Pretium Enterprise Operations Accounts Payable Associate Interview Questions and Answers

Q1. Golden rules of accounting
Ans. 
The golden rules of accounting are basic principles that guide the process of recording financial transactions.
• There are three golden rules of accounting: Debit the receiver, Credit the giver; Debit what comes in, Credit what goes out; Debit expenses and losses, Credit income and gains.

• These rules help ensure that the accounting equation (Assets = Liabilities + Equity) remains balanced.

• For example, when a company recei...read more
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Q2. Types of accounting
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Types of accounting include financial accounting, management accounting, and tax accounting.
• Financial accounting focuses on recording and reporting financial transactions of a business.

• Management accounting involves providing information to help with internal decision-making.

• Tax accounting deals with tax-related matters such as tax returns and compliance.

• Other types include cost accounting, forensic accounting, and aud
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Q3. What is depreciation
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Depreciation is the allocation of the cost of a tangible asset over its useful life.
• Depreciation is a non-cash expense that reflects the decrease in value of an asset over time.

• It is used to spread out the cost of an asset over its useful life instead of expensing it all at once.

• Common methods of calculating depreciation include straight-line, double-declining balance, and units of production.

• Examples of depreciable as...read more
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5 topics 5 tests were there during the assessment

Q1. Everything related to accounts payble
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Q2. Steps in procure to pay
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Procure to pay is the process of obtaining goods or services from a vendor, receiving and approving the invoice, and making payment.
• Identify need for goods or services

• Obtain quotes or proposals from vendors

• Create purchase order

• Receive goods or services

• Approve invoice for payment

• Make payment to vendor
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Q1. Self Introduction
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Q2. Previous role and JD
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Q3. Flexible with night shift
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Yes, I am flexible with night shifts and have previous experience working during those hours.
• I have no issues working night shifts and can adjust my schedule accordingly.

• I have worked night shifts in my previous job and have experience handling tasks during those hours.

• I understand the importance of being available during night shifts to ensure smooth operations.
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Q1. Self Introduction
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Q2. Journal entries
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Q3. Previously used SAP T-codes
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I have experience using SAP T-codes such as F-43, FB60, and MIRO.
• F-43 is used for entering a payment with reference

• FB60 is used for entering invoices

• MIRO is used for entering vendor invoices
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Q4. Asked about AP cycle
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Q5. What is Bad dept
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Bad debt refers to money owed to a company that is unlikely to be paid back by the debtor.
• Bad debt is an uncollectible amount that a company has deemed as unlikely to be recovered.

• It is recorded as an expense on the company's income statement.

• Companies may write off bad debts to remove them from accounts receivable.

• Examples include customers who have declared bankruptcy or are insolvent.
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Q6. What is good will
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Goodwill is an intangible asset that represents the value of a company's reputation, brand, and customer relationships.
• Goodwill is recorded on a company's balance sheet when it acquires another company for a price higher than the fair market value of its net assets.

• It is considered an intangible asset because it cannot be physically measured or touched.

• Goodwill can be impaired if the value of the acquired company decre...read more
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Q7. Asked basic accounting questions
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Q1. Screening round about Total experience, Current and Expected CC and Notice period.
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Q1. Self introduction
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Q2. What are the major challenges that you faced in posting invoices
Ans. 
Some major challenges in posting invoices include missing or incorrect information, duplicate invoices, and delays in approvals.
• Missing or incorrect information on invoices can lead to delays in processing.

• Identifying and handling duplicate invoices can be time-consuming and require additional verification.

• Delays in approvals from various departments or stakeholders can hold up the invoice posting process.
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Q3. About your previous companies experience
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Q1. TDS sections and percentage
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Q2. SAP Tcodes.
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Cognizant question so hard and easy

Q1. Tell me about Yourself?
Ans. 
I am a detail-oriented and organized individual with experience in accounts payable and a passion for accuracy.
• I have worked in accounts payable for X years, where I have gained experience in processing invoices, reconciling accounts, and communicating with vendors.

• I am skilled in using accounting software such as X and Y, and I am comfortable working with spreadsheets.

• I am a quick learner and am always looking for way...read more
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Q1. Problem solving questions
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Q1. Self introduction
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Q2. What is account payable
Ans. 
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 amount of money owed by a company to its suppliers or vendors

• It is typically short-term debt that must be paid within a certain period of time

• Examples include invoices from suppliers for inventory purchases or services rendered
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Q3. What is the golden rules of accounting
Ans. 
The golden rules of accounting are basic principles that guide the process of recording financial transactions.
• The golden rules include: Debit what comes in, Credit what goes out; Debit the receiver, Credit the giver; Debit expenses and losses, Credit income and gains.

• These rules help ensure that financial transactions are accurately recorded and classified in the accounting system.

• For example, when a company receives ...read more
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Q4. What is 2 way match and 3 way match
Ans. 
2 way match and 3 way match are methods used in accounts payable to ensure accuracy in invoicing and payment.
• 2 way match involves matching the invoice to the purchase order

• 3 way match involves matching the invoice to the purchase order and receiving report

• Helps prevent overpayment or underpayment

• Ensures that the goods or services were received as per the agreement
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There are 5 subjects in the assessment and as far as my knowledge you get 2 or 3 attempts to clear those. You need to get 80 percent in all subject in order to qualify for round 2.