Accenture P2P Accounts Payable Executive Interview Questions and Answers

Cost element and cost center are key concepts in accounting for tracking and allocating costs within an organization.

• Cost element refers to the specific types of costs incurred by an organization, such as materials, labor, or overhead.

• Cost center is a specific department, team, or function within an organization that is responsible for incurring costs.

• Cost elements are assigned to cost centers to track and allocate costs accurately.

• Examples: Cost element - Direct materials, C...read more

Accounts receivable and accounts payable are two important aspects of a company's financial operations.

• Accounts receivable refers to money owed to a company by its customers for goods or services provided.

• Accounts payable refers to money owed by a company to its suppliers or vendors for goods or services received.

• Accounts receivable is an asset on the balance sheet, while accounts payable is a liability.

• Managing accounts receivable involves tracking payments from customers an...read more

SAP supports over 160 currencies worldwide.

• SAP supports over 160 currencies for global transactions.

• Currencies can be configured in SAP using transaction code OB22.

• Each currency is assigned a unique currency code (e.g. USD for US Dollar, EUR for Euro).

The number of variances in SAP can vary depending on the specific processes and transactions being analyzed.

• The number of variances in SAP can be influenced by factors such as data entry errors, system glitches, or discrepancies in invoice processing.

• Variances in SAP may be identified through reconciliation processes, exception reports, or manual reviews of accounts payable transactions.

• Examples of variances in SAP include mismatches between purchase orders and invoices, inco...read more

Accounts payable process involves managing and recording financial obligations to vendors and suppliers.

• Accounts payable process includes receiving invoices from vendors and verifying them for accuracy

• The process also involves obtaining approvals for payments and issuing payments to vendors

• It is important to maintain accurate records of all transactions and ensure timely payments to avoid late fees or penalties

• Automation of accounts payable process can improve efficiency and ...read more