HGS Accounts Payable Associate Interview Questions, Process, and Tips

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1st rount they gave the sheet and in that sheet they ask accounting questions which we have to attend all the questions with correct answer.

Q1. What is accounts payable
Ans. 
Accounts payable refers to the amount of money a company owes to its suppliers or vendors for goods or services received.
• Accounts payable is a liability on the balance sheet.

• It represents the company's short-term obligations to pay for goods or services.

• It includes invoices, bills, and other payment requests from suppliers.

• Accounts payable is typically recorded when the goods or services are received, not when the paym...read more
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Q2. What is tds GST ect
Ans. 
TDS (Tax Deducted at Source) and GST (Goods and Services Tax) are tax systems used in India.
• TDS is a system where tax is deducted at the time of making certain payments such as salary, rent, etc.

• GST is a value-added tax levied on the supply of goods and services.

• TDS and GST are both important for ensuring tax compliance and revenue collection.

• TDS rates vary depending on the nature of payment and the income tax slab of ...read more
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Q3. What is accounts receivable
Ans. 
Accounts receivable refers to the money owed to a company by its customers for goods or services provided on credit.
• Accounts receivable is an asset on the balance sheet.

• It represents the amount of money that customers owe to the company.

• It is created when a company sells goods or services on credit terms.

• Accounts receivable is typically collected within a specified period, known as the credit period.

• Companies often sen...read more
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Q4. Explain P2P process
Ans. 
P2P process refers to the end-to-end cycle of purchasing goods or services, from requisition to payment.
• P2P stands for Procure-to-Pay.

• It involves several steps such as requisition, purchase order creation, goods receipt, invoice processing, and payment.

• The process ensures proper authorization, compliance, and timely payment to vendors.

• Automation and technology play a crucial role in streamlining the P2P process.

• For exa...read more
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Q5. Explain rcm concept
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Q6. Introduce yourself
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Q7. What is your strength and weakness
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