job interview

NAJC
NAJC Registered Posts: 44 Regular contributor ⭐
I have a job interview on wedneday :) and have been told they might ask me the following questions :

what is the difference by debits and credits ?

what is the bannk reconciliation prepared for and how?

what do you understand about the purchase ledger and the sales ledger ?


i would really appreciate any help anyone can give me on how to answer these questions in the best way ?

Comments

  • lewpylew
    lewpylew Registered Posts: 216 Dedicated contributor 🦉
    Well the purchase ledger is all the things a company buys - such as parts, services etc and it's what we owe people where as sales ledger is things we have sold and that money is owed to us. this may also be referred to as debtors and creditors.

    The bank reconciliation is prepared to keep track of the company's finances. It ensures we stay within our credit balance(or overdraft) and gives us an insight to what is due to come in/out meaning we may have to transfer money if necessary to avoid building up charges.

    I always get debits and credits muddled up so will leave that one to someone else. My answers are a little waffley but it gives you a brief insight. Let us know if you need a more full explanation! : )

    Good luck on wednesday x
  • NAJC
    NAJC Registered Posts: 44 Regular contributor ⭐
    thankyou

    Thankyou so much for your help. I have now been told of more questions :


    - What is a bank reconciliation?
    Do you know the difference between debits and credits?

    Any help ? :)
  • keane155
    keane155 Registered Posts: 404 Dedicated contributor 🦉
    I would normally use DEAD and CLIC to remember what debits and credits are,

    Debit
    Expenses
    Assets
    Drawings

    Debit an account to increase value of any of the above, credit the account to reduce the value.



    Credit
    Liabilities
    Income
    Capital

    Credit any of the above accounts to increase the value ofthe liabilities, income and capital, debit the account to reduce the value.

    Hope this helps.
  • AK002
    AK002 Registered Posts: 2,492 Beyond epic contributor 🧙‍♂️
    What level AAT are you? This is pretty easy stuff if you're Technician tbh..
  • NAJC
    NAJC Registered Posts: 44 Regular contributor ⭐
    thankyou

    Thanks for all the help :). Im so nervous !

    and i done foundation over two years ago so am abit rusty. Im aware its easy stuff thankyou.
  • keane155
    keane155 Registered Posts: 404 Dedicated contributor 🦉
    Good luck! Let us know how you get on, I've got an interview tomorrow,I'm really nervous too.
  • Andypandy
    Andypandy Registered Posts: 526 Epic contributor 🐘
    Fingers crossed for both of you.
  • A-Vic
    A-Vic Registered Posts: 6,970 Beyond epic contributor 🧙‍♂️
  • RowanB
    RowanB Registered Posts: 158 Dedicated contributor 🦉
    NAJC wrote: »
    I have a job interview on wedneday :) and have been told they might ask me the following questions :

    what is the difference by debits and credits ?

    what is the bannk reconciliation prepared for and how?

    what do you understand about the purchase ledger and the sales ledger ?


    i would really appreciate any help anyone can give me on how to answer these questions in the best way ?


    Wow. I wish an employer would ask me some technical accounting questions in an interview. Would give me a chance to shine.
  • keane155
    keane155 Registered Posts: 404 Dedicated contributor 🦉
    Andypandy wrote: »
    Fingers crossed for both of you.

    Thank you, I'm not currently working in accounts, so I am really hoping that it goes well. :)
  • RowanB
    RowanB Registered Posts: 158 Dedicated contributor 🦉
    Good luck NAJC. Will be inspiring for people like me that are trying to get their foot in the door of the accounting sector if you get this.
  • NAJC
    NAJC Registered Posts: 44 Regular contributor ⭐
    Yay

    I GOT IT !.
    YAY!
    Good luck for those looking for jobs ! It was the first one i applied too .
  • lewpylew
    lewpylew Registered Posts: 216 Dedicated contributor 🦉
    Wow that is great news - what will you be doing : ) Congratulations x
  • keane155
    keane155 Registered Posts: 404 Dedicated contributor 🦉
    Well done NAJC. That's great news!! :)
  • RowanB
    RowanB Registered Posts: 158 Dedicated contributor 🦉
    Well done NAJC! Brilliant!
  • Monsoon
    Monsoon Registered Posts: 4,071 Beyond epic contributor 🧙‍♂️
    NAJC wrote: »
    I GOT IT !.
    YAY!
    Good luck for those looking for jobs ! It was the first one i applied too .

    Oh congratulations! Really chuffed for you :)
  • anniem
    anniem Registered Posts: 1,326 Beyond epic contributor 🧙‍♂️
    Congratulations ..... when do you start?
    FMAAT - AAT Licensed Member in Practice - Pewsey, Wiltshire
  • Gem7321
    Gem7321 Registered Posts: 1,438 Beyond epic contributor 🧙‍♂️
    Well done!
  • NAJC
    NAJC Registered Posts: 44 Regular contributor ⭐
    job

    Thankyou all.

    Im a bank reconciliation assistant for 3 months then she said she will start to increase my workload and give me payrises when im okay with the previous work :). But she also said if i show im understanding quicker than 3 months she will prmote me quicker. She is also head of personal development so its her job to develop me up the company. It sounds great to me. I start on tuesday.

    I got the job through reed accountancy recruiters.
  • jenny3549
    jenny3549 Registered Posts: 472 Dedicated contributor 🦉
    NAJC wrote: »
    Thankyou all.

    Im a bank reconciliation assistant for 3 months then she said she will start to increase my workload and give me payrises when im okay with the previous work. But she also said if i show im understanding quicker than 3 months she will prmote me quicker. She is also head of personal development so its her job to develop me up the company. It sounds great to me. I start on tuesday.

    I got the job through reed accountancy recruiters.

    That's great NAJC, it's sounds really good. Congratulations and good luck for your first day.

    :thumbup:
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