Accounts payable interview questions and answers pdf free download

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Only after every open item in a document is cleared can a document be archived. What do you understand by Intercompany Settlement? Intercompany data exchange manages data transfer between retailers, distributors, and independent service operators with special regard to the requirements in deregulated markets. The tax payable on a non-salary benefit provided to an employee or an associate of the employee. What is meant by liabilities? Liabilities are what all u owe from the bank on notes payable or in other words it is:.

Its an Personal account. When u add any prefix or suffix to nominal account it becomes personal account. No doubt expenses is the Nominal account but when u add prepaid or outstanding verbiage it becomes personal.

We key this journal entry to include the expense for the month and it reversed when the actual expense comes. What is purchase order? Most payments require a purchase order, including Honorariums paid to commercial vendors. However, the following do not require a purchase order: advertising, dues and memberships, G-World, insurance, legal fees, permits, postage, rent, settlement payments, subscriptions, taxes and utilities.

When I have already sent in the invoice why is a Payment Request Form required? When payment request form required? Someone other than the individual getting reimbursed must approve reimbursements. The electronic RFP system automatically checks for invoice approval.

If a particular vendor requests payment for a larger number of rounded invoices this is worthy of further investigation. This mathematical law states that in a list of numbers within a data set the leading digit is distributed in a specific, non-uniform way.

What this means is that in a data set of numbers from one through nine the odds of the number one appearing are different than the odds of the number nine appearing. The odds of the number one appearing is around 20 percent, decreasing as the digits increase until reaching nine which appears less than five percent of the time.

How to monitor duplicate payments? They may or may not be fraudulent, but if duplicate payments slip through the cracks a less than scrupulous employee may see this as an opportunity.

Estimates of duplicate payments made by the average company today are in the two percent range. What about separate responsibilities? Your email address will not be published. Skip to content Accounts Payable Interview Questions for freshers experienced :- 1. Validate the invoice once it is matched for checking any holds. If workflow is implemented , initiate approval for the invoice. Create accounting after approval of invoice.. Finally for payments u need to format, build.

Invoice Number Invoice date Name and address of the person Name and address of the person to whom invoice is made. What is the difference between Consignor and Consignee? 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. SAP Memory: Global, user-related memory that extends beyond transaction limits. I want notes on Procure to pay cycle with accounting entries Order to cash record to report Sox 8. What do you mean by WCC? Winter compensation from contributions. This process includes completing a Supplier Registration Package PDF , supplying the appropriate tax-identification number, and subscribing to the University's Supplier Code of Conduct.

View All Answers Question - What is purchase order? View All Answers Question - Do you know when purchase order required? Ans: Most payments require a purchase order, including Honorariums paid to commercial vendors. However, the following do not require a purchase order: advertising, dues and memberships, G-World, insurance, legal fees, permits, postage, rent, settlement payments, subscriptions, taxes and utilities.

View All Answers rv Question - When payment request form required? Someone other than the individual getting reimbursed must approve reimbursements.

The electronic RFP system automatically checks for invoice approval. If a particular vendor requests payment for a larger number of rounded invoices this is worthy of further investigation. Ans: In This mathematical law states that in a list of numbers within a data set the leading digit is distributed in a specific, non-uniform way. What this means is that in a data set of numbers from one through nine the odds of the number one appearing are different than the odds of the number nine appearing.

The odds of the number one appearing is around 30 percent, decreasing as the digits increase until reaching nine which appears less than five percent of the time. Running a frequency check on the digits in your Accounts Payable and comparing them to Benford's frequency will alert you to potential fraud if certain digits are appearing too often which is a te sign of manual manipulation through fraud.

View All Answers rv Question - How to monitor duplicate payments? Estimates of w duplicate payments made by the average company today are in the two percent range. View All Answers st Question - io How to speak with your vendors? Ans: In the case of Advance Publications, many months went by between the time the fraudulent payments began and the time the two companies started talking to each ns other.

Call your top five vendors regularly to ensure that everything is running smoothly. One phone call could prevent a multimillion dollar embarrassment. Ans: ns Be honest do not spend a lot of time in this question area. View All Answers w Question - What you think which is your greatest weakness?

Ans: R I have heard about that currently the only your company is giving a chance to develop career with best training and development policy. View All Answers Question - Tell me about your strong points? This list of strengths is a useful resource for answering interview questions about your strengths. Identify your top transferable competencies from your previous work and life experience and provide the right answer to the frequently asked interview question.

