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Accounts Payable Interview Questions

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What is a GAMI?

Asked By: johnmathew986 | Asked On: Feb 19th, 2006

Answered by: durgesh3 on: Nov 16th, 2010

GAMI means General Accounting Miscellenous Input

What is WAC?

Asked By: SANKAR.P | Asked On: Apr 27th, 2007

Answered by: Rohit AGARWAL on: Oct 10th, 2010

Weighted Average Cost Method

Is it possible to make a payment without invoice or due in SAP, if yes how it possible, if no how

Asked By: Srihari | Asked On: May 25th, 2007

Answered by: Rohit AGARWAL on: Oct 10th, 2010

Yes it is possible. First you have to check whether you have actually received the goods or not in your plant.Then you can make payment.But it is better to have the invoice prior to making payment to avoid any issue later.

Answered by: indyslon on: Aug 20th, 2010

Yes of course we may pay even without any InvoiceScenario 1 - Where supplier needs some advance money to provide services in future e.g. Organise the conference - in that case we ask supplier to provi...

Invoice on hold

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

What do you mean by invoice on hold?

Answered by: srikanth535 on: Sep 22nd, 2010

Invoice holds are 2 types1)Sytem Hold 2) User Defined Holds.Sytem Holds: Sytem holds the invoice if the Invoice Amt total is not equal to Invoice Distribution Amt. To release the hold correct the amou...

Answered by: nkamuni_mca on: Dec 30th, 2009

An invoice can be kept on hold - where in we may require some information to complete to process the invoice.

Credit and collection

Asked By: shilpa428 | Asked On: Aug 30th, 2010

Explain how the credit and collection process is handled in a bpo?

Pass a JV

Asked By: sonichinu | Asked On: Feb 17th, 2009

How to pass a JV when we receive bill including service tax? How to close this a/c?

Answered by: bhardwaj.anit on: Aug 23rd, 2010

If we can cliam Service Tax:Exp A/C DrService Tax A/c Dr To Vendor's A/CIf we can not claim service tax :Exp A/c Dr To Vendor A/C(With Gross Amount)

Answered by: chinnaguntupalli on: Sep 9th, 2009

Entries to post is Expense A/C   Dr.Tax A/C           Dr.Vendor A/C     Cr.Upon end of each month we will file return wi...

Billable revenue and collection

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

Explain billable revenue and collection. How to they differ from one another?

TDS

Asked By: krish197 | Asked On: Jul 7th, 2010

If you have TDS exemption for last year and bill also for last year but booking happen in current year then what is the TDS effect?

Answered by: siddbang on: Jul 29th, 2010

While issuing the TDS exemption certificates generally Income Tax officer mention the Validity of the certificate. Normally it will be till the end of financial year. So, after that period it becomes ...

Accounts payable rules for liquidation

Asked By: branefj | Asked On: Nov 2nd, 2009

How does one handle outstanding account payable when the business is closing and on an accural basis, but owner has no way to pay the debt, can these expenses be deducted on the final tax return?

Answered by: bwstui on: Jul 19th, 2010

No, the expenses are dissallowed.  If you have already expensed payables that will never get paid, you must reverse them when you liquidate....this means you must recognize INCOME.

Account payable rules

Asked By: promod4one | Asked On: Dec 14th, 2009

What is account payable rules for liquidation?

Answered by: Basamaekul on: Jun 29th, 2010

The short and quick answer would be to pay them back in the order that they are due with whatever money that you can get from the liquidation.  The creditors, however, are to be paid before any partners/stockholders are paid anything from the company.

What is the debit balance recovery? How we can recover if we wont have any future transactions from supplier?

Asked By: Ragavan | Asked On: Aug 6th, 2007

Answered by: gauravcanada2003 on: May 12th, 2010

When payment is made to the wrong vendor or payment made in excess, in that case overpayment has gone to the vendor, so for us it is vendor debit balance.For debit balance recovery, we can either foll...

