CoolInterview.com - World's Largest Collection of Interview Questions & Answers, FAQs, queries, sample papers, exam papers, dumps, what, why, how, where, when questions
Our Services
Get 9,000 Interview Questions & Answers in an eBook.




Get it now !!
Send your Resume to 6000 Companies
Accounts Payable Interview Questions & Answers - Learning Mode
COOLINTERVIEW.COM ACCOUNTS INTERVIEW QUESTIONS ACCOUNTS PAYABLE INTERVIEW QUESTIONS QUESTIONS & ANSWERS - LEARNING MODE

Accounts Payable Interview Questions & Answers - Learning Mode

The outstanding bills of an enterprise; money owed to suppliers for goods and services purchased for the normal operations of the venture. Accounts payable are included on the balance sheet under current liabilities.

Try Accounts Payable Interview Questions & Answers - Exam Mode
Subcategories for Accounts Payable Interview Questions & Answers - Learning Mode

Following are sub categories for which Interview Questions & Answers are available under Accounts Payable Interview Questions & Answers - Learning Mode. Please select the appropriate sub-category:-

Managerial Accounting Interview Questions & Answers (10) Learning Mode | Exam Mode

1 2 Next

Sort By : Latest First | Oldest First | By Rating

Accounts Payable Interview Questions & Answers - Learning Mode
Try Accounts Payable Interview Questions & Answers - Exam Mode
Question: What is debit and credit from the banks point of view ?


Answer: Credit what comes in

Debit what goes out Source: CoolInterview.com
Question: What is the difference between Consigner and Consignee?

Answer: Consigner is the person who is the owner of the goods and who deliver the goods to the consignee.

Consignee is the person who receives the goods and he just possesses the goods and not the owner.
Source: CoolInterview.com
Question: What is capital market?

Answer: Capital Market is a market of securities. where a company and government raise long term funds. it is a market where money invested more them one year. in this we include the stock market and bond market Source: CoolInterview.com
Question: What steps would you take before approving an invoice for payment?



Answer: Following steps should be taken..

>Validate the invoice once it is matched for checking any holds..

>If workflow is implemented , Initiate approval for the invoice. Once the invoice is approved/Approrval not required(status in case WF is not implemented) you can go for payments.

>Create accounting after approval of invoice..

Finally for payments u need to format, build..


Source: CoolInterview.com
Question: What is the full form of SOX in accounts?

Answer: Sarbanes Oxley Source: CoolInterview.com
Question: Explain about Accounts Payable.

Answer: Accounts payable is nothing but " money which a company need to pay to vendors for goods and services purchased on credit.

1.Accounts payable is a current liability of a company.

2. This item appears on liability side of a balance sheet Source: CoolInterview.com
Question: What is the types of assets?

Answer: Account Payable is a Liablity not an Asset. Source: CoolInterview.com
Question: What is account payable?
How we pass the entries in account payable and related all the question based on account payable?


Answer: Account payable is the outstanding balance that we must pay to the third party or suppliers.
We pass the entries in account payable from two sides: purchase order and general ledger. Purchase order module will be posted after material order has been arrived in warehouse and combining with invoice plus related documents that have been approved by authorized person. General ledger normally from service entry where it must be attached by service agreement between company and third party.
Source: CoolInterview.com
Question: What items of information do you need before you can approve an invoice for payment?



Answer: 1. Have the goods been received in good order ?

2. Is the quantity/price correct ?

3. Were you expecting any discount ?

4. Is the delivery charge correct ?
Source: CoolInterview.com
Question: Tell us about an invoice discrepancy that you discovered and how you resolved the discrepancy.



Answer: Discrpancies in invoices could be many. Like there might a incorrect amount entered, incorred date or account code combination entered etc. If the amount entered is not matching with the purchase order then the system will place the invoice on hold which will have to be released before going further. If there is no purchase order matching and if you have entered wrong amount and if it is approved then you can reverse the distribution line and create a fresh line for the correct amount. Source: CoolInterview.com
Question: What is the difference between SAP MEMORY and ABAP MEMORY?



Answer: SAP Memory: Global, user-related memory that extends beyond transaction limits.Access to the SAP memory is via SPA/GPA parameters.

ABAP Memory:Memory area within each main session, which can be accessed by programs using the EXPORT and IMPORT statements and which remains available using a series of program calls (call sequence).


Source: CoolInterview.com
Question: What do you understand by Intercompany Settlement?



Answer: A key functional area of SAP for Utilities that supports cross-company exchange of settlement data based on international standards such as EDI, XML, and Microsoft Excel.

Intercompany data exchange manages data transfer between retailers, distributors, and independent service operators with special regard to the requirements in deregulated markets.


Source: CoolInterview.com
Question: What is the meaning of invoice?



Answer: Invoice is a statement which contains the under mentioned details compulsorily.

