Accounts Receivable Clerk Interview Preparation Guide
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Account Receivable Clerk related Frequently Asked Questions by expert members with professional career as Accounts Receivable Clerk. These list of interview questions and answers will help you strengthen your technical skills, prepare for the new job interview and quickly revise your concepts

75 Accounts Receivable Clerk Questions and Answers:

1 :: Tell us what do you classify as “day to day financial transactions”?

Verifying, classifying, computing, recording and posting accounts receivable data in pre-designated accounting software is considered day to day financial transactions.

2 :: What is the accounts payable cycle?

Demonstrate your knowledge of this cycle - the length of time it takes the company to pay its accounts payable - and what the implications of the length of this cycle are for the company, for example cash flow.

3 :: How Is A Journal Entry Recorded?

Journal Entries are recorded on a double entry system ie debit and credit concept. In order to record a journal entry the following steps need to be followed.

☛ Enter the Journal entry number.
☛ Enter the Date of transaction.
☛ Enter the Debit item (as per the golden principles of accountancy).
☛ Enter the corresponding GL folio number.
☛ Enter the Debit amount.
☛ Enter the credit item(as per the golden principles of accountancy).
☛ Enter the amount in the credit column.
☛ Provide a brief description of the transaction.
☛ leave a single line before next transaction.

4 :: Tell me what Is Reconciliation?

You should have recorded in your cash books all amounts you ve actually received and payments you ve actually made. However the cash books may be incomplete as your bank may have put extra transactions through your account such as:

☛ bank fees or interest charges.
☛ direct debits (payments) and direct credits (receipts).
☛ Doing a regular bank reconciliation will allow you to:

take into account any extra transactions your bank puts through your account and
check and record any errors or omissions.
By regularly doing a bank reconciliation (say monthly) you can be more confident that your records contain all the information you need to prepare your income tax return and activity statements.

5 :: What’s the difference between deferred revenue and accounts receivable?

Deferred revenue represents cash received customers for services or goods not yet provided. Accounts receivable represents cash owing from customers for goods/services already provided.

7 :: Tell me what assignment was too difficult for you? How did you resolve the issue?

I had to prepare a excel spreadsheet for all the products, vendors list, employee list and other calculations using formulas in a very small amount of time. I managed it in a good way that we changed it completely to a software based accounting.

8 :: Tell us how would you handle a customer that is 14 days past due?

Sorry we did not update in the first place. We were really busy and couldnt get to the task. We are working on it at this moment. We will deliver it as soon as possible.

9 :: Explain what Is Evaluated Receipt Settlement?

ERS is a business process between trading partners that conduct commerce without invoices. In an ERS transaction the supplier ships goods based upon an Advance Shipping Notice (ASN) and the purchaser upon receipt confirms the existence of a corresponding purchase order or contract verifies the identity and quantity of the goods and then pays the supplier.

10 :: Tell me what Are Derivatives?

Derivative instrument is an asset which derives ie, takes its origin from another asset.

The simplest form of derivative is a forward contract, "It is an agreement to buy or sell an asset at a certain future time for a certain price"Other forms of of derivatives include futures,options and swaps, etc.