30+ Genpact Accounts Payable Associate Interview Questions and Answers

Bank reconciliation ensures accuracy of bank transactions. Profit and loss account shows financial performance of a company.

• Bank reconciliation matches the bank statement with the company's records to identify any discrepancies.

• It helps to ensure the accuracy of bank transactions and prevent fraud.

• Profit and loss account shows the financial performance of a company over a period of time.

• It includes all the revenues and expenses of the company and calculates the net profit or ...read more

Handling accountant involves processing invoices, reconciling accounts, and ensuring timely payments.

• Processing invoices by verifying accuracy and obtaining approvals

• Reconciling accounts by matching invoices with purchase orders and receipts

• Ensuring timely payments to vendors to maintain good relationships

• Communicating with vendors and internal departments to resolve any discrepancies

• Maintaining accurate records of all financial transactions

Journal entries for credit balance, accounts payable, and bank charges.

• Credit balance is an amount owed to the company by a vendor or customer.

• Journal entries for accounts payable involve debiting accounts payable and crediting the corresponding expense account.

• Bank charges journal entries involve debiting bank charges and crediting cash or bank account.

• If there is a credit balance in accounts payable, it can be recorded by debiting accounts payable and crediting the vendor's...read more

The three golden rules of accounting are the basis of all accounting practices.

• The first rule is the accounting equation: Assets = Liabilities + Equity

• The second rule is the double-entry principle: Every transaction has two equal and opposite effects on the accounting equation

• The third rule is the revenue recognition principle: Revenue should be recognized when it is earned, not when it is received

Account holders verify their names by providing official identification documents.

• Account holders provide government-issued IDs such as driver's licenses or passports.

• They may also provide other official documents like birth certificates or social security cards.

• Some companies may require additional verification such as utility bills or bank statements with the account holder's name on them.

Accounts payable job requires attention to detail and organization, while auditor job involves analysis and verification.

• Accounts payable job involves processing invoices, making payments, and reconciling accounts.

• Auditor job involves examining financial records, assessing internal controls, and identifying risks.

• Accounts payable requires strong attention to detail and organization to ensure accuracy in processing payments.

• Auditors need analytical skills to interpret financia...read more

Bad debt refers to an amount owed by a debtor that is unlikely to be paid and is written off as a loss by the creditor.

• Bad debt is a financial loss for the creditor

• It occurs when a debtor fails to pay back the amount owed

• It is written off as an expense in the creditor's financial statements

• Examples include unpaid credit card bills, defaulted loans, and bounced checks

Confirm goods sold in accounts by matching sales invoices with inventory records.

• Match sales invoices with inventory records to ensure accuracy

• Verify quantities and prices on sales invoices match with inventory records

• Reconcile sales revenue with goods sold in accounts

• Ensure proper documentation and approval for goods sold entries

Expenses and income are recorded in the accounting system using double-entry bookkeeping method.

• Expenses are recorded as debits, increasing the expense account and decreasing the asset or liability account.

• Income is recorded as credits, increasing the income account and increasing the asset account.

• The double-entry system ensures that the accounting equation (Assets = Liabilities + Equity) remains balanced.

• Examples: Recording a utility bill payment as a debit to the utilities...read more

Bank reconciliation statement is a document that compares the bank statement with the company's records to identify any discrepancies.

• It helps to identify any errors or fraud in the company's financial records.

• It ensures that the company's cash balance is accurate.

• It includes items such as outstanding checks, deposits in transit, and bank fees.

• Example: If the company records show a check was issued but it does not appear on the bank statement, it may be an outstanding check.

• E...read more

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

• The golden rules include the principles of debit and credit, which are used to record transactions accurately.

• Debit what comes in, credit what goes out.

• Debit the receiver, credit the giver.

• Debit all expenses and losses, credit all incomes and gains.

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

• For example, when ...read more

Accounts Payable is a financial function that involves managing and recording a company's expenses and payments to vendors and suppliers.

• Accounts Payable is responsible for processing invoices and making payments to vendors.

