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Accounts Payable Interview Questions
Here are some sample accountancy interview questions which you may face in your interview. Let us have a look at these questions and their answers.
Question 1: What are the duties of a supplier in terms of banking?
Answer: The duties of a supplier in terms of banking are stated as follows:
Question 2: What does the term liabilities stand for?
Answer: Liabilities, in general, means that amount or that capital which you owe from the bank in return for your assets.
Question 3: What are the steps to be followed for making a payment?
Answer: The basic steps to be followed before making any payments are as follows:
This is how you can make the payments.
Question 4: What is the meaning of the term “Fringe Benefit Tax”?
Answer: Fringe Benefit Tax is also known as FBT. This term is used to refer to the tax which is payable by the employer in return of the amenities and perks provided to the employees, such as telephone bills, transportation and conveyance charges, and other related matters . This amount is not fixed and the employer can ask for this amount from the employee at any point in time.
Question 5: State the difference between the terms credit and debit from the customer's point of view.
Answer: From the point of view of customer, credit is the amount which is deposited into his or her account. On the other hand, debit refers to that amount which is deducted from the account of the customer.
Question 6: Name the major as well as the sub-types of assets in banking.
Answer: Basically, there are three types of assets in all. These are fixed asset and current asset and the fictitious asset. Fixed asset is further classified into 2 types, namely intangible, tangible asset, whereas current asset is further categorized into active or liquid asset.
Question 7: What do you mean by the term “accounts payable”?
Answer: Accounts Payable is a short term liability of an organization. It is a process by which a company buys goods and services on credit and these goods are billed in the form of an invoice, which states the terms and conditions of the payment. Accounts Payable is recorded as a current liability in the balance sheet. All accounts payable entries are to be coded under the right goods or liabilities accounts to have an accurate picture of the company’s short term liability. Thus, we can say that accounts payable is a form of credit that the suppliers offer to their customers by allowing them to pay for a product or service after it has already been received by them.
Question 8: What do you mean by the terms cosigner and consignee in terms of banking?
Answer: In terms of banking, consignee refers to the person who is the owner of the goods or services and is responsible for delivering it to the client. On the other hand, consignee refers to the client who is responsible for receiving the goods. He is not the owner but just the person who possesses the goods or services.
Question 9: What is the meaning of the term “Open Item Managed Account”?
Answer: Open item management is to make sure that all those commodities or goods which are still there on the list and not deleted from the list exist in the system.
Question 10: What is the meaning of Vendor Account Reconciliation?
Answer: Vendor Account Reconciliation is also known as Supplier Reconciliation or Creditor Reconciliation. It is used for balancing a suppliers or vendors statement against your cash book or GL for all the payments or invoices that are paid. If there are any differences in these two records, it will result in either unpaid invoices, due credit notes, overpayment, or interest charged on unpaid accounts.
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