P2P Associate Interview Questions and Answers

Procure to pay cycle is the process of obtaining goods or services from a supplier to making payment for them.

• Includes steps like requisition, purchase order, goods receipt, invoice verification, and payment

• Involves multiple departments like procurement, finance, and accounts payable

• Ensures proper documentation and compliance with company policies and regulations

• Example: A company requests a purchase order for office supplies, receives the goods, verifies the invoice, and mak...read more

The accounting equation is Assets = Liabilities + Equity. Types of accounts include assets, liabilities, equity, revenue, and expenses.

• The accounting equation states that Assets = Liabilities + Equity.

• Assets are resources owned by the company, such as cash, inventory, and equipment.

• Liabilities are obligations of the company, such as loans and accounts payable.

• Equity represents the owner's claim on the assets of the business.

• Revenue accounts track income generated by the busin...read more

P2P (peer-to-peer) is a decentralized network where individuals can interact directly with each other without the need for a central authority. PO (purchase order) is a document issued by a buyer to a seller indicating types, quantities, and agreed prices for products or services.

• P2P networks allow users to share resources like files, computing power, or services directly with each other.

• POs are commonly used in business transactions to formalize the agreement between a buyer...read more