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10+ Accenture Accounts Payable Associate Interview Questions and Answers

Updated 1 Feb 2025

Q1. What is the important of accounting

Ans.

Accounting is important for businesses to track financial transactions, make informed decisions, and comply with regulations.

  • Helps track financial transactions and monitor cash flow

  • Provides financial information for decision-making

  • Assists in complying with tax and regulatory requirements

  • Helps in budgeting and forecasting

  • Provides insights into the financial health of the business

  • Helps in identifying areas for cost-cutting or revenue growth

  • Assists in securing loans or investmen...read more

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Q2. What is accounting & why accounting is important

Ans.

Accounting is the process of recording, classifying, and summarizing financial transactions to provide information for decision-making.

  • Accounting helps businesses keep track of their financial transactions and performance.

  • It provides financial information to stakeholders such as investors, creditors, and management.

  • Accounting helps in making informed decisions about investments, budgeting, and forecasting.

  • It is important for tax compliance and financial reporting.

  • Examples of ...read more

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Q3. What is outstanding income

Ans.

Outstanding income refers to income that has been earned but not yet received.

  • Outstanding income is also known as accounts receivable.

  • It is recorded as an asset on the balance sheet.

  • Examples include unpaid invoices or payments that are still pending.

  • It is important for businesses to manage outstanding income to ensure cash flow and financial stability.

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Q4. What is Accured income

Ans.

Accrued income is revenue earned but not yet received or recorded in the accounting books.

  • Accrued income is recognized as a current asset on the balance sheet.

  • It is recorded through adjusting entries at the end of an accounting period.

  • Examples include interest income earned but not yet received, rent income earned but not yet received, etc.

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Q5. Tell me accounting rules

Ans.

Accounting rules are principles and guidelines that govern the preparation and presentation of financial statements.

  • Accrual accounting: revenue and expenses are recognized when earned/incurred, not when cash is received/paid

  • Matching principle: expenses should be matched with the revenue they helped generate

  • Consistency principle: accounting methods should be consistent from one period to the next

  • Materiality principle: only significant items should be recorded in financial stat...read more

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Q6. What is real account

Ans.

A real account is a permanent account that reflects the assets, liabilities, and equity of a business.

  • Real accounts are not closed at the end of an accounting period.

  • They include assets like cash, accounts receivable, and equipment, liabilities like accounts payable, and equity accounts.

  • Changes in real accounts are recorded on the balance sheet.

  • Examples of real accounts include Cash, Accounts Receivable, Accounts Payable, and Owner's Equity.

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Q7. what is depreciation

Ans.

Depreciation is the allocation of the cost of a tangible asset over its useful life.

  • Depreciation is a non-cash expense that reflects the decrease in value of an asset over time.

  • It is used to spread out the cost of an asset over its useful life instead of expensing it all at once.

  • Common methods of calculating depreciation include straight-line, double-declining balance, and units of production.

  • Examples of depreciable assets include buildings, vehicles, machinery, and equipment...read more

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Q8. golden rules of accounting

Ans.

The golden rules of accounting are basic principles that guide the process of recording financial transactions.

  • There are three golden rules of accounting: Debit the receiver, Credit the giver; Debit what comes in, Credit what goes out; Debit expenses and losses, Credit income and gains.

  • These rules help ensure that the accounting equation (Assets = Liabilities + Equity) remains balanced.

  • For example, when a company receives cash from a customer, the cash account is debited (inc...read more

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Q9. steps in procure to pay

Ans.

Procure to pay is the process of obtaining goods or services from a vendor, receiving and approving the invoice, and making payment.

  • Identify need for goods or services

  • Obtain quotes or proposals from vendors

  • Create purchase order

  • Receive goods or services

  • Approve invoice for payment

  • Make payment to vendor

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Q10. Reconciliation uses

Ans.

Reconciliation uses various methods to ensure that financial records match up and discrepancies are identified and resolved.

  • Reconciliation involves comparing two sets of records to ensure they are in agreement.

  • Common methods of reconciliation include bank reconciliation, accounts receivable reconciliation, and accounts payable reconciliation.

  • Reconciliation helps identify errors, fraud, and discrepancies in financial records.

  • It is important for maintaining accurate financial r...read more

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Q11. types of accounting

Ans.

Types of accounting include financial accounting, management accounting, and tax accounting.

  • Financial accounting focuses on recording and reporting financial transactions of a business.

  • Management accounting involves providing information to help with internal decision-making.

  • Tax accounting deals with tax-related matters such as tax returns and compliance.

  • Other types include cost accounting, forensic accounting, and auditing.

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Interview Process at Accenture Accounts Payable Associate

based on 17 interviews
1 Interview rounds
Aptitude Test Round
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