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I appeared for an interview in Nov 2023.
P2P cycle refers to the Procure-to-Pay cycle, which is the process of obtaining and paying for goods and services.
Includes steps such as requisitioning, purchasing, receiving, invoicing, and payment
Involves creating purchase orders, receiving goods, matching invoices to purchase orders, and processing payments
Ensures that goods and services are obtained at the best possible price and paid for in a timely manner
2Way, 3Way, and 4Way match are methods used in accounts payable to ensure accuracy in matching invoices, purchase orders, and receiving documents.
2Way match involves matching the invoice with the purchase order to ensure the prices and quantities match.
3Way match involves matching the invoice with the purchase order and the receiving documents to ensure all three documents align.
4Way match involves matching the invoice...
Accounts payable is the amount of money a company owes to its suppliers or vendors for goods or services purchased on credit.
Accounts payable is a liability on the company's balance sheet.
It represents the amount of money the company owes for goods or services received but not yet paid for.
Accounts payable is typically recorded when an invoice is received from a supplier.
It is an important part of the company's working...
Vendor reconciliation is the process of comparing the vendor's records with the company's records to ensure accuracy and resolve any discrepancies.
Vendor reconciliation involves matching invoices, payments, and statements from the vendor with the company's records.
It helps in identifying any discrepancies such as missing invoices, overpayments, or underpayments.
The process ensures that the company is paying the correct...
I appeared for an interview before Feb 2024.
The P2P cycle refers to the process of procuring goods or services from a vendor, receiving and approving the invoice, and making payment.
The cycle starts with the procurement of goods or services from a vendor.
Once the goods or services are received, the invoice is generated and sent to the accounts payable department for approval.
After the invoice is approved, payment is made to the vendor.
The cycle ends with reconci...
The process of Accounts Payable involves receiving, verifying, and processing invoices for payment.
Receiving invoices from vendors
Verifying the accuracy of invoices against purchase orders and receipts
Obtaining approval for payment
Processing payments through the company's accounting system
Reconciling accounts payable sub-ledger with general ledger
GST and TDS compliance are essential in an AP position to ensure accurate tax reporting and adherence to government regulations.
Ensuring accurate calculation and timely payment of GST on vendor invoices
Deducting TDS as per government regulations on payments made to vendors
Maintaining proper documentation and records for GST and TDS compliance audits
Reconciling GST and TDS amounts with financial statements for reporting
The golden rule of accounting states that debit what comes in and credit what goes out.
Debit what comes in and credit what goes out
Assets = Liabilities + Equity
Revenue = Expenses + Net Income
Provisions are made to account for potential future expenses or losses that are uncertain but probable.
To account for potential future expenses or losses that are uncertain but probable
To ensure accurate financial reporting
To comply with accounting standards and regulations
To prevent understating liabilities or overestimating profits
To reflect a true and fair view of the company's financial position
Examples: Provision
Top trending discussions
I appeared for an interview in Jan 2021.
I want to join IFB because of its reputation for innovation and growth. In 10 years, I see myself as a successful leader within the company.
IFB's reputation for innovation and growth aligns with my career goals
I am excited about the opportunity to contribute to a dynamic team
In 10 years, I envision myself as a successful leader within IFB, driving strategic initiatives and mentoring others
I am currently working as a Senior Sales Executive in my current company.
Responsible for managing a team of sales representatives
Developing and implementing sales strategies to achieve targets
Building and maintaining relationships with key clients
Analyzing market trends and competitor activities
Preparing sales reports and presenting them to senior management
I applied via Walk-in and was interviewed before Apr 2020. There were 5 interview rounds.
Business growth in my area is steady and promising.
The local economy is thriving with new businesses opening up regularly.
Tourism is a major contributor to the growth of the area.
The government is investing in infrastructure to support business growth.
The population is growing, creating more demand for goods and services.
There is a strong sense of community support for local businesses.
Company culture is crucial for employee satisfaction, productivity, and retention.
Defines the company's values, beliefs, and behaviors
Shapes the work environment and employee experience
Impacts employee motivation, engagement, and performance
Influences recruitment, retention, and organizational success
Stock management involves monitoring and controlling inventory levels to ensure efficient operations.
Regularly monitoring inventory levels
Forecasting demand and adjusting stock levels accordingly
Implementing inventory control systems
Minimizing stockouts and overstocking
Analyzing sales data to optimize inventory levels
I applied via Naukri.com and was interviewed in May 2019. There were 3 interview rounds.
I applied via Company Website and was interviewed before Feb 2021. There was 1 interview round.
To make a purchase order, follow these steps:
Identify the need for the purchase
Determine the quantity and specifications of the item
Obtain quotes from vendors
Select a vendor and negotiate terms
Create the purchase order with vendor details, item details, and payment terms
Obtain approval from authorized personnel
Send the purchase order to the vendor
I appeared for an interview before Mar 2024, where I was asked the following questions.
based on 2 interviews
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based on 1 review
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