Mackay Communications Accounts Payable Executive Interview Questions and Answers

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Q1. Golden rules P2P releted questions
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Q1. Checks your English and kind of person you are.
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Q1. Some Basic Accounting Questions.
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Q1. Accounts fundamentals
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Q1. What is accounts payable
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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 balance sheet

• It represents the company's obligation to pay off short-term debts

• Typically includes invoices from suppliers for goods or services received

• Accounts payable turnover ratio is a key metric to measure efficiency in paying off debts
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Q1. What is the account s
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Accounts where financial transactions are recorded and classified according to the nature of the transaction.
• Accounts are used to keep track of financial transactions

• They are classified based on the nature of the transaction

• Examples include accounts payable, accounts receivable, and cash accounts
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Q2. What is the debit net
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Debit net refers to the total amount of debits in a financial transaction.
• Debit net is the sum of all debits in a financial transaction.

• It is used to calculate the total amount owed by a company or individual.

• For example, if a company has $100 in debits and $50 in credits, the debit net would be $50.

• Debit net is important in accounting and financial management.
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Q3. What’s the credit note
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A credit note is a document issued by a seller to a buyer, indicating that a certain amount has been credited to the buyer's account.
• It is a document issued by a seller to a buyer

• It indicates that a certain amount has been credited to the buyer's account

• It is usually issued when there is an overpayment or a return of goods

• It serves as a proof of the transaction and helps in reconciling accounts
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Q4. What is the 3 way machine
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The 3 way machine is a tool used in accounts payable to match purchase orders, invoices, and receiving reports.
• The machine compares the three documents to ensure accuracy and prevent fraud.

• It helps to identify discrepancies and resolve them before payment is made.

• For example, if the invoice amount is higher than the purchase order amount, the machine will flag the discrepancy for review.

• The 3 way machine is an importan...read more
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Q5. What is tax What is GRN What process What is credit sales What’s debit sale s
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A set of questions related to accounting and finance.
• Tax is a mandatory financial charge imposed by the government on income, goods, and services.

• GRN stands for Goods Receipt Note, which is a document that confirms the receipt of goods from a supplier.

• The process refers to the steps involved in completing a task or achieving a goal.

• Credit sales are transactions where the customer buys goods or services on credit and pa...read more
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Q6. What’s sales reruns What is purchesh reruns Who is a credited What is debit or
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Sales returns are products that customers return to the company for various reasons.
• Sales returns refer to the products that customers return to the company.

• These returns can occur due to various reasons such as product defects, customer dissatisfaction, or incorrect shipments.

• Sales returns are recorded as a reduction in revenue and accounts receivable.

• They are typically accompanied by a credit memo or refund to the cu...read more
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Q1. Walk me through your cv
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Q1. Accounts based question
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Q2. What is B2B process
Ans. 
B2B process refers to business-to-business transactions where one business sells products or services to another business.
• Involves transactions between two businesses

• Includes purchase orders, invoices, and payments

• Typically involves larger quantities and higher values compared to B2C transactions

• Examples: a manufacturer selling products to a retailer, a software company providing services to a corporation
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Q1. What is Credit Note and Debit Note ?
Ans. 
Credit Note is issued by a seller to a buyer for reducing the amount payable, while Debit Note is issued by a buyer to a seller for increasing the amount payable.
• Credit Note reduces the amount payable by the buyer to the seller.

• Debit Note increases the amount payable by the buyer to the seller.

• Credit Note is issued when there is an overcharge or return of goods.

• Debit Note is issued when there is an undercharge or addit...read more
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Q2. If i am paying you for the Raw Material in cash , what will you , Creditor or Debtor ?
Ans. 
Creditor, as the company is receiving cash for the raw material
• The company receiving the cash for the raw material is the Creditor

• The party paying for the raw material in cash is the Debtor

• Example: If a supplier pays cash for raw material, they are the Creditor and the company receiving the cash is the Debtor
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Q3. What is 3 way Matching rule ?
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3 way matching rule is a process in accounts payable where the purchase order, receiving report, and vendor invoice are compared to ensure accuracy.
• Involves matching the purchase order with the receiving report and vendor invoice

• Ensures that the quantities, prices, and terms on all three documents match

• Helps prevent errors, fraud, and discrepancies in payments

• Example: If a company orders 100 units of a product, receive...read more
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Q4. How to Book an Invoice and Purchase Order ?
Ans. 
To book an invoice and purchase order, you need to match the details on the invoice with the corresponding purchase order and enter them into the accounting system.
• Verify that the details on the invoice match the corresponding purchase order.

• Enter the invoice details into the accounting system, including the invoice number, date, amount, and payment terms.

• Match the invoice to the purchase order in the accounting system...read more
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Q5. What is p2p and its Flow ?
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P2P stands for Procure-to-Pay, which is the process of requisitioning, purchasing, receiving, paying for, and accounting for goods and services.
• P2P involves the entire procurement process from start to finish.

• It starts with a requisition for goods or services, followed by the purchase order, receipt of goods or services, invoice processing, and payment.

• The final step is accounting for the transaction in the company's f...read more
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