17 Financial Accountant Interview Questions and Answers

Financial accountants are responsible for the financial health of a company. They ensure that all financial transactions are recorded and filed correctly, and they create reports that show the company’s financial status. They may also be responsible for taxes and audits.

If you’re interviewing for a financial accountant job, you’ll likely be asked a variety of questions about your experience and your understanding of financial concepts. You’ll also need to be able to answer questions about the company’s financial statements.

To help you prepare for your interview, we’ve put together a list of financial accountant interview questions and answers.

Are you familiar with the different types of financial statements that you need to prepare as a financial accountant?

The interviewer may ask you a question like this to assess your knowledge of financial accounting and the types of reports that you need to create as a financial accountant. Use your answer to highlight your understanding of the different types of financial statements, including income statements, balance sheets and cash flow statements.

Example: “Yes, I am familiar with the three main financial statements that financial accountants prepare for their clients. The first is an income statement, which provides information about a company’s revenue and expenses over a specific period of time. Next is the balance sheet, which shows the assets, liabilities and equity of a business at a given point in time. Finally, there is the cash flow statement, which details how much money came into a business and how much went out during a certain period.”

What are some of the most important skills that you bring to the role of a financial accountant?

This question is an opportunity to highlight your skills and abilities as a financial accountant. It’s important to be honest when answering this question, but you also want to make sure that you’re highlighting the most impressive aspects of your skill set.

Example: “I have excellent attention to detail, which is crucial for a financial accountant. I’m also highly organized and able to work independently with minimal supervision. These are two skills that I’ve developed over my career in accounting and finance, and they help me perform well in this role.”

How would you describe the relationship between financial accounting and auditing?

This question is an opportunity to show your knowledge of the accounting industry and how it works. You can use this question as a chance to explain what auditing is, its purpose and how you would perform one yourself.

Example: “Auditing is a process that involves reviewing financial records for accuracy and completeness. Auditors are responsible for ensuring that companies’ financial statements are accurate and reflect their actual performance. In my previous role, I was responsible for performing audits on all aspects of our company’s finances. This included confirming that transactions were recorded accurately and that all assets were accounted for.”

What is the most important aspect of financial statement analysis?

This question is an opportunity to show your knowledge of financial accounting. It also allows you to demonstrate how you prioritize tasks and manage time effectively. When answering this question, consider the job description and what skills are most important for this role.

Example: “The most important aspect of financial statement analysis is identifying trends in a company’s finances. This helps me understand where money is being spent and whether or not it aligns with the company’s goals. I use my analytical skills to identify areas that need improvement so I can make recommendations on how to improve them. For example, when analyzing a client’s balance sheet, I noticed they had a large amount of debt compared to their assets. I recommended ways to reduce expenses and increase revenue to help the company become more profitable.”

Provide an example of a time when you identified and solved a problem related to financial accounting.

This question can help the interviewer learn more about your problem-solving skills and how you apply them to your work. Use examples from previous jobs that show your ability to analyze data, identify issues and develop solutions.

Example: “At my last job, I noticed a discrepancy in our accounts payable system. The company had recently switched software programs, so I was unsure if it was an issue with the new program or something else. I reviewed all of the invoices for the past six months and found that some vendors were missing payments. I contacted each vendor to confirm they hadn’t received their payment yet. After confirming this, I worked with the accounting team to create a plan to pay the remaining vendors within 30 days.”

If you had to choose one area of finance that interests you the most, what would it be and why?

This question is a great way to determine what your interests are in the financial accounting field. It also allows you to show the interviewer that you have an idea of what areas of finance are important and why they’re important. When answering this question, it can be helpful to mention one or two specific aspects of finance that interest you and explain why you find them interesting.

Example: “I would say my favorite aspect of finance is budgeting. I enjoy being able to create a plan for how much money a company will spend each month and then seeing if we meet those goals at the end of the month. I think it’s important to know where all of our money is going so we can make sure we’re spending it wisely.”

What would you say is your greatest accomplishment as a financial accountant so far?

This question is a great way to learn more about the candidate’s background and experience. It can also help you determine if they are looking for career advancement or already have it. When answering this question, try to focus on your most recent accomplishments that relate to the job description.

Example: “My greatest accomplishment as a financial accountant so far was when I helped my company save $100,000 in tax deductions last year. We were able to use those savings to hire two new employees, which increased our productivity by 20%. This allowed us to meet client demands while still maintaining high quality.”

How well do you understand GAAP?

GAAP stands for Generally Accepted Accounting Principles. It’s a set of standards that financial accountants must follow when recording and reporting financial information. Your answer should show the interviewer that you understand what GAAP is, how it applies to your work and why it’s important.

Example: “GAAP is an essential part of my job as a financial accountant because I need to make sure all of my accounting records are accurate and in compliance with these standards. For example, last year we had to submit our annual financial report to the SEC by April 15th. We needed to be sure that everything was recorded correctly so that we could meet this deadline.”

