The account is an interesting topic but the accounts payable interview questions and answers might be hard. We have brought to you an easy way to prepare for the interview by these Top 30 Accounts Payable Interview Questions & Answers. This may help you crack an interview easily and confidently. The following questions contain types like; accounting interview questions, accounts payable processor, accounts payable specialist questions.
Accounting interview questions
1. What is meant by accounts payable?
Answer: For these accounts payable interview questions you could answer; accounts payable means the amount that should be paid as a liability and that is paid to the vendors for goods and services that were purchased in the past on credit. Accounts payable will be entered in the balance sheet of the respective financial year that starts from 1st April this year to 31st March of next year.
2. When is the payable amount paid?
Answer: the payable amount will be paid in the next month or next year and the amount of account payable will be entered in the balance sheet of that particular financial year.
3. What is the full form of WCC?
Answer: WCC in expanded form is Winter Compensation from Contributions.
4. What is the difference between payable and receivable?
Answer: This is a frequently asked accounts payable interview questions, you could answer by saying; in accounts subject payable is taken as loss/ liability to the firm as it is the payment the firm has to do for the goods or service taken in the past on credit. Receivable means an amount given to someone by the firm on credit that income has been given to us now (in the future). Accounts payable comes on the assets side of the balance sheet and accounts payable can be seen on the liability side of the balance sheet.
5. Who is the consignor and what is its relation with the consignee?
Answer: consignor is the owner of goods and he is the one that delivers the goods to the consignee and the consignee is the one that receives the goods and he is not the owner but the one who possesses the goods.
6. What are the total expenses borne by a seller in the journey of purchasing to delivering the product?
Answer: expenses borne by the seller from the journey of purchasing a product to delivering the product are: advertising expenses, storage expenses, maintenance expenses, carriage expenses. These all expenses are paid by the seller of a product.
7. What are the different types of accounting?
Answer: types of accounting I am aware of are:
These are the basic accounting done in our day-to-day life.
8. What is an invoice and why is it important to have an invoice number?
Answer: This is a frequently asked accounts payable interview questions, you could answer by saying;
Invoice is a statement that has the following things involved in it:
- Date of the invoice
- Invoice number given
- Name and address of the person that is making the invoice (the seller)
- Name and address of the person that is demanding the invoice (the buyer)
- Details about all the goods and services that are involved
- Amount of the goods and services
- Quantity and quality of the goods and services
- Other specifications
9. What is the process done by accounts payable?
Answer: accounts payable are responsible for the goods and services given by the suppliers and vendors by the company. Accounts payable handles incoming bills and invoices but they have other additional functions depending on the size and nature of the business.
10. What is the work of accounts receivable?
Answer: accounts receivable handles the entire incoming amount given by the buyers to the firm in the exchange of goods and services taken in credit.
After the accounts payable interview questions, now let’s take a look at questions related to the accounts payable processor.
11. Who is an account payable processor?
Answer: accounts payable processor is in a company is the one who reports to the accounts payable manager and he is the one responsible for carrying out the prompt and he does the handling process of check and gives refund requests.
12. What is the work done by the accounts payable processor?
Answer: an accounting payable processor gives payment to all the third parties and the employees, scheduling and preparing cheques in the name of the firm.
13. How can a person handle an accounts payable process?
Answer: This is an important accounts payable interview question, to manage the account payable process a person needs to follow the steps given below :
- The person should centralize the invoice payment
- They should track every due payment
- The information regarding authorized payment should be known.
14. What is meant by a PO invoice?
Answer: PO invoice is given when a purchase requisition process is in place and the PO is sent to the supplier.
15. What is the meaning of Non- PO invoice?
Answer: Non- PO invoice is given in the case of purchases made outside the regulated purchases process, Non- PO is also called an expense invoice.
16. What is the 3 way matching for accounts payable?
Answer: This is a frequently asked accounts payable interview question you could answer by saying; the process of comparing the purchase order is called a three-way order. In a three-way order, the goods receipt note and the supplier’s invoice are compared and matched to know if the income is to be done partly or the entire amount should be paid at once.
17. What is meant by the P2P cycle?
Answer: P2P in expanded form can be explained as purchase to pay or procure to pay. It is the process of purchasing, receiving, paying for, and accounting for goods and services. It covers the entire process from the point of order to the payment.
18. How can you explain accounts payable invoice processing?
Answer: For this accounts payable interview question you could say; vendors send invoices directly to the account payable. After the submission of accounts payable, the AP should match the invoice with an open and post the purchase order.
19. What is the full form of GRN?
Answer: full form of GRN is called Goods received a note.
20. What is the GL code payable?
Answer: GL code means general leader code that provides a general overview of organizational transactions.People Also Interested In :
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Have a look at accounts payable specialist questions:
1. What is the work done by an accounts payable specialist?
Answer: An accounts payable specialist ensures that the payment of a company’s bills and invoices are done properly and there is no fraud of money.
2. What is the minor difference between accounts payable and accounts payable specialists?
Answer: Accounts payable is the one doing all the basic transactions that have been due by the firm as credit. The accounts payable specialist goes through all the financial records.
3. What are the skills that should be present in accounts payable specialists?
Answer: For this accounts payable interview question you could answer; skills of accounts payable specialist:
Organizing, attention to detail and giving accuracy, loyalty to the firm, and confidentiality.
4. Qualification of an accounts payable specialist?
Answer: a person having a bachelor’s degree in commerce can apply for accounts payable specialist jobs.
5. What is the role of verification in the accounts payable specialist job?
Answer: verification is the basis of accounts payable specialists and it requires attention and concentration to verify and check all the files, again and again, to make sure that the dues are paid on time.
6. What are the accounts payable full cycles?
Answer: the full cycle of accounts payable involves invoice data capture, coding invoices with the correct account and cost center.
7. Why are accounts payable not treated as an expense?
Answer: This is an important accounts payable interview question, accounts payable is not treated as an expense as it is a short-term debt which is a due for the firm that is taken while purchasing a good or rendering service in the past.
8. Full form of SOX in accounts.
Answer: SOX means Sarbanes Oxley Act
9. What are the types of assets?
Answer: Two types of assets are; fixed assets and current assets.
10. What is the accounting name of receivable and payable?
Answer: accounting name of the receivable is “debit” and payable is “credit”
The above accounts payable questions and questions related to accounts payable processor and accounts payable specialist will help you crack an interview and help you understand more about accounts payable.