IBM Accounts Payable Associate Interview Questions and Answers

Q1. Golden rules of accounting
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The golden rules of accounting are basic principles that guide the process of recording financial transactions.
• There are three golden rules of accounting: Debit the receiver, Credit the giver; Debit what comes in, Credit what goes out; Debit expenses and losses, Credit income and gains.

• These rules help ensure that the accounting equation (Assets = Liabilities + Equity) remains balanced.

• For example, when a company recei...read more
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Q2. Types of accounting
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Types of accounting include financial accounting, management accounting, and tax accounting.
• Financial accounting focuses on recording and reporting financial transactions of a business.

• Management accounting involves providing information to help with internal decision-making.

• Tax accounting deals with tax-related matters such as tax returns and compliance.

• Other types include cost accounting, forensic accounting, and aud
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Q3. What is depreciation
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Depreciation is the allocation of the cost of a tangible asset over its useful life.
• Depreciation is a non-cash expense that reflects the decrease in value of an asset over time.

• It is used to spread out the cost of an asset over its useful life instead of expensing it all at once.

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

• Examples of depreciable as...read more
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5 topics 5 tests were there during the assessment

Q1. Everything related to accounts payble
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Q2. Steps in procure to pay
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Procure to pay is the process of obtaining goods or services from a vendor, receiving and approving the invoice, and making payment.
• Identify need for goods or services

• Obtain quotes or proposals from vendors

• Create purchase order

• Receive goods or services

• Approve invoice for payment

• Make payment to vendor
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Q1. Self Introduction
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Q2. Previous role and JD
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Q3. Flexible with night shift
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Yes, I am flexible with night shifts and have previous experience working during those hours.
• I have no issues working night shifts and can adjust my schedule accordingly.

• I have worked night shifts in my previous job and have experience handling tasks during those hours.

• I understand the importance of being available during night shifts to ensure smooth operations.
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Q1. Self Introduction
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Q2. Journal entries
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Q3. Previously used SAP T-codes
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I have experience using SAP T-codes such as F-43, FB60, and MIRO.
• F-43 is used for entering a payment with reference

• FB60 is used for entering invoices

• MIRO is used for entering vendor invoices
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Q4. Asked about AP cycle
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Q5. What is Bad dept
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Bad debt refers to money owed to a company that is unlikely to be paid back by the debtor.
• Bad debt is an uncollectible amount that a company has deemed as unlikely to be recovered.

• It is recorded as an expense on the company's income statement.

• Companies may write off bad debts to remove them from accounts receivable.

• Examples include customers who have declared bankruptcy or are insolvent.
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Q6. What is good will
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Goodwill is an intangible asset that represents the value of a company's reputation, brand, and customer relationships.
• Goodwill is recorded on a company's balance sheet when it acquires another company for a price higher than the fair market value of its net assets.

• It is considered an intangible asset because it cannot be physically measured or touched.

• Goodwill can be impaired if the value of the acquired company decre...read more
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Q7. Asked basic accounting questions
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Q1. Screening round about Total experience, Current and Expected CC and Notice period.
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Q1. Self introduction
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Q2. What are the major challenges that you faced in posting invoices
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Some major challenges in posting invoices include missing or incorrect information, duplicate invoices, and delays in approvals.
• Missing or incorrect information on invoices can lead to delays in processing.

• Identifying and handling duplicate invoices can be time-consuming and require additional verification.

• Delays in approvals from various departments or stakeholders can hold up the invoice posting process.
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Q3. About your previous companies experience
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Q1. Payslips Offer letter
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Q1. Urn nonominal account
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Q1. What is AP in sap explain
Ans. 
AP in SAP stands for Accounts Payable, which is a module in the SAP software that manages and tracks all financial transactions related to vendor invoices and payments.
• AP in SAP is responsible for recording and processing vendor invoices

• It manages the payment process and tracks outstanding payments

• AP in SAP integrates with other modules like General Ledger and Purchasing

• It helps in maintaining accurate financial record...read more
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Q2. What is ERP in sap ?
Ans. 
ERP stands for Enterprise Resource Planning. It is a software system used to manage business processes and data.
• SAP is an example of an ERP system.

• ERP systems integrate various business functions such as finance, HR, and supply chain management.

• ERP systems provide real-time data and analytics to help businesses make informed decisions.

• SAP ERP includes modules such as Financial Accounting, Sales and Distribution, and Ma
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Cognizant question so hard and easy