P2P Accounts Payable Executive

filter-iconFilter interviews by

10+ P2P Accounts Payable Executive Interview Questions and Answers

Updated 6 Jan 2025

Popular Companies

search-icon

Q1. What is the cost element and cost center?

Ans.

Cost element and cost center are key concepts in accounting for tracking and allocating costs within an organization.

  • Cost element refers to the specific types of costs incurred by an organization, such as materials, labor, or overhead.

  • Cost center is a specific department, team, or function within an organization that is responsible for incurring costs.

  • Cost elements are assigned to cost centers to track and allocate costs accurately.

  • Examples: Cost element - Direct materials, C...read more

Q2. What is account exact meaning of accounting?

Ans.

Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions of a business.

  • Accounting involves recording financial transactions such as sales, purchases, and payments.

  • It also includes summarizing and analyzing these transactions to produce financial statements like balance sheets and income statements.

  • Accounting helps in providing insights into the financial health of a business and making informed decisions.

  • There are different branches...read more

P2P Accounts Payable Executive Interview Questions and Answers for Freshers

illustration image

Q3. We cac explain the all accounts receivable and accounts payable

Ans.

Accounts receivable and accounts payable are two important aspects of a company's financial operations.

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

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

  • Accounts receivable is an asset on the balance sheet, while accounts payable is a liability.

  • Managing accounts receivable involves tracking payments from customers an...read more

Q4. How many we have currencies in sap?

Ans.

SAP supports over 160 currencies worldwide.

  • SAP supports over 160 currencies for global transactions.

  • Currencies can be configured in SAP using transaction code OB22.

  • Each currency is assigned a unique currency code (e.g. USD for US Dollar, EUR for Euro).

Are these interview questions helpful?

Q5. How many variance in sap?

Ans.

The number of variances in SAP can vary depending on the specific processes and transactions being analyzed.

  • The number of variances in SAP can be influenced by factors such as data entry errors, system glitches, or discrepancies in invoice processing.

  • Variances in SAP may be identified through reconciliation processes, exception reports, or manual reviews of accounts payable transactions.

  • Examples of variances in SAP include mismatches between purchase orders and invoices, inco...read more

Q6. What is acount payable with process

Ans.

Accounts payable process involves managing and recording financial obligations to vendors and suppliers.

  • Accounts payable process includes receiving invoices from vendors and verifying them for accuracy

  • The process also involves obtaining approvals for payments and issuing payments to vendors

  • It is important to maintain accurate records of all transactions and ensure timely payments to avoid late fees or penalties

  • Automation of accounts payable process can improve efficiency and ...read more

Share interview questions and help millions of jobseekers 🌟

man-with-laptop

Q7. How to create general entry?

Ans.

General entries are created to record financial transactions in the accounting system.

  • Identify the accounts involved in the transaction

  • Determine whether it is a debit or credit entry for each account

  • Ensure that the total debits equal the total credits

  • Record the entry in the general ledger

Q8. How to posting po invoice?

Ans.

Posting PO invoice involves matching the invoice to the purchase order and receipt, entering the invoice details into the accounting system, and approving for payment.

  • Match the invoice to the purchase order and receipt to ensure accuracy

  • Enter the invoice details such as invoice number, date, amount, and vendor information into the accounting system

  • Verify that the goods or services were received and are in accordance with the purchase order

  • Obtain necessary approvals for paymen...read more

Q9. What is golden rules?

Ans.

Golden rules are basic principles or guidelines that are considered essential or fundamental in a particular field or context.

  • Golden rules are foundational principles that serve as a guide for decision-making and behavior.

  • They are often universally accepted and are considered essential for success.

  • Examples of golden rules include 'treat others as you would like to be treated' and 'honesty is the best policy.'

Q10. How many types of projects

Ans.

There are various types of projects, including internal projects, external projects, research projects, and development projects.

  • Internal projects focus on improving processes within the organization.

  • External projects involve working with external partners or clients.

  • Research projects aim to gather data and analyze findings.

  • Development projects focus on creating new products or services.

  • Examples: IT system implementation project, marketing campaign project, new product develo...read more

Q11. Types of invoice should be processed

Ans.

Various types of invoices should be processed in P2P Accounts Payable.

