Cozy Corner Patios Senior Logistics Operations Executive Interview Questions and Answers

Accounts payable refers to the money a company owes to its vendors or suppliers for goods or services received.

• Accounts payable is a liability on the balance sheet.

• It is recorded when a company receives an invoice from a vendor or supplier.

• Payment terms are negotiated between the company and the vendor, such as net 30 or net 60.

• Examples of accounts payable include rent, utilities, and inventory purchases.

• Accounts payab...read more

Accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions.

• Accounting involves recording financial transactions such as sales, purchases, and payments.

• It also involves classifying these transactions into categories such as assets, liabilities, and equity.

• Finally, accounting involves summarizing this information in financ...read more

A credit note is a document issued by a seller to a buyer, indicating that a refund or credit has been made to the buyer's account. A debit note is a document issued by a seller to a buyer, indicating that a debit has been made to the buyer's account.

• A credit note is issued when a seller owes money to a buyer, such as when a product is returned or a discount is given.

• A debit note is issued when a buyer owes money to a ...read more

P2P cycle refers to the Procure-to-Pay cycle, which is the process of purchasing goods or services and paying for them.

• The cycle starts with identifying the need for a product or service

• Then, a purchase order is created and sent to the supplier

• The supplier delivers the product or service and sends an invoice

• The invoice is verified and approved for payment

• Finally, payment is made to the supplier

• Examples include ordering...read more