P2P Process Associate

P2P Process Associate Interview Questions and Answers for Freshers

Updated 9 Jul 2024

Q1. Who is the father of accounting

Ans.

Luca Pacioli is considered the father of accounting.

Luca Pacioli, an Italian mathematician, is often credited as the father of accounting for his work in the 15th century.
He wrote a book called 'Summa de Arithmetica, Geometria, Proportioni et Proportionalita' which included a section on double-entry bookkeeping.
Double-entry bookkeeping is a foundational concept in accounting that Pacioli helped popularize.

Ans.

P2P stands for Procure-to-Pay, which is the process of requisitioning, purchasing, receiving, paying for, and accounting for goods and services.

P2P involves the entire cycle from requesting goods/services to paying for them.
It includes steps like requisitioning, purchase order creation, goods receipt, invoice processing, and payment.
P2P aims to streamline and automate the procurement process to improve efficiency and reduce costs.
It often involves software systems like ERP or...read more

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Depreciation is the allocation of the cost of a tangible asset over its useful life.

Depreciation is a non-cash expense that reduces the value of an asset over time.
It reflects the wear and tear, obsolescence, or decrease in value of the asset.
Common methods of calculating depreciation include straight-line, double declining balance, and units of production.
Example: A company purchases a delivery truck for $50,000 with a useful life of 5 years. Using straight-line depreciation...read more

Frequently asked in

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Types of PO in SAP include standard PO, blanket PO, contract PO, and planned PO. SAP tcode for PO is ME21N.

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Ans.

P2P process involves the entire cycle of purchasing goods or services, from requisition to payment.

Requisition: Request for goods or services is made by the user or department.
Purchase Order: Formal document is created to authorize the purchase.
Receipt of Goods/Services: Goods or services are received and inspected.
Invoice Processing: Supplier sends invoice, which is matched with purchase order and receipt.
Payment: Payment is made to the supplier.
Vendor Management: Managing r...read more