Fundamentals Of Accounting & P2P

Interview Practice Questionnaire

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1. Whis is the part of Golden Rule?
1. Debit what comes in - credit what goes out.
2. Credit the giver and Debit the Receiver.
3. Credit all income and debit all expenses.
4. All the above
Answer: 4.
2. Which one is Real Account?
a. Land & Building
b. Cash
c. Machinery & Equipment
d. All the above
Answer: D.
3. Which one is Nominal Account?
a. Rent
b. Telephone
c. Salary
d. All the above
Answer: D.
4. Which one is Personal Account?
a. Raj’s account
b. Bank
c. Shop
d. All the above
Answer: D
5. What of the following is a part of Tangible Assets?
a. Land & Building,
b. Machinery & Equipment,
c. Cash, Furniture & Fixtures,
d. Computer, Vehicle
e. All the above
Answer: e

6. What are Intangible Assets?

a. Trademark,
b. Copywrite,
c. Goodwill
d. All the above
Answer: d.

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7. What are the types of depreciation?
a. Straight line method
b. WDV method
c. Units Production method
d. Annuity method
e. All the above
Answer: e

8. Whis one Financial Statement?

a. Statement of accounts
b. Profit & Loss Account
c. Balance Sheet
d. All the above
e. None of the above
Answer: d.
9. What is Accounts Payable?
a. Money owned by business to its suppliers
b. Outstanding or open liability pending payment
c. Obligation to pay – When you purchase goods and services
d. Also known as trade payables
e. All the above
Answer: e.
10. Where Accounts payable reflects in Balance Sheet?
a. Fixed Assets
b. Loans
c. Investment
d. Current Liability - Sundry creditors
Answer: d.
11. Which one is not part of P2P Cycle – Procure-to-Pay?
a. Sourcing
b. Purchasing
c. Sales & Marketing
d. Vendors
e. Warehouse
f. Accounts payable
Answer: c.

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12. What is Accounts Payable?
Answer:
➢ Money owned by business to its suppliers
➢ Outstanding or open liability pending payment
➢ Obligation to pay
➢ Also known as trade payables
➢ Shown as liability on the entity's Balance Sheet
➢ Recorded in AP sub-ledger invoice vouched for payment
➢ Accounts payable is other company’s Accounts Receivable

13. Which one is not part P.O type – Purchase Order?

a. Standard PO
b. Sales Order
c. Blanket PO
d. Planned PO
e. Contract PO
Answer: b.
14. Whis one is not part AP-Accounts Payable Documents?
a. P.O.
b. Invoice
c. GRN
d. Cash Voucher
Answer: d.
15. Which department will create P.O.?
a. Marketing Department
b. Production Department
c. R&D Department
d. Sales Department
e. Purchase Department
Answer: e.
16. What are all the P2P Stages?
a. Request
b. Source
c. Receive
d. Process Invoice
e. Pay
f. All the above
Answer: f.
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17. What are all the key steps of Procurement Process?
a. Identifying the requirements
b. Supplier Identification
c. Contract Negotiation
d. Supplier Performance Management
e. All the above
Answer: e.
18. What is GRN?
Answer:
➢ The User or Stores department, receives the product or service.
➢ They verify the quality and quantity of items.
➢ Any items not meeting standards is returned as rejects.
➢ The Stores department, enters the received goods Inventory.

19. What are all the key components of receiving activities?

a. Good Receipts
b. Quality Inspection
c. Discrepancy Management
d. Storage and Inventory Management
e. Documentation and Reporting
f. All the above
Answer: f.

20. What is P.O?

Answer: A purchase order (PO) is a legal document that a buyer sends to a seller
to request products or services. It's a formal offer that specifies the items,
quantities, prices, and terms of the purchase

21. What is Invoice?

Answer:
• Commercial document
• Sent by buyer to seller
• Relating to sales transaction
• Base for the payment

22. What are the types of Invoices?

Answer:
P.O. Invoice
Non-P.O. Invoice
Freight Invoice

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23. What are all the Vendor Invoice Processing Check Stages?
a. Receipt Input
b. Duplicate Check
c. Supporting Documents
d. All the above
Answer: d.

24. What is IRS? – Whis one is correct?

a. Indian Revenue System
b. Internal Revenue System
c. Internal Revenue Service
d. All the above
Answer: c.

25. Which one is not part of tax forms issued by IRS?

a. W9
b. W8
c. 1099
d. Pan card Application
e. All the above
Answer: d.

