IGT Solutions Processing Executive Interview Questions and Answers

Accounts payable is the amount of money a company owes to its vendors or suppliers for goods or services received.

• Accounts payable is a liability account in the company's balance sheet.

• It includes invoices from vendors for goods or services received but not yet paid for.

• It is important to manage accounts payable to ensure timely payments and avoid late fees or damaged vendor relationships.

• Examples of accounts payable i...read more

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

• It is issued when goods are returned by the buyer or when the seller overcharges the buyer.

• It serves as a proof of the transaction and helps in maintaining accurate records.

• It includes details such as the date of issue, the name of the buyer and seller, the reason for issuing the cre...read more