20+ Intertrust Technologies Interview Questions and Answers

Answers to common accounting questions including financial, cost, and management accounting, as well as ratios and golden rules.

• Financial accounting is the process of recording, summarizing, and reporting financial transactions of a business.

• Cost accounting involves analyzing the costs of producing a product or service to help with decision-making and cost control.

• Management accounting provides financial information to help with planning, controlling, and decision-making with...read more

Answers to common accounts payable terms

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

• 3 way match: matching the invoice to the purchase order and receipt of goods

• P2P cycle: Procure to Pay cycle, the process of purchasing goods or services

• Purchase requisition: a document used to request goods or services

• Invoice: a bill for goods or services received

• Purchase order: a document used to order goods or services

JE tracker is a tool used in accounting to record journal entries and their details.

• JE tracker stands for Journal Entry tracker.

• It is used to record journal entries and their details such as date, account name, debit/credit amount, and description.

• It helps in tracking and managing journal entries for accurate financial reporting.

• Examples of information recorded in JE tracker include adjusting entries, accruals, and deferrals.

Sales returns are products that customers return to the company for various reasons.

• Sales returns refer to the products that customers return to the company.

• These returns can occur due to various reasons such as product defects, customer dissatisfaction, or incorrect shipments.

• Sales returns are recorded as a reduction in revenue and accounts receivable.

• They are typically accompanied by a credit memo or refund to the customer.

• Examples of sales returns include returning a fault...read more

JE tracker is a tool used to record journal entries and related information in accounting.

• JE tracker stands for Journal Entry tracker.

• It is used to record journal entries in accounting.

• It helps in tracking the source, date, and amount of each journal entry.

• It also records the accounts affected by the journal entry.

• JE tracker is an important tool for maintaining accurate financial records.

A set of questions related to accounting and finance.

• Tax is a mandatory financial charge imposed by the government on income, goods, and services.

• GRN stands for Goods Receipt Note, which is a document that confirms the receipt of goods from a supplier.

• The process refers to the steps involved in completing a task or achieving a goal.

• Credit sales are transactions where the customer buys goods or services on credit and pays later.

• Debit sales are transactions where the payment is...read more

Accounts where financial transactions are recorded and classified according to the nature of the transaction.

• Accounts are used to keep track of financial transactions

• They are classified based on the nature of the transaction

• Examples include accounts payable, accounts receivable, and cash accounts

P2P stands for Procure-to-Pay, a process that involves purchasing goods or services and paying for them.

• P2P involves the entire procurement process from identifying the need for goods or services to paying for them

• It includes activities such as requisitioning, purchasing, receiving, and invoicing

• P2P aims to streamline the procurement process, reduce costs, and improve efficiency

• Examples of P2P software include SAP Ariba, Coupa, and Oracle Procurement Cloud

AP is Accounts Payable, P2P Cycle is Procure to Pay Cycle, Golden Rules of Accounting are basic principles of accounting.

• AP is the process of managing and paying invoices from vendors or suppliers.

• P2P Cycle is the process of procuring goods or services and paying for them.

• Golden Rules of Accounting are basic principles of accounting that govern the preparation of financial statements.

• The three golden rules of accounting are: Debit what comes in, Credit what goes out; Debit th...read more

Debit net refers to the total amount of debits in a financial transaction.

• Debit net is the sum of all debits in a financial transaction.

• It is used to calculate the total amount owed by a company or individual.

• For example, if a company has $100 in debits and $50 in credits, the debit net would be $50.

• Debit net is important in accounting and financial management.

The 3 way machine is a tool used in accounts payable to match purchase orders, invoices, and receiving reports.

• The machine compares the three documents to ensure accuracy and prevent fraud.

• It helps to identify discrepancies and resolve them before payment is made.

• For example, if the invoice amount is higher than the purchase order amount, the machine will flag the discrepancy for review.

• The 3 way machine is an important tool in maintaining the integrity of the accounts payabl...read more

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

• P2P involves the entire process from requisition to payment

• It includes activities such as vendor selection, purchase order creation, invoice processing, and payment

• P2P aims to streamline the purchasing process and ensure timely and accurate payments

• Examples of P2P software include SAP Ariba, Coupa, and Basware

Purchase orders can be categorized into standard, blanket, planned, and contract types.

• Standard purchase orders are used for one-time purchases.

• Blanket purchase orders are used for recurring purchases over a period of time.

• Planned purchase orders are used for future purchases based on a forecast.

• Contract purchase orders are used for purchases based on a long-term agreement.

• Examples: Standard - office supplies, Blanket - maintenance services, Planned - raw materials, Contract ...read more

A credit note is a document issued by a seller to a buyer, indicating that a certain amount has been credited to the buyer's account.

