Which are the MOST IMPORTANT ACCOUNTS PAYABLE INTERVIEW QUESTIONS? Need Accounts payable job? Accounts payable mainly deals with organizing the invoices and giving payments to the customer. The role of accounts payable is to give financial, administrative support to the companies and also substantiate the invoices. The candidate who is interested in accounts payable job need to acquire certain tasks, responsibilities and skills required for this position to the company. Top recruiters are hiring the candidates for accounts payable jobs. Suitable candidates with good communication skills are required for this job. The candidates who are appearing for the job interviews as account payable clerks, managers are most welcomed to have a look at our site of accounts payable interview questions and answers we are provided with. This will help you feel comfortable before going to the interview and boosts your confidence.

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Question 1. 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.

Accounts payable is a current liability of a company.

This item appears on liability side of a balance sheet.

Question 2. What Is Account?
Answer :
Account is ‘the art of classifying, analysing, Recording and summarising financial information’, to the management.

Question 3. What Is The Difference Between Billable And Non-billable Expenses?
Answer :
Billable expenses are the expenses incurred by you on behalf of your customer in performing duties / service and supply. These expenses are recoverable from your customer by way of billing.
Non-billable expenses are the expenses incurred by you for carry out your own business / duties and responsibilities.

Question 4. 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/Approval not required (status in case WF is not implemented) you can go for payments.

Create accounting after approval of invoice.

Finally for payments you need to format, build.

Question 5. What Is The Difference Between Consignor And Consignee?
Answer :
Consignor 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 6. What Do You Mean By Wcc?
Answer :
Winter Compensation from Contributions.

Question 7. What Is An Ifa?
Answer :
Institute of Finance & Accounts.

Question 8. 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 9. 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.

Question 10. What Is Debit And Credit From The Banks Point Of View?
Answer :
Credit what comes in.
Debit what goes out.

Question 11. What Is Meant By Liabilities?
Answer :
Liabilities are what all you owe from the bank on notes payable or in other words it is:

Liability=Asset-Owners equity.

Question 12. What Steps Would You Take Before Making A Payment?
Answer :

We should verify that any advances have been made.

See that all the services/goods delivered according to bill.

Any query is there to attend on that ultimately can be made payment.

Question 13. What Are Steps To Define Supplier?
Answer :
Supplier should follow the check list.

He should create confidence in the client mind

Services to be done (fulfilled in time)

Services to be done according the specification of the client.

He should be placed the another order by doing the above three steps.

Question 14. What Is The Meaning Of Invoice?
Answer :
Invoice is a statement which contains the under mentioned details compulsorily:

Invoice Number

Invoice date

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

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

Description of goods / services involved

Applicable rates and taxes with percentages

Rate of the goods / services

Quantity of the goods and services

Quality or any other specifications

Price / Value of the goods and services

Invoice must be signed by the person making it

Terms and conditions of making the payment.

Question 15. 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 16. 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 17. How Does The Payment Mechanism Work?
Answer :
The open items of an account can only be cleared once you post an identical offsetting amount to the account. In other words, the balance of the items assigned to each other must equal zero. During clearing, the system enters a clearing document number and the clearing date in these items. In this way, invoices in a vendor account are indicated as paid, and items in a bank clearing account are indicated as cleared. You generally use the payment program to clear invoices. Manual clearing of open items is therefore not usually necessary. However, you will sometimes have to clear items manually if, for example, you receive a refund from your vendor or you have set up a direct debit procedure.

Question 18. What Do You Understand By Open Item Managed Account?
Answer :
Open item management ensures that all items that have not yet been cleared are available in the system. Only after every open item in a document is cleared can a document be archived.

Question 19. What Procedure For Excess Payment To Supplier I Would Like Know Without Adjusting Invoice That Means How Supplier Will Send Back Excess Amount How Do In Oracle Apps?
Answer :
Excess payment to supplier is treated as Advance paid to supplier. This will show as debit balance in supplier account.
Supplier can send the payment by way of cheque / demand draft without adjusting in his subsequent bills.

Question 20. What Is The Full Form Of Sox In Accounts?
Answer :
Sarbanes Oxley Act.

Question 21. What Is Three Way Matching Of Invoice? What Is The Difference Po Able Invoice And Non Po Able Invoice?
Answer :

PO expenses are paid for the core business activities. e.g a food manufacturing co. will pay its usual charges for Raw material freight, plant maintenance etc.

A non PO expenditure is the one which is payment for its non core activities e.g payment of utility bills e.g telephone charges, electricity bill.

for usual transactions of core business transaction a PO is created i.e. Purchase order# is created & non PO is for non core activities.

Question 22. What Is A Parked Report?
Answer :
You can use document parking to enter and store (park) incomplete documents in the SAP System without carrying out extensive entry checks.

Question 23. What Is Account Payable? How We Pass The Entries In 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 24. What Are The Types Of Assets?
Answer :
There are two types of assets they are fixed assets & current assets.

Question 25. What Is Debit And Credit From The Customer Point Of View ?
Answer :
debit means “receivable” & credit means “payable”.

Question 26. What Is Debit And Credit From The Banks Point Of View ?
Answer :
In Banks point of view debit means you have deposited money in the bank . and credit means you have withdraw money from the banks.

Question 27. Can You Give A Sample Process Flow For Procure To Pay Cycle?
Answer :

Step1: Receipt of Invoice and goods

Step2: QC approval

Step3: Verification with po terms

Step4: creation of liability

Step5: payment after due date.

Question 28. What Is The Meaning Of Grn?
Answer :
GRN means goods receipt notes ,it is generally used in manufacturing industries for checking of purchased of raw materials .
GRN contains the following details.

Ordered quantity .

Received Quantity.

Defective quantity in received quantity .

Quality standards details.

Question 29. 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 30. What Procedure For Excess Payment To Supplier I Would Like Know Without Adjusting Invoice That Means How Supplier Will Send Back Excess Amount How Do In Oracle Apps
Answer :
Excess payment to supplier is treated as Advance paid to supplier. This will show as debit balance in supplier account. Supplier can send the payment by way of cheque / demand draft without adjusting in his subsequent bills.t

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