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Accounts Payable Interview Questions

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Non-PO invoice

Asked By: nuruddins | Asked On: Dec 29th, 2009

What is a non-PO invoice?

Answered by: RAM on: Aug 26th, 2014

Non Po invoices are the invoices issued for utility bills such as rental charges, water bills, telephone charges & electricity charges. while making payment against Non Po invoices, approval from d...

Answered by: Avilash Jiban Ghosh on: Jul 28th, 2014

NON-PO invoices means fast line purchasing done for emergency purpose or purchase without proper procurement planning.

NON-PO invoices need approval from the authorized person with correct coding like general ledger number, profit center number or cost center number.

Journal entries-accounts payable process

Asked By: Sathyaswarna.t | Asked On: Oct 11th, 2009

What are the journal entries that will be passing from the goods received till the payment made to an supplier?

Answered by: P MUNISEKHAR on: Aug 21st, 2014

Inventary a/c dr to account payable a/c

Answered by: veena on: Jan 1st, 2014

Entries in Accounts payable process :
Inventry A/c Dr
To GR / IR A /c
( Being Goods received)
GR / IR A /c Dr
To Vendor A /c
( Being invoice received )
Vendor A /cDr
To Bank A /c
( Being payment made )

Prepaid expenses

Asked By: Mashhood Ek | Asked On: Aug 19th, 2014

The prepaid expences comes in which account personal,real, or nominal

Answered by: Shashank Jain on: Aug 20th, 2014

Nominal Account because prepaid expense is an assets for a company because it is providing gain to the co... As per Nominal account rule Dr. All expenses and loss and Cr. All Income and Gain.

What is the meaning of TDS? How it is charged?

Asked By: emkishor | Asked On: Jan 30th, 2007

Answered by: Manohar on: Aug 8th, 2014

Based on requirement of transaction such as like on rent basis payment charges will be deduct 10% and for immovable properties selling TDS will be 1% on net amount

Answered by: surendra on: Jul 27th, 2014

TDS is tax deducted at source.

What is payable cycle

Asked By: rafi.veda | Asked On: Nov 13th, 2013

Answered by: Mahmoud on: Aug 4th, 2014

Accounts Payable Cycle is: 1- End-user requisition of some Materials. 2- Check if the Materials available in the warehouse. 3- If not available, search for a proper vendor on the Tenders Meeting. ...

Answered by: Biswajit Lenka on: Jan 31st, 2014

To checking the payable invoices and send it to the invoices verification and then send for the period

What is VAT (value added tax) in brief ?

Asked By: mrvishalthegreat | Asked On: Jan 18th, 2014

What is VAT (value added tax) in brief ? rate, calculation, date of monthly payment, date of return, interest on late payment, penalty on late return. also what is cenVAT ?

Answered by: arti on: Jul 30th, 2014

Value-Added Tax (VAT) is a tax on consumer spending. It is collected by VAT-registered traders on their supplies of goods and services effected within the State, for consideration, to their customers....

How to debit the bank cash book upon withdrawn of cash from the bank

Asked By: khajafasiuddin | Asked On: May 24th, 2008

Answered by: arti on: Jul 30th, 2014

Cash A/c- Real A/c- Debit what comes in & credit what goes out.
Cash withdrawn mean cash comes in so it will be debited
Bank A/C- personal A/C - Debit is receiver & Credit is giver
Bank is giver amount so it will be credited

Contra Entry
Dr.Cash A/C
Cr. Bank A/C

Answered by: Biswajit on: Jan 31st, 2014

In this situation cash a/c is debited and bank a/c is credited and its also a contra entry. contra entry arise when the transaction between made between cash and bank. So the journal entry is cash a...

What is service tax in brief ?

Asked By: mrvishalthegreat | Asked On: Jan 18th, 2014

Rate, calculation, date of monthly payment, date of return, interest on late payment, penalty on late return.

Answered by: Syed hussain on: Jun 27th, 2014

Service tax nothing but an which we provide service to others is service tax payable

Answered by: Adesh Kumar.n on: Apr 4th, 2014

Service Tax is a Indirect tax, it is charged for providing the services to customer and it is an central govt revenue.

End to end AP process

Asked By: Devaraj_patil | Asked On: Sep 18th, 2009

Explain end to end AP process?

Answered by: vijju on: Mar 19th, 2014

End to End accounts payable process 1. Identify the requirement 2. Vendor search 3. Request for the quotation 4. Evaluation of vendor and selection 5. Contract Negotiation and Implementation 6. Send P...

Answered by: K Sunil on: Nov 28th, 2013

End to End Process with Accounting Entries : 1. User will raise the Purchase Request to procurement with all the requirements - No accounting entry 2. Based on the procurement policy PO(Purchase Oder...

Three way matching concept

Asked By: vishakanu | Asked On: Oct 29th, 2009

What do you mean by three way matching concept for the following aspectsvoucher & receiverpurchase order, receiver & invoicereceiver, invoice & voucherinvoice, purchase order & voucher

Answered by: Deepthi Naveen on: Mar 7th, 2014

Invoice, PO & Voucher

Answered by: shabeena on: Jun 21st, 2013

When we creating the invoice in 3-way matching invoice price and po price receipt price should be match

What is debit and credit from the banks point of view ?