Answered by: nkamuni_mca on: Mar 5th, 2010

The Debit balance recovery is usually made by raising a credit memo for the regular vendors. However if there are no future transactions from the supplier, we ask the vendor to send the check / make an EFT for the amount due from him.

Wire

Asked By: Sanju40148 | Asked On: Aug 15th, 2008

What is the full form of the trem wire in wire payment ? Expalin the process for making and receiving the payment through wire?

Answered by: vijay.rathinavel on: Mar 13th, 2010

The WIRE payment there is no specific expansion.Incase WIRE payment means the payment will reach vendor within a days.Incase of EFT the payment will reached by the vendor it will take 3 days.(required SWIFT code, Account number, ABA number etc)

Answered by: cahi2u on: Sep 3rd, 2008

The processed payments will be credited into the client/vendor's bank account.

What is another name for a real account in accounting? Is it a permanent account or a temporary account? Also, what is another name for a nominal account? Is it a permanent account or a temporary account?

Asked By: Jennifer | Asked On: Oct 28th, 2006

Answered by: vijay.rathinavel on: Mar 10th, 2010

Real account includes assets so it is a permanent account and nominal account is temporory account becoz it includes all loss and gain (salary, Rent, insurance etc.,)

Answered by: Rajeshwari.s on: Apr 3rd, 2007

Their are 2 other names for real account that is property account and asset accountreal account : furniture, building, Plant & machineryPersonal account : o/s wages, bank account, bankoverdraft accountnominal account : Depreciation account, BadDebts account, rent

Verify expense report / invoice payment

Asked By: kthomas38 | Asked On: Jul 21st, 2008

What items would you verify when processing an expense report /invoice for payment?

Answered by: nkamuni_mca on: Mar 5th, 2010

Expense reports are normally submitted by the employees of the company for re-imbursement of the expenses incurred by them on be-half of the company... These reports are audited according to the compa...

Sysaudit

Asked By: rajesh.t | Asked On: Jul 31st, 2008

What is the sysaudit?

Answered by: nkamuni_mca on: Mar 5th, 2010

I have come across this term in ERP's like Oracle Financials and SAP where in an invoice is processed by the system automatically using the OCR software and the audit will be performed by the syst...

Process and report

Asked By: rajesh.t | Asked On: Jul 31st, 2008

What is the differences between process and report?

Answered by: nkamuni_mca on: Mar 5th, 2010

Process is the sequence of steps that needs to be followed for completing a task.Report is the outcome of any analysis made

What are the steps to configure automatic clearing? Suppose we have to pay a bunch of outstanding payments what is the procedure?

Asked By: sudhakerkkk | Asked On: Aug 29th, 2007

Answered by: nkamuni_mca on: Mar 5th, 2010

The configuration steps depends on the kind of ERP package you are using. How ever these are the common steps which have to configured.->Setup house-bank account->Create sequential check lot->...

In implimenting a project, what are the records we have to upload from non SAP system to SAP system particularly pertaining to accounts department

Asked By: sudhakerkkk | Asked On: Sep 6th, 2007

Answered by: nkamuni_mca on: Mar 5th, 2010

After finalizing the list of accounts by the management all the accounts which are listed has to be uploaded into SAP system

How do you answer this question "what is company code". 2) is it necessary to create Sundry creditors a/c while we use vendor a/c in SAP?

Asked By: vikram | Asked On: Feb 18th, 2007

Answered by: nkamuni_mca on: Mar 2nd, 2010

A company code is the legal entity for which we can prepare profit and loss account and Balance sheet...Sundry Creditors account is a reconciliation account and it is always adviced to maintain this ...

Answered by: hrushikeshjoshi on: May 21st, 2008

 A company code represent an independent balancing/ legal accounting entity. No, i think so no necessary to create sundry creditors.

Which area of accounting are you strongest? Which area of accounting would you like to improve?

Asked By: sera | Asked On: Jul 30th, 2007

Answered by: nkamuni_mca on: Mar 2nd, 2010

It is generic question asked in interview... give a logical answer to satisfy the client...

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