Campco Interview Questions and Answers

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

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 expenses are variable costs, while indirect expenses are ...read more

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 the details, processing the payment, and recording the trans...read more

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 bank statements with accounting records and reconciling in...read more

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

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