Accounts Payable Specialist Interview Questions and Answers

Accounts payable is a financial process that involves tracking and managing a company's outstanding invoices and payments.

• Accounts payable refers to the money a company owes to its vendors or suppliers for goods or services received.

• It involves recording and tracking invoices, making payments, and maintaining accurate financial records.

• Accounts payable is a liability on the company's balance sheet.

• Example: When a company receives an invoice from a supplier, it is recorded as ...read more

Accounts payable is money owed by a company to its suppliers, while accounts receivable is money owed to a company by its customers.

• Accounts payable refers to the money a company owes to its suppliers for goods or services received.

• Accounts receivable refers to the money owed to a company by its customers for goods or services provided.

• Debit note is a document issued by a buyer to a seller to request a credit against an overpayment or return of goods.

• Credit note is a document...read more

Accounts payable refers to the amount of money a company owes to its suppliers or vendors for goods or services received.

• Accounts payable is a liability on the balance sheet.

• It represents the company's short-term obligations to pay for goods or services.

• It includes invoices, bills, and other payment obligations.

• Accounts payable is typically recorded when goods or services are received, but payment has not yet been made.

• Examples of accounts payable include utility bills, inven...read more

I have experience with three types of ERP software.

• I have experience with SAP ERP software.

• I have experience with Oracle ERP software.

• I have experience with Microsoft Dynamics ERP software.

Accrual is the process of recognizing expenses and revenues before they are actually paid or received.

• Accrual is a key concept in accounting where expenses and revenues are recorded when they are incurred, not when cash is exchanged.

• Golden Rules of Accounting are rules that guide the process of recording financial transactions, including rules like Debit the receiver, Credit the giver.

• PTP Cycle stands for Procure-to-Pay Cycle, which is the process of obtaining goods or servic...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 obligation to pay off short-term debts to suppliers or vendors.

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

• Accounts payable typically includes invoices, bills, and other payment requests from suppliers.

• The accounts payable process involves verifying invoices, obtaining approvals, and making paymen...read more

P2P process stands for Procure-to-Pay process, which involves the entire cycle of purchasing goods or services from a vendor to making payment.

• P2P process starts with the requisition of goods or services needed by a department.

• Once approved, a purchase order is created and sent to the vendor.

• Goods or services are received and matched with the purchase order and invoice.

• Invoices are then processed for payment, typically through the accounts payable department.

• Finally, payments...read more