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Accounts Payable Interview 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.

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

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

Answer: Credit what comes in

Debit what goes out Source:
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:
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.
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.

Question: What is the full form of SOX in accounts?

Answer: Sarbanes Oxley Source:
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..

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:
Question: What is the types of assets?

Answer: Account Payable is a Liablity not an Asset. Source:
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:
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:
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 ?
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).

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.
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:
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:
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.
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.
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:
Question: what is account?

Answer: Accounts is basically collection and presentation of financial data. Source:
Question: What are seps to define supplier?

Answer: Supplyer should follow the check list.

1 He should create confidence in the client mind

2 Services to be done (fulfilled in time)

3 Services to be done according the specification of the client

4 He should be placed the another order by doing the above three steps Source:

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