When we go for the interview we see that a lot of question are came to our mind.we always get confused what I should learn in accounts payable interview if you don't have the idea what you should prepare. then instead of reading a whole book, u can read some of the basic things about account payable I have selected this question according to the question I faced in my life interview.
What are accounts payable?
Definition: When a company buys goods on a credit, which is required to be paid back in a short period, it is known as being accountable, it is considered as obligation and under the head 'current liabilities' Now the payable account is a short term loan payment which must be paid to avoid default.
Description: when you purchase good in credit accounts payable happen. Accounts payable in the form of a word are not limited to companies, even you and me like accounts are payable.
We consume electricity, telephones, broadband and cable TV networks. The bills are generated for the end of the month or for a particular billing period. This means that the service provider has given you some service and sends the bill, which requires payment from a certain date or you will default. This account becomes payable
Let's also understand from the perspective of a company. You are a company that buys goods from company B on credit. The amount borrowed should be repaid in 30 days.
The company will record the same sale as B-accounts as receivable and the company will record the purchase as A's. This is because company A has to pay company B.
Under the accounting method, it will be considered as a sale, although the money has not yet been exchanged. The accounting department must be very careful during transaction processing related to account accounts.
Here, time is a short term loan that needs to be paid within a specific period of time, considering the essence. Important with that accuracy, in which the name of the supplier is included in the amount to be paid. Accuracy is important because it will affect the cash situation of the company.
When we go for the interview we see that a lot of question are came to our mind.we always get confused what I should learn in accounts payable interview if you don't have the idea what you should prepare. then instead of reading a whole book, u can read some of the basic things about account payable I have selected this question according to the question I faced in my life interview.
What are accounts payable?
Definition: When a company buys goods on a credit, which is required to be paid back in a short period, it is known as being accountable, it is considered as obligation and under the head 'current liabilities' Now the payable account is a short term loan payment which must be paid to avoid default.
Description: when you purchase good in credit accounts payable happen. Accounts payable in the form of a word are not limited to companies, even you and me like accounts are payable.
We consume electricity, telephones, broadband and cable TV networks. The bills are generated for the end of the month or for a particular billing period. This means that the service provider has given you some service and sends the bill, which requires payment from a certain date or you will default. This account becomes payable
Let's also understand from the perspective of a company. You are a company that buys goods from company B on credit. The amount borrowed should be repaid in 30 days.
The company will record the same sale as B-accounts as receivable and the company will record the purchase as A's. This is because company A has to pay company B.
Under the accounting method, it will be considered as a sale, although the money has not yet been exchanged. The accounting department must be very careful during transaction processing related to account accounts.
Here, time is a short term loan that needs to be paid within a specific period of time, considering the essence. Important with that accuracy, in which the name of the supplier is included in the amount to be paid. Accuracy is important because it will affect the cash situation of the company.
The general entry for accounts payable
Purchase account Dr
Accounts Payable Cr
Accounts Payable Dr
To bank Or Cash Cr
What is One Way Matching Concept?
In this concept, we do require to match the invoice with any document.
What is Two-way Matching Concept?