Ans: w If relevant, discuss any corrective action taken to reduce this figure. View All Answers Q Question - Tell me about that information which is included in a bill for services?

Include a sample of a bill for service that you created in your interview portfolio. Ans: ns List the applications you have used and expand on the value of the solutions they offered to your particular company.

Look at aspects such as tracking transactions, assessing late payments, creating past due notices and printing out relevant reports. Demonstrate how you have used your good interpersonal skills, perseverance, ability to managing conflict, negotiation skills and communication ability for successful collections. With accounting job interview questions like this first list the applications you have used and then expand on the value of the solutions they offered to your particular business.

Look at aspects such as managing vendor information, approval controls and providing payables reports. Ans: G Demonstrate your knowledge of this cycle - the length of time it takes the company to pay its accounts payable - and what the implications of the length of this cycle are for the company, for example cash flow. View All Answers Question - How did you manage the problem if you been involved in an invoice dispute? Ans: Accounting job interview questions like this explore your conflict management skills.

Emphasize your interpersonal skills, your maturity and your ability to stay calm in the face of difficulty. Describe the techniques you use to diffuse disputes such as asking questions to determine the reason for the dispute, not conveying blame and not becoming too emotional.

Demonstrate your ability to work together with others to reach an acceptable resolution. View All Answers Question - Would you like to tell me about a recent invoice discrepancy you discovered and how you resolved it? Discuss the steps you took to identify and sort it out such as obtaining and checking the original order. Focus on the skills required to resolve the discrepancy such as attention to detail, problem analysis and problem resolution.

Ans: Focus on your monitoring and checking skills. Demonstrate your understanding of the documentation required for verification before payment is made. Go through each step in detail such as checking that goods have been received in proper condition or services rendered in a satisfactory manner.

Explain the importance of each step. View All Answers io Question - ns How to take time after question? Ans: The interviewer will expect you to take some time with an unusual question. A thoughtful answer is better than a rushed one. It's OK to say something like, "That's an interesting question. Let me think about it. Ans: w Let's say an interviewer asks you, "What animal are you most like?

In this example, curiosity and landing on your feet represent eagerness to try new things and dependability. Why not to be a dodger? Ans: O Don't dodge questions. You could be particularly tempted to do so if asked about a resume gap. If you stopped working as an accounts payable clerk so you could finish an MBA program early, say so.

Be honest and factual, and get ready for the next question. Ans: If you're stumped, it's OK to ask for clarification. Ask the interviewer to repeat or reword the question.

Interviewers will respect your desire to give them what they are looking for in an answer. View All Answers Question - How to keep your composure? Ans: Interviewers evaluate more than the content of your answers. They also note how you formulate responses to get a sense of your creativity and approach to problems.

Remain calm, maintain eye contact and stay confident. Ans: The interviewer may ask, "How willing are you to learn and grow in a new work environment? By expressing In your willingness to learn new financial procedures or new accounting software programs, you show the employer that you are flexible and teachable.

You also come across as a team player. View All Answers te Question - rv What organizational skills you have? Ans: Accounts payable clerks must have strong organizational skills.

A pre-screening interviewer likely will ask, "What organizational skills do you possess? Employers want accounts payable clerks who diligently keep up with invoices and don't let payments slip through the cracks.

Discuss previous work situations where you had to contact vendors personally, communicate with upper management about invoicing concerns, or make important financial decisions that w required organizational or problem-solving skills. The hiring manager might ask, "Do you have experience creating, approving and paying invoices? Detail the steps you take before approving an invoice, such as verifying vendor account numbers, double st checking amounts owed and making sure funds are available to cover the expenses.

If asked how you deal with incorrect invoices, provide an answer or a work-related example that demonstrates your ability to quickly and efficiently resolve conflicts. Expect questions such as, "What type of accounting software have you used? An employer might expect a job candidate to have experience with a particular software program, such as QuickBooks or Sage. However, most accounting programs have similar functions, so familiarity with any program might be sufficient.

Ans: er When we deposited amount in bank that is credit as per bank books. View All Answers s. Question - What is the difference between billable and non-billable expenses? These expenses are recoverable from your R customer by way of billing.

Ans: Following steps should be taken.. Finally for payments u need to format, build. View All Answers Question - What is the meaning of invoice? Invoice Number 2. Invoice date 3.

Name and address of the person Name and address of the person to whom invoice is made. Buyer of goods and service In 5. Applicable rates and taxes with percentages 7. Quality or any other specifications Invoice must be signed by the person making it

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However, the following do not require a purchase order: advertising, dues and memberships, G-World, insurance, legal fees, permits, postage, rent, settlement payments, subscriptions, taxes and utilities.

