Wood Group Interview Questions, Process, and Tips for Experienced

Accounts Payable is the amount of money 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 that have been received but not yet paid.

• It is important to manage accounts payable to maintain good relationships with vendors and avoid late fees or penalties.

• Examples of accounts payable include rent, utilities, and inventory p

Accounts Payable Cycle is the process of managing and paying a company's bills and invoices.

• It involves receiving invoices from vendors

• Verifying the accuracy of the invoices

• Recording the invoices in the accounting system

• Approving the invoices for payment

• Issuing payment to the vendors

• Reconciling vendor statements

• The cycle starts with the purchase order and ends with the payment to the vendor

• The goal is to ensure timely ...read more

Accounts Payable is mentioned under Current Liabilities in the Balance Sheet.

• Accounts Payable represents the amount owed by a company to its suppliers or vendors for goods or services received but not yet paid for.

• It is listed under Current Liabilities as it is expected to be paid within a year.

• Accounts Payable is an important metric for analyzing a company's liquidity and cash flow.

• Example: If a company has a high acc...read more

Accrued income refers to the income that has been earned but not yet received.

• It is recorded as a current asset in the balance sheet

• It is recognized as revenue in the income statement

• Examples include interest income, rent income, and dividend income

• It is usually recorded using the accrual accounting method