• It is a document issued by a seller to a buyer

• It indicates that a certain amount has been credited to the buyer's account

• It is usually issued when there is an overpayment or a return of goods

• It serves as a proof of the transaction and helps in reconciling accounts

I carefully review all documents to identify and resolve discrepancies.

• Compare the purchase order details with the invoice and receipts to identify any discrepancies

• Communicate with vendors or suppliers to clarify any discrepancies and request corrected invoices if necessary

• Work closely with the procurement team to ensure accurate documentation and resolve any issues promptly

P2P stands for Procure to Pay, which is the process of obtaining and paying for goods and services.

• P2P Cycle involves the steps from requisitioning goods/services to making payment for them.

• A pivot table is a data summarization tool in Excel that allows for quick analysis and comparison of data.

• SAP T Codes are transaction codes used in SAP software to access specific functions or perform specific tasks.

• PO based invoice processing involves matching invoices to purchase orders,...read more

3 way matching is a process of matching purchase orders, receipts, and invoices to ensure accuracy and prevent fraud.

• It involves comparing the purchase order to the goods receipt to the invoice

• All three documents must match in terms of quantity, price, and product description

• It helps to prevent overpayment, underpayment, and duplicate payments

• For example, if a company orders 100 units of a product, receives 90 units, and is invoiced for 100 units, the discrepancy will be caug...read more

3 way process is a method of matching purchase orders, receiving reports, and vendor invoices.

• It ensures that the goods or services ordered were received and the invoice matches the purchase order and receiving report.

• If all three documents match, the invoice is approved for payment.

• If there are discrepancies, the invoice is sent back to the vendor for correction.

• This process helps prevent overpayment and ensures accurate financial records.

• For example, if a company orders 100...read more

PO is a purchase order issued by the buyer to the seller, while an invoice is a bill issued by the seller to the buyer for goods or services provided.

• PO is issued before the goods or services are received, while an invoice is issued after the goods or services are provided.

• PO specifies the details of the goods or services to be purchased, while an invoice specifies the amount to be paid for the goods or services provided.

• PO is used to track the delivery of goods or services, ...read more

PO stands for Purchase Order.

• PO stands for Purchase Order, which is a document issued by a buyer to a seller, indicating the type, quantity, and agreed price for products or services.

• It serves as a contract between the buyer and seller, outlining the terms of the transaction.

• POs are used in business to streamline the purchasing process and ensure accurate record-keeping.

• Example: A company issues a PO to a supplier for 100 units of a specific product at a set price.

• Example: Th...read more

I have 8 years of experience in accounts payable roles.

• I have worked in accounts payable for 8 years

• Managed vendor relationships and processed invoices

• Implemented process improvements to increase efficiency

• Led a team of AP specialists to ensure timely payments

Depreciation is the allocation of the cost of a tangible asset over its useful life.

• Depreciation is a non-cash expense that reduces the value of an asset over time.

• It reflects the wear and tear, obsolescence, or decrease in value of the asset.

• Common methods of calculating depreciation include straight-line, double-declining balance, and units of production.

• Example: A company purchases a delivery truck for $50,000 with a useful life of 5 years. Using straight-line depreciation...read more

Miscellaneous account is a general ledger account used to record transactions that do not fit into any other specific category.

• Miscellaneous account is often used for one-time or infrequent transactions that do not have a designated account.

• It helps in keeping the main accounts organized by preventing clutter with unique transactions.

• Examples of transactions that may be recorded in a miscellaneous account include bank fees, donations, or unusual expenses.

Bad debt refers to money owed by a debtor that is unlikely to be paid back, resulting in a loss for the creditor.

• Bad debt occurs when a customer fails to pay their outstanding balance within a reasonable timeframe.

• It is typically written off as a loss on the creditor's financial statements.

• Examples include unpaid invoices, defaulted loans, and unrecoverable credit card debt.

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 description of the products or services provided, the quantity, the price, and the total amount due.

• Invoices are used in business transactions to request payment from the buyer for the products or services provided.

• Invoices can be issued in various formats, such a...read more

BP stands for Blood Pressure, which is the force of blood against the walls of the arteries as the heart pumps it around the body.

• BP is measured in millimeters of mercury (mmHg) and is recorded as two numbers - systolic pressure (top number) and diastolic pressure (bottom number).

• Normal blood pressure is typically around 120/80 mmHg.

• High blood pressure (hypertension) is a common condition that can lead to serious health issues if left untreated.

• Low blood pressure (hypotension...read more

Types of PO include Standard PO, Blanket PO, Contract PO, Planned PO, and Service PO.

• Standard PO: Used for one-time purchases

• Blanket PO: Used for recurring purchases over a period of time

• Contract PO: Used for purchases based on a specific contract

• Planned PO: Used for long-term planning of purchases

• Service PO: Used for services rather than physical goods

Accounts Payable Executive

• Accounts Payable Executive

• Senior Accounts Payable Specialist

• Accounts Payable Manager