Accounts Payable Interview Questions and Answers
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Freshers / Beginner level questions & answers
Ques 1. What is the role of a vendor master file in accounts payable?
The vendor master file is a centralized database containing information about all approved vendors. It includes details like contact information, payment terms, and tax identification numbers.
Example:
When processing invoices, the accounts payable team refers to the vendor master file to ensure accuracy in vendor details and payment terms.
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Ques 2. What is the purpose of a purchase order in the accounts payable process?
A purchase order is a formal document issued by a buyer to a seller, indicating the type, quantity, and agreed-upon price for products or services. It helps in tracking and authorizing purchases before payment.
Example:
Before processing an invoice, the accounts payable team verifies that the goods or services were ordered and received based on the purchase order.
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