Interview Questions.

Top 100+ Accounts Payable (aus) Interview Questions And Answers

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Top 100+ Accounts Payable (aus) Interview Questions And Answers

Question 1. Explain About Accounts Payable?

Answer :

Accounts payable is not anything however cash which a organisation need to pay to providers for items and services bought on credit.

Accounts payable is a current legal responsibility of a agency.
This object seems on legal responsibility side of a balance sheet.
Question 2. What Is Account?

Answer :

Account is 'the art of classifying, analysing, Recording and summarising monetary facts', to the management.

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Question 3. What Is The Difference Between Billable And Non-billable Expenses?

Answer :

Billable prices are the expenses incurred through you on behalf of your consumer in appearing duties / carrier and deliver. These charges are recoverable out of your consumer by way of billing.

Non-billable prices are the expenses incurred through you for perform your very own commercial enterprise / duties and obligations.

Question four. What Steps Would You Take Before Approving An Invoice For Payment?

Answer :

Following steps should be taken:

Validate the invoice as soon as it is matched for checking any holds.
If workflow is carried out, initiate approval for the invoice. Once the invoice is authorised/Approval no longer required (repute in case WF is not carried out) you can cross for bills.
Create accounting after approval of invoice.
Finally for payments you want to format, construct.

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Question five. What Is The Difference Between Consignor And Consignee?

Answer :

Consignor is the person that is the proprietor of the goods and who deliver the goods to the consignee.

Consignee is the person that gets the goods and he just possesses the goods and no longer the owner.

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Question 6. What Do You Mean By Wcc?

Answer :

Winter Compensation from Contributions.

Question 7. What Is An Ifa?

Answer :

Institute of Finance & Accounts.

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Question 8. What Do You Understand By Intercompany Settlement?

Answer :

A key useful location of SAP for Utilities that supports cross-agency alternate of settlement records primarily based on international requirements together with EDI, XML, and Microsoft Excel.
Intercompany records exchange manages data transfer between retailers, distributors, and impartial carrier operators with unique regard to the requirements in deregulated markets.

Question 9. What Is Fbt (fringe Benefit Tax)?

Answer :

The tax payable on a non-revenue advantage provided to an employee or an companion of the worker. The organization is liable to pay any FBT and might select to get better the FBT quantity from the worker.

US Taxation Interview Questions
Question 10. What Is Debit And Credit From The Banks Point Of View?

Answer :

Credit what is available in.
Debit what goes out.

Question 11. What Is Meant By Liabilities?

Answer :

Liabilities are what all you owe from the financial institution on notes payable or in other phrases it is:

Liability=Asset-Owners fairness.
 

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Question 12. What Steps Would You Take Before Making A Payment?

Answer :

We have to affirm that any advances have been made.
See that every one the offerings/goods introduced in keeping with bill.
Any query is there to wait on that in the long run can be made payment.
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Question thirteen. What Are Steps To Define Supplier?

Answer :

Supplier should observe the check list.

He need to create confidence in the customer mind
Services to be performed (fulfilled in time)
Services to be finished in accordance the specification of the customer.
He should be placed the some other order by using doing the above 3 steps.
Question 14. What Is The Meaning Of Invoice?

Answer :

Invoice is a assertion which contains the beneath stated details compulsorily:

Invoice Number
Invoice date
Name and deal with of the person making the bill ( Seller of products and carrier)
Name and cope with of the man or woman to whom invoice is made. ( Buyer of goods and provider)
Description of goods / services involved
Applicable charges and taxes with chances
Rate of the goods / services
Quantity of the goods and services
Quality or some other specs
Price / Value of the products and services
Invoice ought to be signed with the aid of the individual making it
Terms and conditions of making the fee.
Question 15. What Is The Difference Between Eft & Wire?

Answer :

The Payment methods Electronic and Wire are modes of Electronic Fund Transfers . These modes might differ inside the codecs and files involved on the web page stage. WIRE is a form of previous method utilized by far off sites for bills in ORACLE. Jargon is probably unique but the actual mode is equal of both of them.

Question sixteen. What Is The Difference Between Sap Memory And Abap Memory?

