Genpact Accounts Payable Associate Interview Questions, Process, and Tips

I am an experienced Accounts Payable Associate with a strong attention to detail and a track record of accuracy in processing invoices and payments.

• Experienced in processing invoices and payments

• Strong attention to detail

• Track record of accuracy

• Proficient in using accounting software

• Excellent organizational and time management skills

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

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 appe...read more

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 i...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, reso...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 incom...read more

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

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 =...read more

Yes, I am willing to work in Hyderabad.

• I am open to relocating to Hyderabad for this job opportunity.

• I am excited about the prospect of working in a new city and experiencing a different culture.

• I have researched about Hyderabad and believe it offers a conducive environment for professional growth.

• I am ready to adapt to the local work culture and contribute to the success of the company.

I have a Bachelor's degree in Accounting and 3 years of experience in accounts payable.

• Bachelor's degree in Accounting

• 3 years of experience in accounts payable

• Proficient in using accounting software such as QuickBooks

• Strong attention to detail and accuracy in processing invoices and payments

• Excellent organizational and time management skills

• Ability to work independently and meet deadlines

• Good communication and interper