Transcon Impex Accounts Payable Interview Questions and Answers

Q1. What is accounts 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 represents a company's short-term debts to suppliers or vendors.

• It is recorded as a liability on the balance sheet.

• Accounts payable is typically paid within a certain period, often 30, 60, or 90 days.

• Examples include invoices from suppliers for inventory purchases or services ren
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Q1. General entries for accounts
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Q2. Golden rule of account
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The golden rule of accounting is to debit the receiver and credit the giver.
• Debit the account that receives something

• Credit the account that gives something

• Maintains the balance sheet equation of assets = liabilities + equity

• Example: Debit cash account when receiving cash, credit accounts payable when paying a vendor
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Q1. Salary expectation they asked
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Q1. What is accounts what is cost accounts
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Accounts payable is the amount a company owes to its suppliers for goods and services purchased on credit. Cost accounts are used to track the costs associated with producing goods or services.
• Accounts payable is a liability on the balance sheet representing the amount a company owes to its suppliers.

• Cost accounts are used to track the costs incurred in producing goods or services, including direct materials, labor, an...read more
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