What is Ad Hock Accounting?

Question

I am applying for a job that requires Ad Hock Accounting. I have done GL accounting for several years and have heard the term, but I do not know what it means.

Answer 1

You mean "ad hoc", which is Latin for "for this purpose".

As you know, accounting doesn't necessarily fit into the nice, neat boxes of the chart of accounts. Sometimes you'll have a project, event or something else that goes outside. So you need to think on your feet and apply GAAP as best as possible.

In other words, you apply accounting as the event calls for, specifically for "that purpose".