Procurement Operations Associate Interview Questions and Answers

The impact of technology on modern society

• Technology has revolutionized communication, making it easier and faster

• Automation has increased efficiency in various industries

• Access to information has been democratized through the internet

• Concerns about privacy and data security have arisen with the advancement of technology

The golden rules of accounts and the P2P cycle are essential principles for effective financial management and procurement operations.

• The golden rules of accounts refer to the fundamental principles of accounting that ensure accuracy and reliability of financial information.

• The P2P (Procure-to-Pay) cycle is the process of acquiring goods or services, from the initial procurement request to the final payment.

• Some golden rules of accounts include the principles of debit and cre...read more

A journal entry in the PTP (Procure-to-Pay) cycle is a record of financial transactions related to procurement operations.

• Journal entries are used to record the purchase of goods or services, as well as any associated expenses or liabilities.

• They provide a detailed account of the financial impact of procurement activities.

• Examples of journal entries in the PTP cycle include recording the receipt of goods, recording the invoice received from a supplier, and recording the payme...read more

Types of procurement include direct procurement, indirect procurement, services procurement, and strategic procurement.

• Direct procurement involves purchasing goods and materials directly used in production.

• Indirect procurement involves purchasing goods and services that are not directly used in production.

• Services procurement involves procuring services such as consulting, maintenance, and IT services.

• Strategic procurement focuses on long-term relationships with suppliers to ...read more