INTERVIEW Q&A

Tell me Before I proceed, I'd like to express my gratitude for sparing some of your time,
about sir, and for giving me this opportunity to be interviewed today.
yourself.
Now, about myself… My name is _________, but you can call me Jaim for short. I
graduated with a bachelor’s degree in accountancy. During my academic
journey, I have gained valuable experience through my internship at the
Provincial Accountant’s Office located at the Provincial Government Complex,
in Palo, Leyte.

As an intern, my primary duty was to provide assistance in various accounting

and administrative tasks. I also assisted in pre-auditing financial documents
including liquidation reports and vouchers to ensure accuracy and compliance.

My internship served as an avenue for me to develop skills that are essential

when working in the accounting field, specifically my analytical skills, time
management, attention to details, and it also fostered my ability to work
collaboratively with others.

I'm passionate about pursuing a career in accounting and I am dedicated to

continuously learn and grow in this field. You will find me to be a motivated and
hardworking person who is eager to learn and contribute. When it comes to the
tasks that were given to me, I always ensure that I get the job done accurately
and efficiently. With this, I aim to be a part of an organization where I can
utilize those skills and further advance my career in the field of accounting.
Ultimately, I believe my qualifications are a good match to the role of an
Accounting Associate at your firm.

Where do In five years, I envision myself growing professionally within your firm. If given
you see the chance to work at your firm, I intend to immerse myself in this role to
yourself in expand my skills and gain expertise in accounting. My goal is to be recognized
5 years? as trustworthy, reliable and capable of making a positive contribution as an
employee in firm. I would also be willing to explore opportunities to further my
career in this field.

What is One of my strengths is my strong work ethic. I consistently ensure that I

your complete my tasks on time without compromising the quality of my output. I
strength? am also detail oriented. Throughout my internship journey, I have consistently
demonstrated a keen eye for accuracy and precision. I make it a priority to
ensure that every detail is thoroughly reviewed, and I always pay close
attention to every aspect of the tasks assigned to me.

What is One aspect about myself that certainly needs improvement is my verbal
your communication skills. At times, I've found myself occasionally hesitant or less
weakness? assertive particularly in group discussions or meetings. But I have been
constantly practicing and working on enhancing it, especially that I know
verbal communication is essential in building rapport with your colleagues and
clients.

How do When faced with high-pressure situations, I remain calm and focused. I usually
you work rely on my organizational skills to prioritize tasks effectively. What I usually do,
under is I break down tasks into manageable steps, setting clear goals and timelines
pressure? to ensure my progress. I also seek support from colleagues or supervisors
when needed. Overall, my proactive approach, ability to stay composed, and
commitment to excellence enable me to work effectively under pressure and
perform at my best.
Tell me During my internship, I was given a task that involved verifying the
how you completeness and accuracy of certain claims. I found myself struggling to
handled a make sense of the discrepancies and identify the root causes of the issues
difficult because it seemed to me that the supporting documents were incomplete. To
situation. address the situation, I reached out to my supervisor for guidance and
explained the challenges I was facing. She then instructed me on the
appropriate course of action to take. Eventually, I was able to identify and
reconcile the discrepancies, with the help of my fellow intern as well. Through
that experience, I learned how important it is to remain patient and persistent
when dealing with challenges and accept that we can’t immediately meet our
objectives by ourselves. Seeking help from others is also important.

What do I expect that the role as an accounting associate will provide me with
you expect opportunities for professional growth. I'm eager to apply my academic
from this knowledge and gain hands-on experience especially in financial reporting and
role? analysis. I hope to work alongside experienced professionals whom I can learn
from as I continue to expand my skills. Additionally, I expect this role to offer a
supportive and collaborative work environment where I can contribute
effectively to attain goals and objectives.

What is It is quite difficult for me to answer that since I have no prior experience,
your however, it is important for me that I would be fairly compensated for the work
salary that I would do.
expectatio
n?

Why You should hire me because I put my 100% on every task that I worked on, as I
should we put great value on the tasks entrusted to me. I believe that my academic
hire you? background and experiences make me a strong fit for the accounting associate
position. Additionally, I bring a combination of skills and qualities that align
well with the requirements for this role. Beyond technical abilities, I am a
proactive and an adaptable team player. I am committed to delivering high-
quality results and continuously seeks opportunities for growth and
improvement.

How do I handle stress by maintaining a proactive and balanced approach. Firstly, I

you prioritize organization and time management to ensure tasks are completed
manage efficiently and deadlines are met. I also recognize the importance of self-care,
stress? so I incorporate regular breaks into my routine to recharge and stay focused.
Additionally, I approach challenges with a positive mindset, and I also utilize
healthy coping strategies whenever I feel burnout. I do my best to squeeze
some time to do things that relaxes my mind, such as writing on my journal,
sketching, or simply going out with my friends or by myself.

