Uei Electronics Accounts Payable Executive Interview Questions, Process, and Tips

Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions of a business.

• Involves recording financial transactions

• Summarizing financial data into financial statements

• Analyzing financial information to make business decisions

• Reporting financial results to stakeholders

• Ensures compliance with financial regulations and standards

2&3 way matching is a process used in accounts payable to ensure that the purchase order, invoice, and receiving report all match.

• 2 way matching involves comparing the purchase order to the invoice to ensure they match in terms of quantity, price, and terms.

• 3 way matching adds the receiving report to the process, ensuring that the goods or services were received as specified in the purchase order before payment is made...read more

Types of accounts include asset, liability, equity, revenue, and expense accounts.

• Asset accounts - represent items of value owned by the company, such as cash, inventory, and equipment

• Liability accounts - represent debts or obligations owed by the company, such as loans and accounts payable

• Equity accounts - represent the owner's stake in the company, including investments and retained earnings

• Revenue accounts - track i...read more

Procure to pay is the process of obtaining goods or services from a vendor, including requisition, purchase order, receipt, invoice, and payment.

• Procure to pay involves the entire process of purchasing goods or services from a vendor.

• It typically includes steps such as requisitioning, creating a purchase order, receiving the goods or services, processing the vendor's invoice, and making payment.

• The process ensures that...read more

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 its suppliers.

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

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

• Examples of accounts payable include invoices from suppliers for inventory purchas