Questions on Accounts Payable
Accounts Payable / P2P Interview Questions
1. What is Accounts Payable?
2. What is the function of Accounts Payable department?
3. What documents are required before verifying invoice? What is the process if the supplier passes an invoice for more amount?
4. Tell us about an invoice discrepancy that you discovered and how you resolved the discrepancy?
5. What are the activities that form part of procure to pay cycle?
6. What is an indent and which department prepares it?
7. What details are mentioned in an indent?
8. What is difference between account payable and bills payable?
9. What is the difference between debenture and preference share?
10. What is supplier setup?
11. What items would you verify when processing an expense report /invoice for payment?
12. What is a Purchase order? Differentiate Purchase Order and Work Order?
13. What information does a Purchase Order contain?
14. Define the following terms – Freight, Insurance and Taxes
15. What do the following represent – Bill to address, Ship to address and Sold to address
16. What are some of the commonly used payment terms?
17. What is the meaning of TDS? How it is charged?
18. What is interest on Capital?
19. What is Reconciliation Statement?
20. Explain the unique features of these Purchase orders – Standard PO, Blanket PO, Contract PO and Planned PO
21. What are some of the reasons why Purchase orders are altered?
22. What is a packing slip?
23. What is a Goods Received Note (GRN)?
24. What are the steps involved in finalization?
25. What is an Inspection Report?
26. What do you mean by exceptions in receiving?
27. What is the Debit Balance recovery? How we can recover if we don't have any future transactions from supplier?
28. What is an invoice? What details does an invoice contain?
29. What are the different ways of matching invoices?
30. What is a tolerance limit with respect to Invoice Processing?
31. What do you mean by Invoice on hold?
32. What are the exceptions in invoice processing?
33. What is a Non-PO invoice?
34. What are the different modes of receiving invoices?
35. What are the different modes of payment?
36. What is Electronic Fund Transfer (EFT)? What are the 2 common categories of EFT?
37. What is a P-Card? What are its advantages?
38. Explain how the evaluated receipt settlement system works?
39. What could be some of the reasons for keeping payments on hold?
40. Explain some of the ways in which duplicate payments made can be corrected.41. What is vendor account reconciliation?