• It involves verifying the accuracy of invoices, ensuring proper authorization for payments, and maintaining records of transactions.

• Accounts Payable also includes reconciling vendor statements, resolving payment discrepancies, and managing vendor relations...read more

There are several types of accounts, including asset, liability, equity, revenue, and expense accounts.

• Asset accounts represent items of value owned by a company, such as cash, inventory, and property.

• Liability accounts represent debts owed by a company, such as loans and accounts payable.

• Equity accounts represent the residual value of a company's assets after liabilities are subtracted.

• Revenue accounts represent income earned by a company, such as sales revenue.

• Expense accou...read more

Procurement process involves identifying needs, selecting suppliers, negotiating contracts, and purchasing goods/services.

• Identify the need for goods/services

• Select potential suppliers

• Negotiate contracts and terms

• Purchase goods/services

• Receive and inspect goods/services

• Process invoices and payments

• Maintain records and monitor supplier performance

Accounts payable is the amount of money a company owes to its suppliers or vendors for goods or services purchased on credit.

• Accounts payable represents the company's short-term liabilities

• It is recorded as a current liability on the balance sheet

• Examples include invoices from suppliers for inventory purchases or services rendered

There are three main types of purchase orders: Standard PO, Planned PO, and Blanket PO.

• Standard PO: Used for one-time purchases with specific quantities and prices.

• Planned PO: Used for recurring purchases with estimated quantities and prices.

• Blanket PO: Used for long-term agreements with multiple deliveries over a period of time.

The three golden rules of accounting are: Debit the receiver, Credit the giver, and Debit what comes in, Credit what goes out.

• Debit the receiver: When an asset is received, it is debited. For example, when cash is received, it is debited.

• Credit the giver: When a liability is incurred, it is credited. For example, when a loan is taken, it is credited.

• Debit what comes in, Credit what goes out: When there is an increase in assets, it is debited. When there is a decrease in asset...read more

B2B stands for business-to-business, which refers to transactions between two businesses rather than between a business and a consumer.

• B2B transactions involve the exchange of goods or services between two businesses.

• Examples of B2B transactions include a manufacturer selling products to a retailer, or a software company providing services to a consulting firm.

• B2B transactions often involve larger quantities and higher prices than B2C transactions.

• B2B relationships are typica...read more

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

• The golden rules include: Debit what comes in, Credit what goes out; Debit the receiver, Credit the giver; Debit expenses and losses, Credit income and gains.

• These rules help ensure that financial transactions are accurately recorded and classified in the accounting system.

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

2 way match and 3 way match are methods used in accounts payable to ensure accuracy in invoicing and payment.

• 2 way match involves matching the invoice to the purchase order

• 3 way match involves matching the invoice to the purchase order and receiving report

• Helps prevent overpayment or underpayment

• Ensures that the goods or services were received as per the agreement

Accounts Payable refers to the amount of money a company owes to its suppliers or vendors for goods or services purchased on credit.

• Accounts Payable is a liability on the balance sheet representing the company's obligation to pay off short-term debts to suppliers.

• It includes invoices from vendors, utility bills, and other expenses that have not yet been paid.

• Accounts Payable is an important part of the company's working capital management.

• It is typically recorded as a current...read more

Raw cash is made by printing paper currency and minting coins by the government.

• Raw cash is produced by the government through printing paper currency and minting coins.

• The government regulates the amount of cash in circulation to maintain economic stability.

• Raw cash is backed by the government's guarantee of its value.

• Cash is distributed through banks and financial institutions to the public for use in transactions.

Accurate accounting involves recording financial transactions correctly and in a timely manner to provide a true and fair view of a company's financial position.

• Accurate accounting ensures that all financial transactions are recorded correctly

• It involves following accounting principles and standards

• Timely recording of transactions is crucial for accurate accounting

• Provides a true and fair view of a company's financial position

• Helps in making informed business decisions

Accounts payable is the amount of money a company owes to its suppliers or vendors for goods or services purchased on credit.