Do you have experience working with auditors?

Auditors are an important part of the financial accounting process. Employers ask this question to make sure you have experience working with auditors and can complete your work in a timely manner. In your answer, explain that you understand how to work with auditors and what their expectations are.

Example: “I’ve worked with auditors before, but I prefer not to because it slows down my progress on projects. However, I know that sometimes it’s necessary to work with them. When I do work with auditors, I make sure to communicate clearly about any issues or concerns I have with my work. I also provide all the information they need to ensure everything is accurate.”

When reviewing financial statements, how do you determine if there are any material inconsistencies?

The interviewer may ask you this question to assess your analytical skills and ability to detect errors. Use examples from past experience to show the interviewer that you can identify inconsistencies in financial statements and other documents.

Example: “In my last role, I noticed a material inconsistency when reviewing our company’s balance sheet. The total assets were $1 million more than they should have been. After further investigation, I found out that one of our vendors had accidentally entered their inventory twice. This mistake caused us to overstate our assets by $1 million, which affected our net income for the quarter.”

We want to improve our internal controls. What are the key areas we should focus on?

This question is a great way to show your knowledge of internal controls and how they can be used to improve financial accounting processes. When answering this question, it’s important to focus on the key areas that are most likely to benefit the company you’re interviewing with.

Example: “Internal controls are an essential part of any financial accounting process because they help ensure accuracy and prevent fraud. There are three main areas I would recommend focusing on when improving internal controls. The first is segregation of duties, which helps prevent fraud by ensuring employees don’t have too much control over the entire process. The second is independent checks, which involve having multiple people review transactions before they’re recorded. The third is documentation, which involves keeping detailed records of all transactions.”

Describe your process for ensuring all of your work is accurate and complete.

This question is an opportunity to show your interviewer that you have a process for ensuring all of your work is accurate and complete. You can describe the steps you take to ensure accuracy, such as double-checking calculations or comparing numbers with other financial professionals.

Example: “I always make sure I check my math before submitting any reports or documents. In addition to checking my own work, I also compare my numbers with another financial professional on my team. This helps me confirm whether or not my work was accurate and if there are any discrepancies between our work.”

What makes you the best candidate for this position?

Employers ask this question to learn more about your qualifications and how you can contribute to their company. Before your interview, make a list of all the skills and experiences that make you an ideal candidate for this role. Focus on highlighting your relevant experience and soft skills.

Example: “I am passionate about accounting and finance, which is why I chose to major in it as an undergraduate student. In my previous roles, I have gained valuable experience working with financial data and developing reports. My communication skills are also strong, which helps me collaborate with other team members and explain complex information to clients.”

Which accounting software do you prefer to use and why?

This question is an opportunity to show your knowledge of the accounting software you use and how it can benefit a company. If you have experience using multiple types of accounting software, explain why each one is beneficial for businesses.

Example: “I prefer to use NetSuite because I find it easy to navigate and understand. It has many features that make my job easier, such as its ability to create custom reports and automate tasks. The time-saving features allow me to complete projects more quickly, which helps our department meet deadlines.”

What do you think is the most important skill for a financial accountant to possess?

This question is your opportunity to show the interviewer that you possess the skills and abilities needed for this role. You can answer by identifying a skill from the job description, such as communication or problem-solving, and explaining how it helps you succeed in this position.

Example: “I think one of the most important skills for a financial accountant to have is attention to detail. I am very organized and methodical, which allows me to perform my work accurately and efficiently. Another important skill is communication. As a financial accountant, I need to be able to communicate complex information to others in an understandable way. This skill has helped me collaborate with other members of the accounting team.”

How often do you perform audits?

Audits are an important part of the financial accountant’s job. Employers ask this question to make sure you have experience with audits and know how to perform them. In your answer, explain what types of audits you’ve performed in the past and why they were necessary.

Example: “I perform audits at least once a year for all clients. Auditing is one of my favorite parts of being a financial accountant because it allows me to ensure that everything is up-to-date and accurate. I also enjoy seeing if there are any areas where we can save money or improve our processes. For example, when I audited a client last year, I noticed that some employees weren’t submitting their receipts on time. This was causing delays in reimbursements, so I worked with HR to create a new policy.”

There is a material inconsistency in the financial statements. How would you address the issue with management?

This question is an opportunity to show your problem-solving skills and ability to communicate with management. Your answer should include a specific example of how you would approach the situation, including what steps you would take to resolve it.

Example: “In my last role as financial accountant, I noticed that there was a material inconsistency in the company’s balance sheet. The total assets were $1 million more than the liabilities and equity combined. This meant that the company had overstated its net worth by $1 million. I immediately informed my manager about the issue so we could address it together. We decided to investigate the cause of the discrepancy and found out that one of our suppliers hadn’t delivered all their products yet. Once they did, we adjusted the financial statements accordingly.”