When I have already sent in the invoice why is a Payment Request Form required? When payment request form required? Someone other than the individual getting reimbursed must approve reimbursements.

The electronic RFP system automatically checks for invoice approval. If a particular vendor requests payment for a larger number of rounded invoices this is worthy of further investigation. This mathematical law states that in a list of numbers within a data set the leading digit is distributed in a specific, non-uniform way.

What this means is that in a data set of numbers from one through nine the odds of the number one appearing are different than the odds of the number nine appearing. The odds of the number one appearing is around 20 percent, decreasing as the digits increase until reaching nine which appears less than five percent of the time.

How to monitor duplicate payments? They may or may not be fraudulent, but if duplicate payments slip through the cracks a less than scrupulous employee may see this as an opportunity. Estimates of duplicate payments made by the average company today are in the two percent range.

What about separate responsibilities? Your email address will not be published. Skip to content Accounts Payable Interview Questions for freshers experienced :- 1. Validate the invoice once it is matched for checking any holds. If workflow is implemented , initiate approval for the invoice. Create accounting after approval of invoice..

Finally for payments u need to format, build. Invoice Number Invoice date Name and address of the person Name and address of the person to whom invoice is made. What is the difference between Consignor and Consignee? 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. SAP Memory: Global, user-related memory that extends beyond transaction limits.

I want notes on Procure to pay cycle with accounting entries Order to cash record to report Sox 8. What do you mean by WCC? Winter compensation from contributions. Accounts Payable Interview Questions What is an IFA? What is debit and credit from the banks point of view? Credit what comes in Debit what goes out From which account the prepaid expences comes in personal, real or nominal? For what purpose we are exactly using reversal journal entry?

The purpose of the meeting i. A list of attendees names or group association. Itemized receipts with requests for payments.

The date and location of the meeting, if not self-evident. You can check the status of a purchase order or payment on an invoice by using PO Inquiry. Inquiring about the status of a purchase order, contact Purchasing. No doubt expenses is the Nominal account but when u add Q prepaid or outstanding verbiage it becomes personal. View All Answers ue Question - For what purpose we are exactly using reversal journal entry?

View All Answers io Question - ns Tell me what are the journal entries that will be passing from the Goods received till the payment made to supplier? Ans: Goods Received Ware House 1. How would you enter this into a journal entry? O Ans: 1. Please contact your Finance Director if you are unsure of your Approver or Releaser. View All Answers ie Question - w What is pro forma? Ans: A pro forma invoice is a price quote and subject to change.

Accounts Payable Services does not pay from pro forma invoices, statements, quotes or estimates. Ans: st An invoice is the official document from a supplier requesting payments for goods or services rendered. View All Answers io Question - For submitting multiple invoices for one supplier which is the correct form? This process includes completing a Supplier Registration Package PDF , supplying the appropriate tax-identification number, and subscribing to the University's Supplier Code of Conduct.

View All Answers Question - What is purchase order? View All Answers Question - Do you know when purchase order required? Ans: Most payments require a purchase order, including Honorariums paid to commercial vendors. However, the following do not require a purchase order: advertising, dues and memberships, G-World, insurance, legal fees, permits, postage, rent, settlement payments, subscriptions, taxes and utilities.

View All Answers rv Question - When payment request form required? Someone other than the individual getting reimbursed must approve reimbursements. The electronic RFP system automatically checks for invoice approval. If a particular vendor requests payment for a larger number of rounded invoices this is worthy of further investigation.

Ans: In This mathematical law states that in a list of numbers within a data set the leading digit is distributed in a specific, non-uniform way. What this means is that in a data set of numbers from one through nine the odds of the number one appearing are different than the odds of the number nine appearing.

The odds of the number one appearing is around 30 percent, decreasing as the digits increase until reaching nine which appears less than five percent of the time. Running a frequency check on the digits in your Accounts Payable and comparing them to Benford's frequency will alert you to potential fraud if certain digits are appearing too often which is a te sign of manual manipulation through fraud.

View All Answers rv Question - How to monitor duplicate payments? Estimates of w duplicate payments made by the average company today are in the two percent range. View All Answers st Question - io How to speak with your vendors? Ans: In the case of Advance Publications, many months went by between the time the fraudulent payments began and the time the two companies started talking to each ns other.

