SBL Knowledge Services Interview Questions and Answers

Source-to-Pay (S2P) process is a set of activities involved in procuring goods and services from identifying suppliers to making payments.

• Involves sourcing suppliers and negotiating contracts

• Includes requisitioning, ordering, receiving, and invoicing

• Ensures compliance with procurement policies and regulations

• Can involve e-procurement tools and platforms for efficiency

• Example: A company using an e-procurement system to streamline the S2P process

A trial balance is used to ensure that the debits and credits in a company's accounting system are equal.

• A trial balance is a list of all the general ledger accounts and their balances.

• It is prepared at the end of an accounting period to check the accuracy of the recorded transactions.

• The purpose of a trial balance is to identify any errors or discrepancies in the accounting records.

• If the debits and credits in the trial balance are not equal, it indicates that there is an er...read more

Accounting errors refer to mistakes made in financial records that can impact the accuracy of financial statements.

• Accounting errors can include mathematical errors, such as incorrect addition or subtraction.

• Errors in recording transactions, such as omitting or duplicating entries, can also be accounting errors.

• Misclassification of expenses or revenues can lead to accounting errors.

• Errors in applying accounting principles or policies can result in accounting errors.

• Examples o...read more

BRS stands for Bank Reconciliation Statement, which is a document that compares a company's bank records with its own accounting records.

• BRS helps to identify any discrepancies between the two sets of records

• It ensures that all transactions are accurately recorded and that no fraudulent activity has occurred

• BRS is typically prepared on a monthly basis

• Example: If a company's bank statement shows a deposit of $1000, but the company's accounting records only show a deposit of $9...read more

Tcodes are transaction codes used in SAP to perform various tasks, including GL clearing.

• Tcodes such as F-03, F-03, F-04, and F-07 are commonly used for GL clearing in SAP.

• GL clearing involves reconciling open items in the general ledger accounts.

• Users can enter specific parameters such as company code, document number, and posting date to clear GL items.

• GL clearing helps in maintaining accurate financial records and ensuring proper accounting practices.