HCLTech Ptp Analyst Interview Questions, Process, and Tips

It was tough but I made it ... Just stick to your concepts related to AP.

Q1. What is AP, state its process?
Ans. 
AP stands for Accounts Payable, it is the process of managing and recording all outgoing payments for a company.
• AP involves receiving and verifying invoices from vendors

• Processing payments to vendors in a timely manner

• Reconciling accounts payable transactions

• Maintaining accurate records of all transactions

• Ensuring compliance with company policies and procedures

• Example: Receiving an invoice from a supplier, verifying th...read more
Answered by AI
Add your answer
Q2. What is reconciliation?
Ans. 
Reconciliation is the process of comparing two sets of records to ensure they are in agreement and accurate.
• Reconciliation involves identifying discrepancies between the two sets of records.

• It is commonly used in financial accounting to ensure that the company's financial statements are accurate.

• Reconciliation can also be used in other areas such as inventory management and bank statements.

• Examples include reconciling ...read more
Answered by AI
Add your answer
Q3. What is 3 way match?
Ans. 
3 way match is a process in procurement where the purchase order, goods receipt, and invoice are matched to ensure accuracy.
• Involves matching the purchase order with the goods receipt and invoice

• Ensures that the quantity, price, and terms on the invoice match the purchase order and goods receipt

• Helps prevent overpayment or payment for goods not received

• Common practice in accounts payable to verify transactions
Answered by AI
Add your answer
Q4. What is checked into 3 way match?
Ans. 
In a 3 way match, the purchase order, invoice, and receiving report are checked to ensure they all match.
• Purchase order details

• Invoice details

• Receiving report details
Answered by AI
Add your answer
Q5. What is Purchase order?
Ans. 
A purchase order is a document issued by a buyer to a seller, indicating types, quantities, and agreed prices for products or services.
• A purchase order is a legally binding document

• It outlines the details of the products or services being purchased

• It includes quantities, prices, delivery dates, and terms of payment

• It serves as a record of the transaction between the buyer and seller
Answered by AI
Add your answer
Q6. What is Direct and indirect expenses?
Ans. 
Direct expenses are costs directly related to producing goods or services, while indirect expenses are costs not directly tied to production.
• Direct expenses include raw materials, labor, and manufacturing costs.

• Indirect expenses include rent, utilities, and administrative salaries.

• Direct expenses can be easily traced to a specific product or service, while indirect expenses support the overall business operation.

• Direct...read more
Answered by AI
Add your answer
Q7. Examples of indirect expenses?
Ans. 
Indirect expenses are costs that are not directly tied to the production of a specific product or service.
• Overhead costs such as rent, utilities, and insurance

• Administrative expenses like salaries for non-production employees

• Marketing and advertising expenses

• Depreciation of assets

• Interest on loans
Answered by AI
Add your answer