Accounts Payable Interview Preparation Guide

Elevate your Accounts Payable interview readiness with our detailed compilation of 86 questions. Our questions cover a wide range of topics in Accounts Payable to ensure youre well-prepared. Whether youre new to the field or have years of experience, these questions are designed to help you succeed. Get the free PDF download to access all 86 questions and excel in your Accounts Payable interview. This comprehensive guide is essential for effective study and confidence building.
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86 Accounts Payable Questions and Answers:

1 :: What are steps to define supplier?

Supplier should follow the check list.

1 He should create confidence in the client mind

2 Services to be done (fulfilled in time)

3 Services to be done according the specification of the client

4 He should be placed the another order by doing the above three steps
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2 :: 1. If assume we paid 50/- as an advance for worth or 100/- goods, but our supplier sent only up to 25/- worth of goods. Know my question is that we want to close the transaction now. How it possible?
2. What about VAT like Tax Setups in AP and AR?
3. what about the SWEEP command in AP?

First there shouldn't be assumptions in transactions. If you received 25 of worth in exchange of 50 advances you can close it for a temp. The transaction entry would be...

Supplier A/c Debit 25

Received Goods A/c Debit 25

Cash paid A/c Credit 50

3 :: What steps would you take before making a payment?

1. We should verify that any advances have been made.

2. See that all the services/goods delivered according to bill

3. Any query is there to attend on that ultimately can be made payment

4 :: What is meant by liabilities?

Liabilities are what all u owe from the bank on notes payable or in other words it is:

Liability=Asset-Owners equity

What company owes that is liability. Liability = Asset-capital

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

Credit what comes in

Debit what goes out
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6 :: What is FBT (Fringe Benefit Tax)?

The tax payable on a non-salary benefit provided to an employee or an associate of the employee. The employer is liable to pay any FBT and may choose to recover the FBT amount from the employee.

7 :: What do you understand by Intercompany Settlement?

A key functional area of SAP for Utilities that supports cross-company exchange of settlement data based on international standards such as EDI, XML, and Microsoft Excel.

Intercompany data exchange manages data transfer between retailers, distributors, and independent service operators with special regard to the requirements in deregulated markets.

8 :: What is an IFA?

Institute of finance & accounts

9 :: What do you mean by WCC?

Winter compensation from contributions.

10 :: What do you understand by Open Item Managed Account?

Open item management ensures that all items that have not yet been cleared are available in the system. Only after every open item in a document is cleared can a document be archived.
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