Thursday, April 4, 2013

50 accounts payable interview questions

What do you mean by price variation in Purchase Invoice?


The price variation is defined by variance in Invoice unit price and Purchase Order unit. However Invoice can be posted by users in case the variance is kept within threshold of 5 or 50 USD or lower price


How to account freight cost, handling charges, purchase tax at the time of raising a Purchase Order?


For instance:
Item to be procured = A
Quantity to be procured = 10
Unit Rate = 100
Interior freight cost for 10 quantity (at the same time of raising Purchase Order) = Usd. 1000
Handling charges = Usd. 500
Input Tax = @ 10% (on base price)

In details, firstly you create a new name tax, for example create the name Freight Charges Handling Charges Tax Rates while Purchase Order is being created. It means the Purchase Order will generate Basic + Tax + Freight + Insurance.

Next, 1099 form is an Internal Revenue Service (IRS) tax document which is sent to businesses and individuals at the moment of ending up calendar year. And then the form is used report taxable income to the Internal Revenue Service. But it is not used to Corporations & Non-Profit/Non Exempt organizations.

3.   What have you learned from mistakes on the job?

Answer tips

Here you have to come up with something or you strain credibility. Make it small, well intentioned mistake with a positive lesson learned. An example would be working too far ahead of colleagues on a project and thus throwing coordination off.
Everyone makes mistakes, of course, but some companies are more willing to learn from them than punish those involved.
You’ve learned that when you do make mistakes, someone is usually disappointed in the choice you made, but you have to figure it out for yourself, they might help you decide what ‘s right and what ‘ss wrong, but you’ll be the decider on which you choose. You’ve learned that people do care about you, and to not do it again if you don’t want to.

Answer samples

Every one makes mistakes but only few people can realize there mistakes and they don’t want to repeat those mistakes again….. I am the one in those few people, I don’t want to repeat the mistakes which had done by me in my job/work.

4.   What are your career goals?

1. The reasons of this question:

This question will test your ability and ambition to develop yourself as well as the ability to plan for the future.

2. Levels of career goals:

• You are not sure about your goals, then answer: I’m rather busy with my duties and goals of the Company; as a result, I haven’t focused much on my long-term personal goals.
• You have goals not or very little relating to the current job: For example, you are applying for a sales manager, but your career goal is to become the head of marketing department in the next 5 years.
• Current job oriented career goals: For example, you are working as a sales manager, you goal is to become the area sales manager in the next 2 years and in the next 5 years, you will be the regional sales manager.

3. “Career goals” tips:

a) You can state some of your goals as following:
• Study for an MBA certificate or other degrees…
• Become specialist in the sector…
• Get to the title of XYZ something.
Note that long-term goals must be set for the next 3-5 years.
b) When you have identified your goals, you need to answer the following questions:
• Are those goals suitable to the job you are currently applying for?
• Are those goals helpful to your current job?
• Are those goals helpful to the development of your current job in the next 3-5 years?
c) How to achieve those goals?
• Identify what you have to do to achieve your goals?
• In the next 6 months, 1 year, 2 years, what will you do?

5.   Why do you think you would do well at this job?

Answers samples

Give several reasons and include skills, experience and interest.
1. I am a person that learn quickly and perform better under pressure, am a very good team player that motivate others in other to achieve the company’s common goals
2. Will do well in this job because I already have previous experience in the similar field. so I will use my previous experience in this job and I am interested in learning new things and enhance my skills.
3. I believe I will do well in this job because I have the relevant skills and experience. I also have the drive, interest and determination to make a real success of this role.

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