Accounts Payable

Accounts Payable Interview Questions and Answers

Updated 17 May 2024

Q1. What is invoice ,what is po what is brs trial balance and p& l account ,cash flow statement, subsidiary books , debt not and credit not, GAAP rules , differed tax...etc

Ans.

An invoice is a document requesting payment for goods or services, a PO is a purchase order, BRS is bank reconciliation statement, trial balance is a summary of all accounts, P&L account is a financial statement showing revenue and expenses, cash flow statement shows cash inflows and outflows, subsidiary books are records of specific transactions, debit note is a document for recording an increase in liability, credit note is a document for recording a decrease in liability, ...read more

View 5 more answers

Q2. What is your sort turm and long turm goal?

Ans.

My short-term goal is to become proficient in the accounts payable processes and systems. My long-term goal is to advance my career in the field and take on more responsibilities.

Short-term goal: Become proficient in accounts payable processes and systems
Short-term goal: Learn and adapt to the company's specific accounts payable procedures
Long-term goal: Advance career in the field of accounts payable
Long-term goal: Take on more responsibilities and contribute to process impr...read more

View 1 answer

Accounts Payable Interview Questions and Answers for Freshers

View all interview questions

Q3. 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 rendered.

View 3 more answers

Frequently asked in

Genpact

WNS

Q4. What is ment accountpayable

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 is a liability on the balance sheet
It represents the amount of money a company owes to its suppliers or vendors
It is typically recorded when goods or services are received before payment is made
Accounts Payable is an important part of the working capital management of a company

Are these interview questions helpful?

Q5. What is accounts what is cost accounts

Ans.

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, and overhead.
Examples of cost accounts include raw materials...read more

Q6. Golden rule of account

Ans.

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

Share interview questions and help millions of jobseekers 🌟

Q7. Explain the P2p cycle

Ans.

The P2P cycle, or procure-to-pay cycle, is the process of obtaining goods or services from a vendor and paying for them.

The cycle starts with the need for goods or services, followed by requisitioning and approval.
Next, the purchase order is created and sent to the vendor.
Goods or services are received and inspected, then an invoice is generated by the vendor.
The invoice is matched with the purchase order and receipt, approved for payment, and processed for payment.
Finally, t...read more