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Accounts Payable Interview Questions

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

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

Answered by: sunitha on: May 18th, 2013

8% will be deducted in the net amount

Answered by: charulatha on: Apr 21st, 2013

Tax deducted at source. It is deducted from the income.

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: rahul kadav on: Apr 4th, 2013

purchase a/c Dr 9000 $
cash a/c 1500
party a/c 7500

Answered by: mohammed zuber ahmed on: Apr 1st, 2013

payment due ac dr 868
to purchase made account 867

What is interest on capital, how it calculated

Asked By: kanslm123 | Asked On: May 1st, 2011

Answered by: Ajijul on: Mar 12th, 2013

Capital is the fund owner starts with the Business. To calculate the true profit owner charge Interest on the Capital which he/she started with the Business. Int. on Capital is the charge usually used in Pvt Ltd company.

Why does a company/business require an accounts payables process?

Asked By: mahima | Asked On: Jul 19th, 2007

Answered by: niraj on: Feb 28th, 2013

Accounts payable process is required in a company because this will help and guide the accountant to manage their payables with in the normal course of the business. This includes verifying and checki...

Answered by: nkamuni_mca on: Dec 30th, 2009

Accounts payable prime responsibility is to pay the vendors who has supplied goods and services on credit.

Accruals entries

Asked By: shanid | Asked On: Mar 31st, 2009

If there is oustanding payments, we have to pass accural enteries. So what are the enteries for accurals?

Answered by: sundar on: Feb 22nd, 2013

3050000 account debit
To customer account credit

Answered by: chinnaguntupalli on: Sep 13th, 2009

It is an entry to create provision for unaccounted expenses in the current month for which services/goods already recieved.

Vendor account reconciliation

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

What is vendor account reconciliation?

Answered by: Ashok kumar on: Jan 3rd, 2013

Vendor reconciliation statement means a valid balancing to vendor invoice statement to company General Ledger statement for a particular period. If any difference occurs it means that should be unpaid invoice payment or over payment or interest on late payment etc.

Answered by: khalid on: Dec 5th, 2012

Vendor reconciliation is A statement received from vendor which contains details of invoices of that vendor for a perticular period, vendor wants to confirm that these invoices has been paid or not, the balance vendor has open for this invoices shoudl match the payment made to that vendor.

Foreign inovice

Asked By: ajith kumar s | Asked On: Oct 14th, 2012

How is a foreign currency invoice entered in ap?

Answered by: janet on: Oct 15th, 2012

Either converted to US currency or if you have a system that records foreign currency

Recurring invoice and journal

Asked By: ajith kumar s | Asked On: Oct 14th, 2012

What is the difference between recurring journals and recurring invoices? What is the need for the recurring journals in GL when recurring invoices exist in ap?

Trial balance

Asked By: Prashanthair | Asked On: Oct 11th, 2009

If any amount showing negative figure on the credit side of the trial balance then what does it mean?

Answered by: srinivas on: Sep 11th, 2012

Trial Balance- It is a statement in which debit and credit balances of all the accounts of the ledger including cash and bank balances (taken from cash book) are shown to test arithmetical accuracy of...

Answered by: sivasankar reddy on: Jul 30th, 2012

Trail balance is third accounting phase in accounting after preparation of ledgers which are to be transfer to tail balance it is prepared before trading and profit&loss account it contains clear debit and credit balance

Quick book

Asked By: manurao.mba | Asked On: Jul 30th, 2009

What is a quick book? What details does it contain?

Answered by: Raghavendra Acharya on: Sep 6th, 2012

Quick Books is accounting software developed and marketed by Intuit. Which is very popular among small & medium scale enterprises in United States, UK, Australia & many other countries.Intuit has inte...

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: shankar on: Aug 20th, 2012

dep a/c dr
to machinery account

Answered by: gns.ravi on: Apr 10th, 2012

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)


What are the financial instrument ?

Asked By: feroz.hussain555 | Asked On: Oct 10th, 2011

Answered by: sukanya satish kore on: Jul 23rd, 2012

Financial instruments are bonds debentures treasury bills shares etc

Answered by: Santosh Kumar Attri on: Feb 20th, 2012

Financial instruments are legal documents that embody monetary value. There are a number of different types of documents that are properly identified as a financial instrument. Under the broad heading...

Which period is closed in p2p cycle?

Asked By: Bhavana | Asked On: Oct 29th, 2011

We will involve inventory, purchasing, payables, cash management and cost management in p2p cycle. which module period is closed

Answered by: Sid1599 on: Jul 18th, 2012

A/c Payable is closed in P2P Cycle as finally the company pays the vendor as per his invoice.

Factored invoice

Asked By: soubh2000 | Asked On: Aug 8th, 2010

What is a factored invoice?

Answered by: Pratik on: Jul 6th, 2012

Invoice factoring is the practice of selling your accounts receivable (invoices) at a discount to another company. You get the money from the company that you sold your accounts receivable to and the invoice factoring company services your accounts by collecting on the invoices.

Non-PO invoice

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

What is a non-PO invoice?

Answered by: Soorya Chandra on: Jun 28th, 2012

Non-PO invoices means fast line purchasing done for emergency purpose or purchase without proper procurement planning. Any non PO invoices requires approval from the senior of buyer, financial manager...

Answered by: Satheesh on: Jun 28th, 2012

Non-PO means expenses with approvals from the respective departments and raising invoices against samples which is sent to company.

Golden rule of accounts

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

What is golden rule of accounts

Answered by: Hemant Patil on: Apr 22nd, 2012

Personal A/c:
Dr the Receiver and Cr the Giver >> (Name of individuals, company country etc)

Impersonal A/c:
Real A/c:
De what comes in CR what goes out (furniture fixture (fixed assets))
Nominal A/c:
Dr the expenses and losses and Cr the income and gains

Answered by: vijay on: Apr 20th, 2012

Personal A/c : Debit the Receiver
Credit the Giver

Real A/c : What Comes in Debit
What Goes out Credit

Nominal A/c : Expenses & Losses are Debit
Incomes & Gains are Credit.

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: mvaramakrishna on: Apr 7th, 2012

5 Types

Answered by: riz_isr on: Jan 27th, 2011

There are different types of purchase order status normally maintained i.e 

1) Under receipt
2) Over receipt
3) Full
4) Pending
5) All

What is accumulated loss

Asked By: RAJU | Asked On: Oct 28th, 2011

Answered by: bill7031 on: Mar 20th, 2012

A loss (or losses) from previous years carried forward in order to offset future earnings. This reduces the tax burden for the years with profit as the accumulated losses are deducted from the taxable profit.

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: 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.

Answered by: mukesh luthra on: Jan 28th, 2012

1) Create purchase order for the recieved goods. 2) Setup vendor details in the vendor master. 3) Received ordered goods. 4) Then the goods recieved note signed by the authorised officer. 5) Received ...

Invoice discrepancy

Asked By: candiehuston | Asked On: Mar 28th, 2011

How do you resolve a invoice discrepancy that you discover

Answered by: Lokesh M on: Feb 11th, 2012

Send a debit note/memo to vendor
Ask the vendor to send credit note/memo for the discrepancies caused.

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