EXL Service Accounts Payable Accountant Interview Questions, Process, and Tips

Basic Accounts receivable and Accounts payable Questions
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Q1. What is Accounts payable
Ans. 
Accounts payable is the amount owed by a company to its suppliers for goods or services received but not yet paid for.
• Accounts payable is a liability account in the company's balance sheet.

• It includes invoices from vendors, utility bills, and other expenses.

• The payment terms and due dates are agreed upon by the company and the supplier.

• Accounts payable is an important aspect of cash flow management.

• Examples of accounts...read more
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Q2. What is Accounts Receivable
Ans. 
Accounts Receivable is the money owed to a company by its customers for goods or services provided on credit.
• It is an asset account on the balance sheet

• It represents the amount of money that a company expects to receive from its customers

• It is usually collected within a certain period of time, typically 30-90 days

• Examples include invoices sent to customers for payment of goods or services provided

• It is important for a ...read more
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Q3. What is an invoice and what can we see in a invoice
Ans. 
An invoice is a document that lists the products or services provided by a vendor and the amount due for payment.
• An invoice includes the vendor's name and contact information

• It lists the products or services provided and their prices

• It includes the total amount due and any applicable taxes or discounts

• It may also include payment terms and due dates

• Examples of invoices include bills from utility companies, invoices from
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Q4. Ledger entry for rent paid
Ans. 
The ledger entry for rent paid is a credit to cash and a debit to rent expense.
• Debit rent expense account for the amount paid

• Credit cash account for the same amount

• Record the transaction in the general ledger

• Ensure accuracy of the amounts and accounts used

• Example: Debit Rent Expense $1,000, Credit Cash $1,000
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Q5. What are the main accounting concepts
Ans. 
The main accounting concepts are the principles and guidelines that govern the preparation and presentation of financial statements.
• Going Concern Concept

• Consistency Concept

• Accrual Concept

• Prudence Concept

• Materiality Concept

• Entity Concept

• Money Measurement Concept

• Cost Concept

• Dual Aspect Concept
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