Accounts Payable Interview Questions

The TDS Amount - How Much percentage will be deduction in net amount.

Tds it mean tax deducted source.

it calculated on profit & loss account & interest should be paid on.

interest charge annually. so it is called tds.

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

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.

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)

Accounting entries for AP strats once Matching Process In PO has been Done 1.After Delivering Of Goods Our Inv Increases,So Acc.Inv A/C.......Dr To Acc Expenses A/C Once Goods Sent Appropriate Depa...

5 Types

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

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

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.

Vendor reconciliation means statement showing difference of Company payable to vendor account balance & vendor outstanding balance.Vendor reconciliation refers to finding out the reason of difference (open items) and resolution of the same.

Also known as Supplier or Creditor Reconciliation - balancing a suppliers/vendors statement against your cash book/GL for all payment/invoices paid. Difference of which will result in either unpaid invoices, due credit notes, overpayment, interest charged on unpaid a/c's etc.

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...

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

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 ...

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

first if u do accounting in manual way than prepare trial balance of all accounts and check all related vouchers to that accounts ex.for preparing furniture a/c check all voucher which is related to f...

1.Directors report
2.auditors report
3.B&s & P&l

In case of large organisations which have multiple locations accross the globe, there are various AP and AR transactions which takes place between them, at the end of every period (Month), every entit...

As we know inter company balance is arises due to Inter company invoices raised but not settled, Cash movement, expenses paid by the parent or sister companies,etc. which lead to increase debtors & cr...

1. Date
2. Invoice No
3. Vendor Name
4. Tin No
5. Total Amount calculated correctly or not
6. Signature of inventry handler (who taking care of material receiving, Goods Receiving Note)
7. Materials quantity and quality must tally with purchase order
8. and tax details.

from the following points normally we observe

Invoice Date
Invoice Number
Vendor Name
Vendor Address
Quantity of Stock
Total Price
Vendor Signature
Net Price
Original Invoice
Security Seal
Pass in Seal
Tax Code

Contingent liability is one kind of provision that company keeps as the safety to meet its unforeseen events.In future any event can come to place such as changes in the value of the foreign currency...

ABC Trial Balance 12/31/year 1A/P 20,000.00Bonds Payable due year 2 $ 10,000.00Dividends Payable on 02/01/year 2 $5,000.00Income Tax payable$ 15,000.00Notes Payable due 01/15/year3 $ 10,000.00in ABC&#...

an Institute of Finance & Accounts

Institute of Financial Accountants

EFT and WIRE are the most popular form of electronic payment method. EFT stands for electronic fund transfer and it is one of the fastest mode of electronic payment after WIRE. EFT is a batch oriented...

There are many reasons to transfer funds from entity to entity, but there are really only two methods of transferring these funds. These methods are by either electronic funds transfer, called "EFT" ...

because according to rule of accounting if u are debit some account than you have to credit same amount.

As an accountant wants to be sure that the ledger accounts he/she has prepared are correct in respect of amount, side, balance, etc. To check the accuracy of posting in the ledger a statement is prepared. This statement is called Trial Balance.

NON - Po invoice something that first the buyer gets the service from the supplier and will pay for the bill that the seller sends it. for example: You have utilized the phone and you are paying the ...

A non-po is an invoice which does not have po(purchase order).However, these invoices requires approval for authorized person/persons to process for payment.

To packing slip,
to purchase order
to quote

The following are taken into consideration while matching an invoice:
1Date
2.Name of the party
3.Mode of payment
4.Product description
5.Quantity and
6.Agreed price for the product.

National Airways and Finance corporation Ltd.

NAFCO REFERS TO NATIONAL AIRCRAFT FINANCE COMPANY This is the finance institution which provide loan to the aviation companies