I'm currently reviewing accounting basics and was wondering how detailed interview questions usually get. Is it enough to understand the fundamentals, or should I expect more technical questions?
Curious to hear about your experience.
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The basics are critical, i.e. you need to understand how the mechanics work, how the 3 statements flow and what the implications of any minute change are. Layer on top valuation of course. I.e. you should be able to answer: how do the 3 statements and valuation of a company change when i) you have a change in inventory accounting from FIFO to LIFO or vice versa or ii) increas/decrease inventory prices or iii) write off inventory.
The questions are basically limitless, so it is critical to be able to abstract any question to the underlying mechanics.
Also, you can expect interviewers to drill as deep as possible at some point to test your knowledge / your confidence / your abstract thinking, especially for things you might not feel confident about. I.e. the ability to take basic knowledge and extrapolate it to any scenario is crucial as well (esp. for later stage interviews or interviews with more senior people).