Why do I am genuinely excited about the prospect of joining your firm as an accounting
you want associate because aside from its reputation it holds, I also believe that there
to work in would be a lot of opportunities for professional growth within the firm. If given
our firm? the chance to work here, my long-term goals will involve learning as much as I
can, take additional responsibilities and contribute as much of value as I can.

What can Aside from the responsibilities that the job requires me to do so, I am also
you willing to take on additional tasks given as long as it is relevant to the job. But
contribute most importantly, I can assure you that I can do my job thoroughly and with
to the integrity.
firm?
 Differentia Bookkeeping assumes the responsibility of the recording function—which is just
te one of the major functions of accounting. Simply put, accounting could not
bookkeepi reach its final objective which is to interpret financial reports without first
ng from passing through the bookkeeping process.
accounting
.

ACCOUNTING CONCEPTS AND ASSUMPTIONS:

 Accrual Basis: Financial transactions are recorded when they occur, regardless of
when cash is exchanged. This ensures that revenues and expenses are recognized in
the period they are earned or incurred, providing a more accurate depiction of an
entity's financial position and performance.
 Going concern concept prescribes that accountants prepare financial statements on
the assumption that a business may continue its operations for the foreseeable future.
 The business entity, economic entity or separate entity concept assumes that a
business is independent of its owner. A business may not record its owner's personal
expenses, income, liabilities and assets.
 Money measurement concept. This is an accounting concept stipulates that
companies record only those transactions that they can quantify and measure in terms
of money.
 Time-period concept. This assumption states that businesses should report their
financial position, results of operations, and cash flows at regular intervals. These
intervals are typically monthly, quarterly, or yearly.

QUALITATIVE CHARACTERITICS are relevance and faithful representation in order for a

financial information to be useful
SUBSTANCE OVER FORM. It is necessary that transactions and events are accounted for in
accordance with their substance and reality and not merely their legal form.
-
In the Philippines, accountants are regulated by the Professional Regulation Commission (PRC)
and governed by the Philippine Accountancy Act of 2004 (Republic Act No. 9298) and its
implementing rules and regulations. According to Philippine law, accountants are expected to
demonstrate certain characteristics and adhere to professional standards, including:
Integrity: Accountants are expected to uphold the highest standards of honesty, integrity,
and ethical behavior in all their professional activities. They must maintain confidentiality and
avoid conflicts of interest that could compromise their objectivity or independence.
Competence: Accountants are required to possess the necessary knowledge, skills, and
expertise to perform their duties competently. This includes staying updated on developments
in accounting standards, regulations, and technology through continuing professional
education and training.
Independence: Accountants are expected to maintain independence and objectivity in their
professional judgments and decisions. They must avoid any financial or personal relationships
that could impair their ability to act impartially or influence their professional judgment.
Professionalism: Accountants are required to conduct themselves in a professional manner,
treating clients, colleagues, and stakeholders with respect, courtesy, and fairness. They must
adhere to professional standards and ethical principles, acting in the best interests of their
clients and the public.
Accountability: Accountants are accountable for their actions and decisions, including the
accuracy and integrity of financial information they prepare or certify. They must be able to
justify their professional judgments and decisions and accept responsibility for any errors or
omissions.
Responsibility: Accountants have a responsibility to serve the public interest by promoting
transparency, integrity, and accountability in financial reporting and business practices. They
play a vital role in safeguarding the financial well-being of organizations and contributing to
the efficient allocation of resources in the economy.
These characteristics underscore the importance of professionalism, ethical conduct, and
accountability in the practice of accounting in the Philippines, helping to maintain public trust
and confidence in the profession.
PFRS 15 simplifies the accounting for revenue recognition by providing a principles-based
framework that focuses on the transfer of control of goods or services to customers. It aims to
improve the comparability and consistency of revenue recognition practices across different
industries and jurisdictions.
Five-step Model: PFRS 15 introduces a five-step model for recognizing revenue from contracts
with customers:
a. Identify the contract with the customer.
b. Identify the performance obligations in the contract.
c. Determine the transaction price.
d. Allocate the transaction price to the performance obligations.
e. Recognize revenue when (or as) the entity satisfies a performance obligation.

Accounting is the systematic process of recording, analyzing, and interpreting financial transactions of a
business or organization. Its primary goal is to provide stakeholders with accurate and timely information
about the financial performance and position of the entity.

 Assets are quantifiable things — tangible or intangible — that add to your

company’s value
 Liabilities are what your company owes to others, whether that’s an investor or a
bank that issued a loan
 Equity is everything left when you subtract liabilities from assets, and it
represents the owners’ value in the company