Accounts Payable Interview Questions and Answers

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Accounts Payable questions updated at 30 Jun 09 in Category Accounting Finance Marketing Business and visited 77986 Times

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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

Is This Answer Correct?

19 Yes

1 No

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

Is This Answer Correct?

9 Yes

5 No

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

Is This Answer Correct?

17 Yes

1 No

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

Is This Answer Correct?

9 Yes

2 No

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

Credit what comes in

Debit what goes out

Is This Answer Correct?

17 Yes

1 No

Accounts Payable Interview Questions and Answers

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Hot Accounts Payable Frequently Asked Questions

►	What are steps to define supplier?

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

►	What is meant by liabilities?

►	What steps would you take before making a payment?

►	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?

Hot Accounts Payable Frequently Asked Questions

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May 21 2013

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endalk Said:

Nov 01 2009

why liabilty= asset-capital

Vinoth Rajendran Said:

Jan 26 2011

actually last answer was wrong i think ........ it is debit what comes in and credit what goes out please reader follow this and all the best for your interview .......... thanks

9902911965 Said:

Feb 02 2011

what is r2r

lokesh Said:

Feb 08 2013

SAP

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