26. Whis one is not t-code for Vendor Master Data

a. XK01
b. XK02
c. XK03
d. FB70
e. All the above
Answer: d

27. Which one is correct two-way matching concept?

a. P.O + Invoice
b. GRN+ Invoice
c. Packing Slip + Invoice
d. Inspection report + Invoice
Answer: a

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28. Whis one is correct three- way matching concept?
a. P.O.+ Packing slip + Inspection report
b. P.O.+ Invoice + GRN
c. P.O.+ Installation report + GRN
d. Packing slip + GRN+ P.O
Answer: b

29. Which one is P.O. Invoice?

a. Invoice with P.O. number
b. Invoice without P.O. number
c. Invoice with GRN details
d. Invoice with inspection report details
Answer: a.

30. Which one in Non-P.O. Invoice?

a. Rent
b. Telephone
c. EB
d. Gas
e. Travel Reimbursement (Check Request)
f. All the above
Answer: f.

31. What information you can see in an Invoice?

a. Company Name
b. Vendor Address
c. Bill to address
d. Ship to address
e. Invoice no. and date
f. All the above
Answer: f.

32. What are the modes of payment?

a. Check
b. Wire
c. EFT
d. ACH
e. All the above
Answer: e.
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33. What is PR? (or) MRP? – Material Request Form?
a. A purchase requisition typically contains the following information:
b. PR Number
c. Vendor information
d. Date of request
e. User and the Department
f. All the above

Answer: f.

34. What are the features of Vendor Master Data?

a. Each vendor master record is assigned a unique number which is system
generated.
b. A vendor has the same account number in all company codes.
c. Duplicate vendor cannot be created in an ERP system.
d. All the above
Answer: d.

35. What are all the US Tax Forms?

a. W9
b. W8
c. 1099
d. All the above
Answer: d.

36. Which is the following is the purpose of G/L account?

a. To record the transactions
b. To generate the balance-sheet
c. To generate the financial statement
d. None of the above
Answer: a.
37. Which one is P.O. Invoice?
a. Electricity Bill
b. Travel Reimbursement
c. P.O. Invoice
d. Telephone bill
e. Rent
Answer: c.

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38. Whis one is Non-P.O. Invoice?
a. Electricity Bill
b. Travel Reimbursement
c. Telephone bill
d. All the above
Answer: d.
39. Which one is 2 Way Matching Concept?
a. Inspection report + Invoice
b. P.O. + Invoice
c. GRN+ Invoice
d. All the above
Answer: b.

40. Which one is 3 Way Matching Concept?

a. P.O+ Invoice+ Inspection report
b. Invoice+ P.O+ Installation report
c. P.O. + Invoice + GRN
d. All the above
Answer: c

41. What are payment terms?

Answer: While signing up an agreement with a vendor, the period of payment is
decided. Following are the common payment terms exercised:
a. Net30
b. Net60
c. Net90
d. Net120
42. What are 4 key steps of Procurement Process?
a. Identifying requirements
b. Supplier identifying
c. Contract negotiation
d. Supplier performance
43. What are the activities of sourcing/
a. Sourcing
b. Procurement
c. Purchasing
44. What are key activities of receiving?
a. Good receipt
b. Quality inspection
c. Discrepancy management
d. Documentation and reporting

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45. What is AP Process and Sub Process?
a. Vendor Master
b. Invoice Processing
c. Payment Processing
d. Vendor Reconciliation
46. What is Price Discrepancy?
Answer: A "price discrepancy" refers to a difference between the expected price
of a product and the actual price charged, meaning there is a mismatch between
what a customer sees advertised or anticipates paying and the final price they
are presented with at checkout, often due to errors in pricing data, system
glitches, or hidden fees.

47. What is Quantity Discrepancy?

Answer: A quantity discrepancy is when the actual quantity of a product differs
from the expected quantity. This can happen when a manufacturer produces
more or fewer products than customers want to buy. It can also happen when a
retailer or distributor receives a different quantity than what was ordered.

48. What are the steps in Invoice Exception Handling?

a. Identification
b. Investigation
c. Resolution
d. Approval and Payment
e. Documentation and Reporting
f. All the above
49. What is Payment Run Process?
Answer: The Payment Process includes the Following Steps
1. Invoices are Entered
2. Pending Invoices are analyzed for due date
3. Invoices due for payment are prepared for review
4. Payments are approved or modified

50. What the payment types?

a. Check
b. Wire
c. ACH
d. EFT
e. P-Card

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