Patra Corporation Operations 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

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

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

• It includes invoices, bills, and other expenses that are yet to be paid.

• AP is managed by the accounting department and is an important part of cash flow management.

• Example: If a company purchases raw materials from a supplier on credit, the amount owed to the...read more