Call your top five vendors regularly to ensure that everything is running smoothly. One phone call could prevent a multimillion dollar embarrassment. Ans: ns Be honest do not spend a lot of time in this question area. View All Answers w Question - What you think which is your greatest weakness? Ans: R I have heard about that currently the only your company is giving a chance to develop career with best training and development policy.

View All Answers Question - Tell me about your strong points? This list of strengths is a useful resource for answering interview questions about your strengths. Identify your top transferable competencies from your previous work and life experience and provide the right answer to the frequently asked interview question. Ans: w If relevant, discuss any corrective action taken to reduce this figure. View All Answers Q Question - Tell me about that information which is included in a bill for services?

Include a sample of a bill for service that you created in your interview portfolio. Ans: ns List the applications you have used and expand on the value of the solutions they offered to your particular company. Look at aspects such as tracking transactions, assessing late payments, creating past due notices and printing out relevant reports. Demonstrate how you have used your good interpersonal skills, perseverance, ability to managing conflict, negotiation skills and communication ability for successful collections.

With accounting job interview questions like this first list the applications you have used and then expand on the value of the solutions they offered to your particular business. Look at aspects such as managing vendor information, approval controls and providing payables reports.

Ans: G Demonstrate your knowledge of this cycle - the length of time it takes the company to pay its accounts payable - and what the implications of the length of this cycle are for the company, for example cash flow. View All Answers Question - How did you manage the problem if you been involved in an invoice dispute? Ans: Accounting job interview questions like this explore your conflict management skills.

Emphasize your interpersonal skills, your maturity and your ability to stay calm in the face of difficulty. Describe the techniques you use to diffuse disputes such as asking questions to determine the reason for the dispute, not conveying blame and not becoming too emotional. Demonstrate your ability to work together with others to reach an acceptable resolution. View All Answers Question - Would you like to tell me about a recent invoice discrepancy you discovered and how you resolved it?

Discuss the steps you took to identify and sort it out such as obtaining and checking the original order.

Focus on the skills required to resolve the discrepancy such as attention to detail, problem analysis and problem resolution. Ans: Focus on your monitoring and checking skills. Demonstrate your understanding of the documentation required for verification before payment is made. Go through each step in detail such as checking that goods have been received in proper condition or services rendered in a satisfactory manner.

Explain the importance of each step. View All Answers io Question - ns How to take time after question? Ans: The interviewer will expect you to take some time with an unusual question. A thoughtful answer is better than a rushed one. It's OK to say something like, "That's an interesting question. Let me think about it. Ans: w Let's say an interviewer asks you, "What animal are you most like?

In this example, curiosity and landing on your feet represent eagerness to try new things and dependability. Why not to be a dodger? Ans: O Don't dodge questions. You could be particularly tempted to do so if asked about a resume gap.

If you stopped working as an accounts payable clerk so you could finish an MBA program early, say so. Be honest and factual, and get ready for the next question. Ans: If you're stumped, it's OK to ask for clarification. Ask the interviewer to repeat or reword the question. Interviewers will respect your desire to give them what they are looking for in an answer.

View All Answers Question - How to keep your composure? Ans: Interviewers evaluate more than the content of your answers.

They also note how you formulate responses to get a sense of your creativity and approach to problems. Remain calm, maintain eye contact and stay confident. Ans: The interviewer may ask, "How willing are you to learn and grow in a new work environment?

By expressing In your willingness to learn new financial procedures or new accounting software programs, you show the employer that you are flexible and teachable. You also come across as a team player. View All Answers te Question - rv What organizational skills you have? Ans: Accounts payable clerks must have strong organizational skills.

A pre-screening interviewer likely will ask, "What organizational skills do you possess? Employers want accounts payable clerks who diligently keep up with invoices and don't let payments slip through the cracks. Discuss previous work situations where you had to contact vendors personally, communicate with upper management about invoicing concerns, or make important financial decisions that w required organizational or problem-solving skills.

The hiring manager might ask, "Do you have experience creating, approving and paying invoices? Detail the steps you take before approving an invoice, such as verifying vendor account numbers, double st checking amounts owed and making sure funds are available to cover the expenses.

If asked how you deal with incorrect invoices, provide an answer or a work-related example that demonstrates your ability to quickly and efficiently resolve conflicts. Expect questions such as, "What type of accounting software have you used?

An employer might expect a job candidate to have experience with a particular software program, such as QuickBooks or Sage. However, most accounting programs have similar functions, so familiarity with any program might be sufficient. Ans: er When we deposited amount in bank that is credit as per bank books. View All Answers s.