15 Accounting Problem Solving Interview Questions and Answers

When it comes to interviews, accounting problem solving questions are designed to test your ability to find creative solutions to real-world challenges. While there is no one right answer to these types of questions, the best way to prepare is to practice brainstorming and thinking on your feet.

To help you ace your next interview, we’ve compiled a list of sample accounting problem solving questions and answers. These questions will test your knowledge of basic accounting principles as well as your ability to think critically and come up with innovative solutions.

1. You are a senior accountant and you have been assigned to work on the budget for a new project. What steps would you take in order to complete this task?

This question is a great way to assess your analytical skills and how you prioritize tasks. When answering this question, it can be helpful to list the steps you would take in order to complete this task.

Example: “I would first gather all of the information I need for the budget, including the current financial status of the company, the amount of money needed for the project and any other relevant information. Then, I would create a spreadsheet with all of the information I gathered and calculate the total cost of the project. After that, I would compare the projected costs to the actual costs to ensure they are accurate.”

2. You are training an intern on how to perform accounting tasks. How would you go about doing that?

This question is a great way to assess your teaching skills and how you would train others on the job. When answering this question, it can be helpful to describe what you would do step-by-step in training an intern or new employee.

Example: “I would first explain the basics of accounting by showing them how to use the software we use at our company. I would then have them perform tasks like entering data into spreadsheets and reconciling accounts. After they are comfortable with these basic tasks, I would give them more complex assignments that require them to apply their knowledge.”

3. You need to provide financial information to your team but you are short staffed and don’t have time to do it yourself. What would you do?

This question is an opportunity to show your leadership skills and ability to delegate tasks. In your answer, explain how you would communicate the information to your team in a timely manner while also ensuring that it’s accurate.

Example: “I would first make sure I had all of the financial data needed for my presentation. Then, I would create a spreadsheet with the relevant information and send it to each member of my team so they could review it before our meeting. This way, everyone has access to the same information at the same time and can ask me questions if they need clarification.”

4. You are working as part of a small accounting firm and need to improve internal processes. Where should you start?

This question is a great way to assess your problem-solving skills and ability to work as part of a team. When answering this question, it can be helpful to highlight the steps you would take when starting any project or task.

Example: “I would start by identifying what processes need improvement. I would then create a list of all current accounting procedures and compare them to industry standards. After that, I would analyze each process and determine which ones are most important for our company. Finally, I would implement new procedures based on my analysis.”

5. A client is having trouble understanding their bill. How would you help them understand what they owe?

This question can help interviewers understand your customer service skills and ability to explain complex information in a way that’s easy for clients to understand. Use examples from previous experience where you helped clients understand their bills or invoices.

Example: “I once had a client who was confused about why they were being charged late fees when they paid their bill on time. I explained the billing cycle to them, which included how long it took for the company to process payments before crediting accounts. They understood after that explanation and didn’t have any more questions.”

6. Your boss has asked you to cut costs by 10% but still maintain the same level of quality. How would you go about achieving this goal?

This question is a great way to test your analytical skills and ability to work under pressure. When answering this question, it can be helpful to provide an example of how you would go about achieving the goal while still maintaining quality.

Example: “I would first look at our current budget and see where we could cut costs without affecting the level of service we provide. I would then implement those changes and monitor them closely for any errors or issues that may arise. If there are no problems with the new system after three months, I would recommend making the cuts permanent.”

7. A CFO wants to know why expenses went over budget last quarter. How would you explain this using data?

This question is a great way to test your ability to communicate with others in the accounting department. It also shows how you can use data to explain complex financial processes.

Example: “I would first look at the budget and compare it to actual expenses for that quarter. I would then break down each expense category, looking for any outliers or areas where we spent more than usual. If there were no major changes in spending habits, I would check if there was an error in our calculations or if we had overlooked something.”

