive position as that of an account receivable clerk means that you should be good enough to handle your job and other related job descriptions. There is no running away from it and there is no shortcut to it. You need to develop your best accounting skills in this regards. Lack of basic accounting skills in this job can expose you to error and misinterpretation of some workings in the working documents at your disposal. Worst of it all, it can earn you a sack as no organization will like to have an incompetent staff in their ranks. Job awareness Working in the accounting department will definitely expose you to doing other related tasks in the organization as an overlapping function.
This is to an extent good for your development and promotion in due time. But it should not make you forget your primary job description. Always keep in mind that your primary job description is the yardstick with which your efficiency in the organization is measured and not necessarily other related functions. Your job description is the basic thing you are employed to accomplish. Negligence of this fact will stress you out as well as making the organization rating you low. So, it is important you stick to your job description mainly before you dabble into other secondary job descriptions. Do not misplace your priority. Good mathematics skills Accounting is a dream job for people who are good in manipulating figures. It is a job for the exceptional mathematicians and not just people that have little knowledge about mathematics.
Mathematics is the building block of accounting. If you have basic mathematics skills or knowledge, you should be able to move on to getting more advanced knowledge on mathematics. Accounting job is not for those that are mathematically naive. It is for those that understand mathematics to a reasonable and satisfactory level. So, if you want to succeed in your job, you have a lot on your hands to do as long as mathematics is concerned. Analytical skills Analytical skills are also one thing that can keep you out of trouble in the course of executing your job. It is helpful when you are faced with dire situations that demand problem solving skills to come to the fore.
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