1. Invoice Numner

2. Invoice date

3. Name and address of the person making the invoice ( Seller of goods and service)

4. Name and address of the person to whom invoice is made. ( Buyer of goods and service)

5. Description of goods / services involved

6. Applicable rates and taxes with percentages

7. Rate of the goods / services

8. Quantity of the goods and serv Source: CoolInterview.com
Question: Tell us about your experience in accounts payable.



Answer: Accounts Payable is mainly concerned with effective management of creditors. Effective management of creditors calls for correct booking of invoice under right accounting heads and making timely payments so that maximum available credit limit and discount is taken. If the accounts are not booked properly it will result in improper final staments.

In Oracle Payables you cannot make any payment unless the payment is supported by an valid invoice i.e u need to book the liability before makin Source: CoolInterview.com
Question: What is FBT(Fringe Benefit Tax)??


Answer: The tax payable on a non-salary benefit provided to an employee or an associate of the employee. The employer is liable to pay any FBT and may choose to recover the FBT amount from the employee. Source: CoolInterview.com
Question: Can you give a sample Process Flow for Procure to Pay Cycle?

Answer: Step1: Receipt of Invoice and goods
Step2: QC approval
Step3: Verifcation with po terms
Step4: creation of laibiltiy
Step5: payment after due date Source: CoolInterview.com
Question: How many invoices have you handled on a monthly basis?



Answer: We can handle around 1000 - 1500 invoices depending on the number of entries.
Source: CoolInterview.com
Question: what is account?

Answer: Accounts is basically collection and presentation of financial data. Source: CoolInterview.com
Question: What is the difference between EFT & Wire?



Answer: The Payment methods Electronic and Wire are modes of Electronic Fund Transfers . These modes might differ in the formats and documents involved at the site level. WIRE is a kind of outdated method used by remote sites for payments in ORACLE. Jargon might be different but the actual mode is same of either of them.
Source: CoolInterview.com
Question: What is debit and credit from the customer point of view ?


Answer: From the customer point of view:DEBIT is the expenditure which he incurrs( purchase of a car, car account).CREDIT is the payment ,cash or bank account ( if payment paid thru cheque) Source: CoolInterview.com

1 2 Next



India News Network
Latest 20 Questions
Payment of time- barred debt is: (a) Valid (b) Void (c) Illegal (d) Voidable
Consideration is defined in the Indian Contract Act,1872 in: (a) Section 2(f) (b) Section 2(e) (c) Section 2(g) (d) Section 2(d)
Which of the following is not an exception to the rule, "No consideration, No contract": (a) Natural love and affection (b) Compensation for involuntary services (c) Completed gift (d) Agency
Consideration must move at the desire of: (a) The promisor (b) The promisee (c) The promisor or any other party (d) Both the promisor and the promisee
An offer which is open for acceptance over a period of time is: (a) Cross Offer (b) Counter Offer (c) Standing Offer (d) Implied Offer
Specific offer can be communicated to__________ (a) All the parties of contract (b) General public in universe (c) Specific person (d) None of the above
_________ amounts to rejection of the original offer. (a) Cross offer (b) Special offer (c) Standing offer (d) Counter offer
A advertises to sell his old car by advertising in a newspaper. This offer is caleed: (a) General Offer (b) Special Offer (c) Continuing Offer (d) None of the above
In case a counter offer is made, the original offer stands: (a) Rejected (b) Accepted automatically (c) Accepted subject to certain modifications and variations (d) None of the above
In case of unenforceable contract having some technical defect, parties (a) Can sue upon it (b) Cannot sue upon it (c) Should consider it to be illegal (d) None of the above
If entire specified goods is perished before entering into contract of sale, the contract is (a) Valid (b) Void (c) Voidable (d) Cancelled
______________ contracts are also caled contracts with executed consideration. (a) Unilateral (b) Completed (c) Bilateral (d) Executory
A offers B to supply books @ Rs 100 each but B accepts the same with condition of 10% discount. This is a case of (a) Counter Offer (b) Cross Offer (c) Specific Offer (d) General Offer
_____________ is a game of chance. (a) Conditional Contract (b) Contingent Contract (c) Wagering Contract (d) Quasi Contract
There is no binding contract in case of _______ as one's offer cannot be constructed as acceptance (a) Cross Offer (b) Standing Offer (c) Counter Offer (d) Special Offer
An offer is made with an intention to have negotiation from other party. This type of offer is: (a) Invitation to offer (b) Valid offer (c) Voidable (d) None of the above
When an offer is made to the world at large, it is ____________ offer. (a) Counter (b) Special (c) General (d) None of the above
Implied contract even if not in writing or express words is perfectly _______________ if all the conditions are satisfied:- (a) Void (b) Voidable (c) Valid (d) Illegal
A specific offer can be accepted by ___________. (a) Any person (b) Any friend to offeror (c) The person to whom it is made (d) Any friend of offeree
An agreement toput a fire on a person's car is a ______: (a) Legal (b) Voidable (c) Valid (d) Illegal
Cache = 0.078125 Seconds