Question

I have to do this "interview", I just need truthful/made-up answers to these questions (Include the position you hold and why someone in that position can give a better feel for how someone might use accounting someday)

1. I would like to understand if and how financial reporting affects you and your work. Can you give me any examples of how accounting affects your day-to-day responsibilities or decisions?

2. What do other managers and leaders in your company use your financial statements for (for example, budgeting, compensation, decision making, etc.)?

3. Do any outside parties require you to submit financial statements to them?

4. Are there any items in your competitor’s financial statements that you or your company have found helpful? What about vendor, supplier, or other related companies’ financial statements?

5. Would you still use accounting information if you didn’t have to create or read financial statements? If so, how?

6. Is there anything else you feel I should know about financial accounting as I get started in this class?

7. What information do you use most in your day-to-day work that you’ve learned from your accounting classes?

8. Are there any common problems you run into while doing your day-to-day work?

9. If you run into problems who do you go to first? (Boss, coworkers, internet?)

10. Does working in an office all day get boring?

Answer 1

Answer 1: Financial reporting has an impact on stock price, financial decisions, help in attracting new investors and can influence the industry as a whole. Accounting affects the investment decisions, lending decisions, analyze product performance and also affects the short and long-term strategies.

Answer 2: Managers of the company uses financial statements for understanding the profitability, liquidity and cash flows of the company. The leader uses the financial statements for the annual and monthly budget, monthly profit and loss statement, weekly cash flow projections etc.

Answer 3: Yes, Outside parties require the submission of financial statements such as Government Authorities, Tax Authorities, Trade Union, SEBI, Economists etc.

Answer 4: The ratios such as Gross profit ratio, Net profit ratio, Current ratio helps in understanding the competitor's strategies.

Answer 5: Yes, accounting information still in use even if I have not to create or read the financial statement for Tax Calculation, Evaluating performance, Cost decisions etc.

Answer 6: There is three main financial statement which should be understood, they are Income Statement, Balance Sheet and Cash Flow Statement.

Answer 7: I use the accounting information for analyzing the grades I have received in my exams or assignments, in finding out the subject area in which I should focus for increasing my grades, analyzing the time spent on each assignment etc.

Answer 8: Common day to day problems are time management, planning the work, making the roadmap of planned work etc.

Answer 9: First of all I will try to solve out by searching the internet.

Answer 10: Yes, working in an office all day boring but there are ways by which I can make it more exciting throughout the day but I feel that I have learned maximum things from that position.