  • Purchase invoices for goods and services

  • Expense invoices for employee reimbursements

  • Utility invoices for electricity, water, etc.

  • Rent invoices for office space

  • Tax invoices for government taxes

  • Credit memos for returns or adjustments

  • Intercompany invoices for transactions between company entities

Q12. WHAT ARE GOLDEN RULES OF ACCOUNTING

Ans.

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

  • The Golden Rule of Debit and Credit: For every debit entry, there must be a corresponding credit entry.

  • The Golden Rule of Real Accounts: Debit what comes in, credit what goes out.

  • The Golden Rule of Personal Accounts: Debit the receiver, credit the giver.

  • The Golden Rule of Nominal Accounts: Debit all expenses and losses, credit all incomes and gains.

Q13. What is PTP cycle?

Ans.

PTP cycle stands for Procure-to-Pay cycle, which is the process of obtaining goods or services from a vendor to making a payment for them.

  • PTP cycle involves requisitioning, purchasing, receiving, invoicing, and payment processes.

  • It starts with a purchase requisition, followed by purchase order creation, goods receipt, invoice receipt, and ends with payment to the vendor.

  • The cycle ensures that goods or services are received, invoices are accurate, and payments are made in a ti...read more

Q14. What is account

Ans.

An account is a record of financial transactions for a specific asset, liability, equity, revenue, or expense.

  • An account is used to track the financial activity related to a specific category.

  • Accounts are typically organized in a chart of accounts, which groups similar accounts together.

  • Examples of accounts include cash, accounts payable, revenue, and expenses.

  • Each account has a unique account number for identification purposes.

Q15. JOURNAL ENTRY FOR SALES IN AN COMPANY

Ans.

Journal entry for sales in a company involves debiting accounts receivable and crediting sales revenue.

  • Debit accounts receivable to recognize the amount owed by customers for goods or services sold

  • Credit sales revenue to recognize the revenue earned from the sale

  • Ensure the journal entry follows the double-entry accounting system

Q16. Sap T codes with explanations

Ans.

SAP T codes are transaction codes used in SAP systems to execute specific functions.

  • SAP T codes are alphanumeric codes that represent specific functions in SAP systems.

  • They are used to execute various tasks such as creating, modifying, or deleting data in SAP modules.

  • Each SAP module has its own set of T codes, such as FI for financial accounting or MM for materials management.

  • Examples of SAP T codes include FB01 for creating a financial document, ME21N for creating a purchase...read more

Q17. The P2P process

Ans.

The P2P process involves the entire cycle of purchasing goods or services, receiving and approving invoices, and making payments.

  • P2P stands for Procure-to-Pay, which is a process that covers requisitioning, purchasing, receiving, paying for, and accounting for goods and services.

  • It starts with a purchase requisition, followed by purchase order creation, goods receipt, invoice receipt, invoice approval, and payment processing.

  • Efficient P2P processes help organizations streamli...read more

Interview Tips & Stories
Ace your next interview with expert advice and inspiring stories

Interview experiences of popular companies

3.8
 • 8.1k Interviews
3.6
 • 7.5k Interviews
3.6
 • 941 Interviews
4.1
 • 235 Interviews
4.1
 • 175 Interviews
4.1
 • 162 Interviews
3.1
 • 3 Interviews
View all

Calculate your in-hand salary

Confused about how your in-hand salary is calculated? Enter your annual salary (CTC) and get your in-hand salary

Recently Viewed
LIST OF COMPANIES
Discover companies
Find best workplace
DESIGNATION
DESIGNATION
DESIGNATION
DESIGNATION
DESIGNATION
P2P Accounts Payable Executive Interview Questions
Share an Interview
Stay ahead in your career. Get AmbitionBox app
qr-code
Helping over 1 Crore job seekers every month in choosing their right fit company
65 L+

Reviews

4 L+

Interviews

4 Cr+

Salaries

1 Cr+

Users/Month

Contribute to help millions

Made with ❤️ in India. Trademarks belong to their respective owners. All rights reserved © 2024 Info Edge (India) Ltd.

Follow us
  • Youtube
  • Instagram
  • LinkedIn
  • Facebook
  • Twitter