In: Accounting
Develop an interview agenda for a meeting with a Chief Financial Officer with a list of 10 questions that relate the accounting cycle at the organization but also a careful ear and eye for hints of the type of problems present with your new employer as they affect the accounting cycle process.
Interview agenda for a meeting with a Chief Financial Officer
The following things shall be kept in mind or disscussed with Chief financial officer
1. Transcations
Each transcation represants the each activity happening in the organization, we should undestand the flow of transcation. Transactions can include the sale or return of a product, the purchase of supplies for business activities, or any other financial activity that involves the exchange of the company’s assets, the establishment or payoff of a debt, or the deposit from or payout of money to the company’s owners.so explain the flow of transcations that affect the accounting process?
2. Journal Entires
Recording of transcation in chronological order is called journal entires. All the trancations happenig in an organization shall be recorded to know the completeness of the business profit or loss. The nature of journal entries may be asked with CFO
3.Posting
The transactions are posted to the account that it impacts. These accounts are part of the General Ledger, where you can find a summary of all the business’s accounts. The rules of posting may be asked with CFO
4.Trail Balance
At the end of the accounting period (which may be a month, quarter, or year depending on a business’s practices), you calculate a trial balance. How Trail balance is prepared can be asked with CFO
5. Adjusting Entries
We need to see if any corrections needed to the affected accounts once your trial balance shows the accounts will be balanced once the adjustments needed are made to the accounts. You don’t need to make adjusting entries until the trial balance process is completed and all needed corrections and adjustments have been identified. How the entries may be adjusted needs to be done by CFO
6. Balancesheet
The movement of assets and liabilities of the organiozations can be identified from the balancesheet.
7. Profit and loss accounts
The profit or loss of the accounting period can be tracked from the profit and loss accounts.
8. Closure of books of accounts
The company shall on end of every accounting period after determing profit or loss shall close their books of accounts.
9. Accounting policy of the Company
The CFO needs to detailed explain the accounting policy of the company for better presenatation of financial statements.
10. General Understanding of business of the company is very important and CFO will explain the nature of business and risk involved in the each transcations