Accounts payable interview questions are important concept in every CPA professional. Accounts payable explains about the payment for trading. It means a trade payable is also called accounts payable. There is some close relationship with accounts payable and accounts receivables.
You must understand these concepts before going to any interviews. Every company has their unique corporate account that is also called current account (some times it-denoted checking account) all of your payments will credit in this account.
Account payable behaves like a current liability account. The payments will be noted when your company purchase new goods or services for productions it called “Accounts Payable”.
Accounts Payable Vs Accounts Receivable
This one is the important question in almost all interviews. I already said these two concepts are closely relative with the functionality. If we take two companies for example (MyComp and YourComp), process wise, one should be accounts payable and other one should be accounts receivable.
It means YourComp purchasing goods for raw materials from MyComp. You are getting 30 days time for payment settlement for purchasing goods.
Here the invoice called “Accounts Payable” in your company records. Similarly MyComp records says this particular invoice called ”Accounts Receivable”. This is the important difference between these two concepts.
Where to get Accounts Payable Interview Questions and Answers?
Accounts payable interview questions and answers helps you pass CPA interviews. As I said before, the CPA profession is the toughest one concept wise. Lot of competitors you need to faced out for your success. If you know already interview questions for accounts, payable helps you to perform better in the time of accounts payable questions asked by the interviewer.
The hard part is finding right accounts payable test questions for interviewing purpose. However, some best sources available, you can grab best accounts payable clerk interview questions easily. One of my recommended places is this blog and some popular certified professionals in accounting firm in your area.
A well-known brand in this area is Peoplesoft, lot of CPA students rushing to get coaching from them. Peoplesoft accounts payable interview questions are highly targeted and valuable resource for new CPA professionals.
Collection of 43+ Accounts Payable Questions Help you to Succeed
I collected these important accounts payable interview questions mostly from experienced charted accountant professionals recently passed out. I’m trying to get them best accounts payable interview questions and answers for new CPA professions.
All I want to provide best source of model accounts payable questions asked in lot of interviews. Commercial sectors requiring accounting professionals based on the theoretical knowledge first. The only reason is financial sectors gives more important on mathematical and statistical approaches.
Grabbing accounts payable interview questions and answers from experienced professional’s helps you stand on the current trending topics. It helps you to get your job quickly. Lot of times I applied this concept on my interviews, it working great for me.
Therefore preparing sample interview questions for accounts payable helps you on more ways. Here below I given direct download link for accounts payable test questions list, totally contains 43 important topics. Right now, I am not publishing answers but these accounts payable process interview questions helps you make your interview success easily.
Accounts Payable Questions List
1. What documents are required before verifying invoice? What is the process if the supplier passes
an invoice for more amounts?
2. What is difference between Account Payable and Bills Payable?
3. What is Reconciliation Statement?
4. Why does a company/business require an Accounts Payable process?
5. What is the full form of the term WIRE in wire payment? Explain the process for making and
receiving the payment through WIRE?
6. What is Component Level Default Processing?
7. What entry is recorded when $75.00 worth of supplies is purchased on account?
8. What items would you verify when processing an expense report /invoice for payment?
9. What type of account appears on a post-closing trial balance?
10. In the invoice, the value of the tax code is not present but in the IDOC the value of the tax code is
present. How to populate it in the invoice using the IDOC?
11. Please explain end to end process of Accounts Payable?
12. What is a Work flow? And take Retail shop as example and explain the Work flow of the Retail
13. What is the difference between Payments-Liquidation (Disbursements) & Dividend Warrants
14. What are the steps involved in finalization?
15. When setting up Purchase items for overhead expenses (G&A expenses) what expense GL
account do you use, and what sales account GL do you use? Also, what are roll up accounts in the
chart of accounts?
16. What is the Debit Balance recovery? How we can recover if we won’t have any future
transactions from supplier?
17. Which area of accounting are you strongest? Which area of accounting would you like to
18. What is the meaning of TDS? How it is charged?
19. What is interest on Capital?
20. What is another name for a real account in accounting? Is it a permanent account or a temporary
21. What is different between automatic Payments Batches and automatic payments?
22. What are steps to define supplier?
23. What steps would you take before making a payment?
24. What is debit and credit from the customer point of view?
25. What is debit and credit from the banks point of view?
26. What do you understand by Intercompany Settlement?
27. What is the difference between EFT & Wire?
28. What do you mean by Mischarge Correction?
29. How does the payment mechanism work?
30. What is the difference between Co-signer and Co-signee?
31. What steps would you take before approving an invoice for payment?
32. How to pass a JV when we receive bill including service tax? How to close this a/c?
33. What is 3 Way Matching?
34. What steps would you take before approving an invoice for payment?
35. What is the difference between billable and non-billable expenses?
36. Tell us about an invoice discrepancy that you discovered and how you resolved the discrepancy?
37. What is the difference between debenture and preference share?
38. What is STPI? Why STPI knowledge required in Accounts Payable?
39. What items would you verify when processing an expense report / invoice for payment?
40. What items of information do you need before you can approve an invoice for payment?
41. Tell us about an invoice discrepancy that you discovered and how you resolved the discrepancy?
42. Why does a company/business require an Accounts Payables process?
43. Which are the main MIS Reports of an accounts department & what the format of preparing the
Originally posted 2016-03-16 00:58:05.