Answer :

SAP Memory: Global, consumer-associated reminiscence that extends past transaction limits. Access to the SAP memory is thru SPA/GPA parameters.
ABAP Memory: Memory location inside each principal consultation, which can be accessed by means of programs the use of the EXPORT and IMPORT statements and which remains to be had using a sequence of application calls (name sequence).

Question 17. How Does The Payment Mechanism Work?

Answer :

The open gadgets of an account can only be cleared when you post an same offsetting amount to the account. In other phrases, the stability of the objects assigned to every different should same zero. During clearing, the machine enters a clearing record wide variety and the clearing date in these gadgets. In this way, invoices in a dealer account are indicated as paid, and objects in a financial institution clearing account are indicated as cleared. You normally use the fee software to clear invoices. Manual clearing of open objects is consequently no longer commonly important. However, you may occasionally should clear gadgets manually if, for example, you get hold of a reimbursement from your seller or you have installation a direct debit method.

Question 18. What Do You Understand By Open Item Managed Account?

Answer :

Open object control guarantees that all gadgets which have now not but been cleared are available inside the system. Only after every open object in a report is cleared can a file be archived.

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Question 19. What Procedure For Excess Payment To Supplier I Would Like Know Without Adjusting Invoice That Means How Supplier Will Send Back Excess Amount How Do In Oracle Apps?

Answer :

Excess price to dealer is treated as Advance paid to supplier. This will show as debit balance in provider account.
Supplier can send the charge with the aid of way of cheque / call for draft without adjusting in his next bills.

Question 20. What Is The Full Form Of Sox In Accounts?

Answer :

Sarbanes Oxley Act.

Question 21. What Is Three Way Matching Of Invoice? What Is The Difference Po Able Invoice And Non Po Able Invoice?

Answer :

PO prices are paid for the center enterprise sports. E.G a meals manufacturing co. Can pay its common costs for Raw cloth freight, plant renovation and so on.
A non PO expenditure is the one that is fee for its non middle sports e.G payment of utility payments e.G phone expenses, power invoice.
For ordinary transactions of core business transaction a PO is created i.E. Purchase order# is created & non PO is for non middle sports.
Question 22. What Is A Parked Report?

Answer :

You can use document parking to go into and save (park) incomplete documents within the SAP System without sporting out big entry tests.

Question 23. What Is Account Payable? How We Pass The Entries In Account Payable?

Answer :

Account payable is the splendid stability that we ought to pay to the 0.33 party or providers.
We pass the entries in account payable from  sides: purchase order and wellknown ledger.

Purchase order module could be published after material order has been arrived in warehouse and mixing with bill plus related files which have been accepted by way of legal person.
General ledger commonly from carrier entry where it ought to be connected by service settlement among corporation and 1/3 birthday celebration.
Question 24. What Are The Types Of Assets?

Answer :

There are two varieties of property they are fixed property & current belongings.

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Question 25. What Is Debit And Credit From The Customer Point Of View ?

Answer :

debit method "receivable" & credit score manner "payable".

Question 26. What Is Debit And Credit From The Banks Point Of View ?

Answer :

In Banks factor of view debit method you've got deposited money inside the financial institution . And credit score way you have got withdraw money from the banks.

Question 27. Can You Give A Sample Process Flow For Procure To Pay Cycle?

Answer :

Step1: Receipt of Invoice and items
Step2: QC approval
Step3: Verification with po phrases
Step4: advent of liability
Step5: price after due date.
US Taxation Interview Questions
Question 28. What Is The Meaning Of Grn?

Answer :

GRN approach goods receipt notes ,it's far generally used in production industries for checking of purchased of raw substances .
GRN consists of the subsequent details.

Ordered quantity .
Received Quantity.
Defective amount in acquired amount .
Quality requirements information.
Question 29. What Items Of Information Do You Need Before You Can Approve An Invoice For Payment?

Answer :

1. Have the products been acquired in appropriate order ?
2. Is the quantity/rate correct ?
Three. Were you waiting for any discount ?
4. Is the delivery rate accurate ?

Question 30. What Procedure For Excess Payment To Supplier I Would Like Know Without Adjusting Invoice That Means How Supplier Will Send Back Excess Amount How Do In Oracle Apps

Answer :

Excess fee to dealer is treated as Advance paid to supplier. This will show as debit stability in dealer account. Supplier can send the payment by way of cheque / demand draft with out adjusting in his subsequent bills.T




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