Invoice Processor Interview Questions and Answers

Key points to check while processing invoices

• Verify accuracy of invoice details

• Check for correct pricing and quantities

• Ensure proper authorization and approval

• Match invoice to purchase order and receipt

• Confirm vendor information and payment terms

Golden rules of accounting are basic principles to be followed while recording financial transactions.

• Debit the receiver and credit the giver

• Debit what comes in and credit what goes out

• Debit expenses and losses and credit income and gains

Diminishing balance method is a depreciation method that charges a higher rate of depreciation in the early years of an asset's life.

• Also known as reducing balance method

• Depreciation rate is applied to the remaining book value of the asset

• Results in higher depreciation expense in early years and lower in later years

• Example: A company buys a machine for $10,000 with a useful life of 5 years and a salvage value of $1,000. Using 20% depreciation rate, the depreciation expense in...read more

CGST and SGST are taxes levied on intra-state supplies of goods and services in India.

• CGST stands for Central Goods and Services Tax and SGST stands for State Goods and Services Tax.

• Both taxes are levied on the same transaction, with CGST going to the central government and SGST going to the state government.

• The rates of CGST and SGST are usually equal and are determined by the GST Council.

• For example, if the GST rate on a product is 18%, then CGST and SGST will be 9% each.

Golden rules of accounting are basic principles that guide the process of recording financial transactions.

• The three golden rules of accounting are: Debit the receiver, Credit the giver; Debit what comes in, Credit what goes out; Debit all expenses and losses, Credit all incomes and gains.

• These rules help ensure that financial transactions are accurately recorded and balanced.

• For example, when a company receives cash from a customer, the cash account is debited (increased) an...read more

Accounts Payable (AP) refers to the money a company owes to its suppliers for goods and services received.

• AP is a crucial part of a company's financial management.

• It involves tracking and managing outstanding invoices.

• For example, if a company buys office supplies on credit, that amount is recorded in AP.

• AP helps maintain good relationships with suppliers by ensuring timely payments.

• Effective AP management can improve cash flow and financial stability.