Skip to contentSkip to footer

Technical Accounting Interview Questions

Salaries
Interviews

14,149 technical accounting interview questions shared by candidates

1. In 500 words or less (in your own words) describe 5 generally accepted accounting principles (GAAP) and give an example for each. Explain which of them you feel is the most important in a government context and why. 2. a) A new Director has joined the team and needs you to explain the meaning of the Financial Administration Act. In your own words please explain section 32, 33, 34 and illustrate the meaning of each with an example. b) The Director has asked if he/she could overspend his/her allocated budget. Is this permitted? Please explain. c) Does the Director have authority to sign under all three sections of the FAA? Explain. d) What criteria must be fulfilled before an individual be granted delegated spending and financial authorities? e) Does delegated financial signing authority also imply delegated staffing authority? Explain. 3. In 500 words or less please briefly explain in your own words the difference between Internal Control and Internal Audit. How are they applied and what is their impact on procedures and responsibilities within the organization. 4. In 500 words or less (in your own words) please briefly explain five (5) key documents prepared within the Federal Government’s financial planning and reporting cycle. Briefly describe the purpose of each documents including where in the cycle it belongs and the role of the appropriate Central Agency. 5. a) Please explain (in your own words) the difference between modified cash accounting and accrual accounting? Which method does the Government of Canada use? b) What is the difference in how a payable at year end (PAYE) would be treated under modified cash and accrual accounting? 6. Your Director has asked you to brief her on the status of the budget in 1 hour. The O&M budget for the fiscal year is fully committed and the salary forecast is projecting a 5% deficit. In addition, you are aware that the Director has just put in a travel request for a trip to Vancouver in late March 2021 that will cost $4500.  What analysis would you do in preparation for the meeting?  What recommendations would you provide to your Director?
avatar

Intermediate Accounting Analyst

Interviewed at Health Canada

4★
Apr 29, 2021

1. In 500 words or less (in your own words) describe 5 generally accepted accounting principles (GAAP) and give an example for each. Explain which of them you feel is the most important in a government context and why. 2. a) A new Director has joined the team and needs you to explain the meaning of the Financial Administration Act. In your own words please explain section 32, 33, 34 and illustrate the meaning of each with an example. b) The Director has asked if he/she could overspend his/her allocated budget. Is this permitted? Please explain. c) Does the Director have authority to sign under all three sections of the FAA? Explain. d) What criteria must be fulfilled before an individual be granted delegated spending and financial authorities? e) Does delegated financial signing authority also imply delegated staffing authority? Explain. 3. In 500 words or less please briefly explain in your own words the difference between Internal Control and Internal Audit. How are they applied and what is their impact on procedures and responsibilities within the organization. 4. In 500 words or less (in your own words) please briefly explain five (5) key documents prepared within the Federal Government’s financial planning and reporting cycle. Briefly describe the purpose of each documents including where in the cycle it belongs and the role of the appropriate Central Agency. 5. a) Please explain (in your own words) the difference between modified cash accounting and accrual accounting? Which method does the Government of Canada use? b) What is the difference in how a payable at year end (PAYE) would be treated under modified cash and accrual accounting? 6. Your Director has asked you to brief her on the status of the budget in 1 hour. The O&M budget for the fiscal year is fully committed and the salary forecast is projecting a 5% deficit. In addition, you are aware that the Director has just put in a travel request for a trip to Vancouver in late March 2021 that will cost $4500.  What analysis would you do in preparation for the meeting?  What recommendations would you provide to your Director?

Viewing 8201 - 8210 interview questions

Glassdoor has 14,149 interview questions and reports from Technical accounting interviews. Prepare for your interview. Get hired. Love your job.