• Accounts payable is a liability on the balance sheet

• It represents the amount of money owed by a company to its suppliers or vendors

• It is typically short-term debt that must be paid within a certain period of time

• Examples include invoices from suppliers for inventory purchases or services rendered

Golden rules are basic principles or guidelines that are considered essential or fundamental in a particular field or subject.

• Golden rules are foundational principles that serve as a basis for decision-making and actions.

• They are often universally accepted and followed within a specific context.

• Examples include 'Treat others as you would like to be treated' in ethics and 'Debit the receiver, credit the giver' in accounting.

An invoice is a document sent by a seller to a buyer, detailing the products or services provided and the amount due. The process involves receiving, verifying, and paying invoices.

• An invoice is a bill or statement sent by a seller to a buyer, requesting payment for goods or services provided.

• The invoice typically includes details such as the quantity, description, price, and total amount due.

• The process of accounts payable involves receiving invoices, verifying the accuracy ...read more

Procure to pay is the process of obtaining goods or services from a vendor, including requisition, purchase order, receiving, invoice approval, and payment.

• Procure to pay involves the entire process from requesting goods or services to making the payment to the vendor.

• It typically includes steps such as requisitioning, creating purchase orders, receiving goods or services, approving invoices, and making payments.

• Efficient procure to pay processes help organizations manage the...read more

The 3 golden accounting principles are consistency, conservatism, and materiality.

• Consistency: Accounting methods and procedures should be consistent from one period to another.

• Conservatism: When in doubt, accountants should choose the option that is least likely to overstate assets and income.

• Materiality: Only significant items should be recorded in the financial statements.

An invoice is a document sent by a seller to a buyer, detailing the products or services provided and the amount due.

• An invoice typically includes the seller's contact information, the buyer's contact information, a list of products or services provided, quantities, prices, and total amount due.

• Invoices are used in business transactions to request payment for goods or services rendered.

• They serve as a record of the transaction and can be used for accounting and tax purposes.

Genpact is a global professional services firm specializing in digital transformation, finance and accounting, and analytics.

• Global professional services firm

• Specializes in digital transformation, finance and accounting, and analytics

• Offers services such as accounts payable processing, invoice processing, and vendor management

An invoice is a document sent by a seller to a buyer that specifies the amount and cost of products or services provided.

• An invoice is a commercial document that itemizes a transaction between a buyer and a seller.

• It typically includes the quantity of goods or services, their price, and any applicable taxes or discounts.

• Invoices are used in accounting to track sales and payments, and for tax purposes.

• Examples of invoices include bills from utility companies, receipts from onl...read more

PTP cycle stands for Procure-to-Pay cycle, which is the process of obtaining and paying for goods and services.

• PTP cycle involves requisitioning, purchasing, receiving, approving, and paying for goods and services.

• It starts with the need for a product or service, followed by the creation of a purchase order, receipt of goods or services, invoice processing, and payment.

• Efficient PTP cycle helps in managing cash flow, controlling costs, and maintaining good vendor relationship...read more

2 way match is a process in accounts payable where the invoice is matched with the purchase order and receiving report.

• In a 2 way match, the invoice is compared to the purchase order to ensure the prices and quantities match.

• The receiving report is also checked to confirm that the goods or services were received as stated on the invoice.

• Any discrepancies between the invoice, purchase order, and receiving report are investigated and resolved before payment is made.

Accounts payable is the amount of money a company owes to its suppliers or vendors for goods or services purchased on credit.

• Accounts payable represents the company's short-term liabilities.

• It is recorded as a current liability on the balance sheet.

• Accounts payable is typically paid within a certain period, often 30 to 90 days.

• Examples of accounts payable include invoices from suppliers for inventory purchases or services rendered.

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

• The three golden rules of accounting are: 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 financial transactions are accurately recorded and classified.

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

Women employment uses various strategies to promote gender diversity and inclusion in the workplace.

• Implementing equal pay policies to ensure fair compensation for women employees

• Offering flexible work arrangements to support work-life balance

• Providing leadership development programs to empower women in the workforce

• Creating a supportive and inclusive company culture to attract and retain female talent