Asked By: ferozbm | Asked On: Mar 8th, 2006

Answered by: vara on: Feb 27th, 2014

When we have received amount from bank that is debit to banker , when we deposited amount in bank that is credit as per bank books.

Answered by: shabeena on: Jun 21st, 2013

What we are receiving the money it is called as debit...................... what we are paying the amount to bank it is called credit

How many invoices have you handled on a monthly basis?

Asked By: Interview Candidate | Asked On: Jul 30th, 2005

Answered by: Muhammad Abid on: Feb 1st, 2014

What are the steps you go through to check your accounting work before submitting it? Give an example of this?

Answered by: Teresa71109 on: Jul 21st, 2008

I have handle monthly 100 invoices

T account journal entry

Asked By: FGRoberts | Asked On: Mar 25th, 2013

Purchased equipment from company, $9,000. Paid $1,500 down and the balance was placed on account. Payments will be $375.00 per month for twenty months. The first payment is due 4/1. how would I enter this in a journal entry?

Answered by: Biswajit on: Jan 31st, 2014

according to the procedure at first it should be posted in full bill so the entry will be purchase a/c dr 9500 sundry creditor a/c cr 9500 and sundry creditor a/c dr 1500 cash a/c cr. 1500 and then ...

Answered by: Saravanan T on: Oct 9th, 2013

Purchase a/c dr. 9000
To Vendor a/c cr. 7500
To Cash a/c cr. 1500

For next 20 months, this below entry should be passed since making payment in 20 installment’s.

Vendor a/c dr. 375
To Cash a/c cr. 375

Accounts payable interview questions

Asked By: pavankumar | Asked On: Jan 22nd, 2014

1. Explain accounts payable process and its impact to business. 2. What is PO invoice, non-PO invoice, intercompany invoice. Explain the difference & list some examples. 3. What is invoice processing ? What are the mandatory fields to be entered while processing invoices. 4. What is gsm and gpm...

What is wct (work contract tax) in brief ?

Asked By: mrvishalthegreat | Asked On: Jan 18th, 2014

Rate, calculation, date of monthly payment, date of return, interest on late payment, penalty on late return.

Golden rule of accounts

Asked By: akki.jagani | Asked On: Jun 19th, 2008

What is golden rule of accounts

Answered by: Ram Sudhakar on: Dec 19th, 2013

Hi
PERSONAL AC- DEBIT THE RECEIVER AND CREDIT THE GIVER
NOMINAL AC - DEBIT ALL EXP AND LOSSES AND CREDIT ALL INCOME AND GAINS
REAL AC - WHAT COMES IN DEBIT AND WHAT GOES OUT IN CREDIT

Answered by: mani.c on: Aug 29th, 2013

Real Account:
Debit comes in
Credit goes out


Personal Account:
Debit is Giver
Credit is receiver

nominal Account:
Debit was all losses and Exp
Credit was All profit And gain

End to end process of AP

Asked By: js_chacko | Asked On: May 8th, 2008

Please explain end to end process of accounts payable. I mean, invoice processing to payment.

Answered by: Praveen on: Oct 11th, 2013

Finding supplier - Raising Purchase Requisition - Creation of Purchase order - Invoice process with(2 way, 3 way & 4 way matching) - payment run for the invoices(which is due to pay) - Cash Team will make the payment.

Answered by: devi prasad on: Feb 15th, 2012

AP work starts with receiving of invoices from stations, validation of invoices and ends with payment of that invoice.

Types of purchase order status and their relevance

Asked By: cwamegha | Asked On: Jul 8th, 2010

How many types of purchase order's status are their and their relative significance. E.G closed, released, open, etc

Answered by: shaiK on: Jul 20th, 2013

There are five types of purchase orders.
1) STANDARD PURCHASE ORDER
2) PLANNED PURCHASED ORDER
3) BLANKET PURCHASED ORDER
4) CONTRACT PURCHASED ORDER
5) AGREEMENT PURCHASED ORDER

Answered by: mvaramakrishna on: Apr 7th, 2012

5 Types

What items of information do you need before you can approve an invoice for payment

Asked By: digamber | Asked On: Jul 26th, 2007

Answered by: Sivarama Krishnan on: Jun 24th, 2013

Invoice Date
Invoice Number
PO Terms
Payment Terms
Calculation
Vendor has complied with statutory norms
Taxes are being bifurcated properly
if its three way mathhing is there debit note to be raised

Bank reconciliation

Asked By: gauravcanada2003 | Asked On: May 12th, 2010

What are the entries that get generated in bank reconciliation both check and wire banks ?

Answered by: shabbu on: Jun 21st, 2013

Bank statement reconciliation means differentiate between the bank book to cash book .......... that means cash book amount bank book amount should verify

Answered by: Basamaekul on: Jun 29th, 2010

There are two spearate entries that one must make to reconcille the bank statement to the company's books.  The first is the increases to the cash account that the company has not recorded.&n...

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