P2P Accounts Payable Executive

P2P Accounts Payable Executive Interview Questions and Answers for Freshers

Updated 16 Oct 2024

Popular Companies

Q1. 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

Q2. 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

Q3. 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

Q4. 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.'

Are these interview questions helpful?

Q5. 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

Q6. 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.

Share interview questions and help millions of jobseekers 🌟

Q7. 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