Mackay Communications Accounts Payable Executive Interview Questions and Answers

Q1. Difference Between PO and Non PO
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PO is a purchase order issued by a buyer to a seller, specifying the products or services to be purchased. Non-PO is an invoice without a purchase order.
• PO is a formal document that authorizes a purchase transaction, while Non-PO is an invoice submitted by a vendor for payment without a purchase order.

• POs are typically used for larger purchases or ongoing agreements, while Non-PO invoices are used for one-time purchase...read more
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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 can you tell me about accounts payable?
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Q2. What are the three golden rules of accounting?
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Q3. What is the PTP (Procure-to-Pay) cycle?
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Q4. What do you consider to be your strengths?
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Q5. Are you currently working in accounts payable?
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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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