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

I hold the position of a Semi Qualified Chartered Accountant. It is one of the most wonderful professions as it enables you to get the insight of the financial reporting process that enables you to read and understand the financial statements in its true sense.

Answer 1: Financial Reporting definitely affects my day-to-day responsibilities. It assists in day-to-day planning, decision making, analysis and benchmarking. Also, providing information to investors and creditors, promoters and debt providers enables them to make rational decisions relating to investment.

Answer 2: Managers and leaders in my company use the financial statements for financial modeling, analysis of financial statements, future projections.

Answer 3: Outside parties require us to furnish financial statements. These outside parties are future prospective investors, creditors, stakeholders, government etc.

Answer 4: Items such as transfer pricing adjustments have been of help to me by viewing my competitor's financial statements.

Answer 5: Accounting information can be used for other calculations and reconciliations apart from merely reading the financial statements. Making of accounts reconciliations, preparing tax returns, calculation of value of inventory, etc are few examples.

Answer 6: This will give you insights of finances of companies, how and where what items and adjustments directly affect profitability of business, the performance of the company with respect to its competitors, and how the statements are presented.

Answer 7: Cash Flow statements, Journalising and posting them to their respective ledger accounts to account for the same are the most common lessons that are frequently applied.

Answer 8: Problems like suspense entries, incorrect adjustments, wrong accounting etc are faced sometimes.

Answer 9: First of all, i look for the proper solutions in the guidance notes issued on those areas, after which with the help of the internet and a bit of research, the solutions are taken care of.

Answer 10: Yes, sometimes working in the office gets boring. But always remember, this is bound to happen everywhere. So, if you are interested in the subject, go for it, cause there is an endless sea of knowledge awaiting you.