8. An employee used company credit cards to purchase personal items. What would you do?

This question can help an interviewer understand how you would handle a challenging situation in the workplace. Use your answer to highlight your problem-solving skills and ability to make tough decisions.

Example: “I would first meet with the employee to discuss their actions and determine why they used company credit cards for personal purchases. I would then speak with my manager about what happened, and we would decide on a course of action together. Depending on the severity of the situation, we may choose to terminate the employee or give them another chance by issuing a warning. If it’s a minor offense, I would likely issue a warning and require them to reimburse the company.”

9. The bookkeeper accidentally recorded some transactions twice. What should be done to correct this issue?

This question is a great way to test your accounting problem-solving skills. It also shows the interviewer that you can work independently and make decisions on your own. In your answer, explain how you would fix this mistake.

Example: “I would first check if there are any transactions missing from the ledger. If not, I would go through each transaction twice and delete it from the system. Then, I would record the correct amount of money in the account.”

10. A client needs a refund for services rendered but can’t find any record of payment. How would you handle this situation?

This question can help an interviewer assess your problem-solving skills and ability to work with clients. Use examples from past experiences where you helped a client resolve this issue.

Example: “I once had a client who needed a refund for services rendered but couldn’t find any record of payment. I asked the client if they remembered what method of payment they used, and they said it was a check. I then looked through all of our records for checks that were never cashed and found one that matched the amount owed by my client. I contacted the company that issued the check and explained the situation. They agreed to send a new check to my client.”

11. There were several rows missing from your bank statement. How will you account for this error?

This question is a great way to test your accounting skills and how you use them. It also shows the interviewer that you can recognize errors in financial documents and correct them quickly.

Example: “I would first check my math, as this is usually where I find mistakes. If there are no mathematical errors, then I will contact my bank for more information on the missing rows. Once I have all of the necessary information, I will create new rows for the missing data and enter it into the spreadsheet.”

12. You discovered errors in the books that would affect the balance sheet. What approach would you take to fix this problem?

This question is a great way to test your problem-solving skills and ability to work with others. Your answer should show that you can be honest, communicate effectively and collaborate with others.

Example: “I would first meet with the accounting manager to discuss my findings. I would then explain how the errors affected the balance sheet and what steps we could take to fix it. If there was enough time before the end of the fiscal year, I would make sure all transactions were recorded correctly. If not, I would record any adjustments needed in the next quarter’s financial statements.”

13. A customer doesn’t want to pay their invoice because they think there are mistakes. How will you resolve this conflict?

This question is a great way to test your customer service skills. It also allows the interviewer to see how you would handle conflict with clients and other stakeholders. In your answer, try to show that you can be empathetic while still maintaining professionalism.

Example: “I understand that this situation must be frustrating for my client. I would first ask them if they have any questions about their invoice. If they say no, I will explain why we are asking for payment. If they still don’t want to pay, I will offer to send them an itemized list of what they owe us so they can verify it themselves.”

14. A vendor claims they didn’t receive payment for goods provided. How would you investigate this claim?

This question can help interviewers assess your ability to investigate and resolve accounting errors. Use examples from past experiences where you investigated vendor claims or other types of errors in payment processing.

Example: “I would first check the company’s bank statements for any payments made to that vendor. If I find no record of a payment, I will contact the person responsible for making the payment to verify whether it was processed. If they confirm that the payment was never made, I will work with them to determine what happened and how we can prevent this type of error in the future.”

15. A client has requested additional documentation regarding payments made to vendors. How would you obtain this information?

Interviewers may ask you to provide examples of how you would complete a task or process in your previous role. This question can help them understand the steps you take and whether you have experience with similar processes.

Example: “I would first check our accounting software for any payments made to vendors that haven’t been recorded yet. If I don’t find any, I would contact each vendor to confirm if we’ve paid them. If we haven’t, I would record the payment as an expense and enter it into our system. If we have already paid the vendor, I would send my client documentation confirming this.”