Accounts Payable Study Flashcards - Staff Accountant Interview Preparation

Flashcards covering core accounts payable principles, accounting procedures, and interview preparation questions and answers.

What is accounts payable?

Money a company owes to vendors and suppliers for goods or services it has received but not yet paid for.

What is an invoice?

A bill from a vendor that lists what was provided, the amount owed, the invoice date, and the payment terms.

What is a purchase order?

A document a company sends to a vendor to approve a purchase, listing the items, quantities, and agreed prices.

What is a receiving report?

A record showing which goods or services were actually received.

What is three-way matching?

Checking that the purchase order, the receiving report, and the invoice all agree before approving payment.

What are payment terms?

The agreement on when a vendor expects to be paid, such as thirty days after the invoice date.

What does "net thirty" mean?

The full invoice amount is due thirty days after the invoice date.

What does "two ten, net thirty" mean?

The buyer gets a two percent discount for paying within ten days. Otherwise the full amount is due within thirty days.

Why take an early-payment discount?

It lowers the cost of the purchase and works out to a high annual return compared to most other uses of cash.

What is an accrued expense?

An expense a company has incurred but has not yet been billed for or paid, recorded in the period it happened.

What is the accounting cycle?

The repeating process of recording transactions, adjusting entries, preparing financial statements, and closing the books for a period.

What is a journal entry?

A record of a transaction showing which accounts are debited and which are credited.

What is the general ledger?

The master record containing all of a company's accounts and their balances.

What is a debit and a credit for accounts payable?

A credit increases accounts payable when a bill is recorded. A debit decreases it when the bill is paid.

What is a vendor statement reconciliation?

Comparing a vendor's statement to the company's own payable records to find missing invoices, duplicates, or differences.

What is a duplicate payment?

Paying the same invoice twice, often caused by repeated invoice numbers or resubmitted invoices. Checking for duplicates prevents it.

What is month-end close?

The process of finishing all recording, reconciling, and adjusting for a month so financial reports are accurate.

What is accounts receivable?

Money customers owe the company for goods or services already delivered.

What are Generally Accepted Accounting Principles?

The standard rules and guidelines companies in the United States follow when preparing financial statements.

How do you keep track of when invoices are due?

Use a due-date tracker sorted by due date and payment terms, and review what is coming up every week.

How do you prioritize when many bills are due at once?

Consider due dates, early-payment discounts, late fees, vendor importance, and available cash.

What do you do if you find an invoice error?

Flag it, compare it to the purchase order or contract, and contact the vendor or manager before paying.

How do you handle confidential information?

Access only what is needed, keep it private, and enter it accurately, as I do with guest financial information at my current job.

Why do you want this staff accountant role?

It builds a strong accounting foundation, uses my finance degree, and lets me grow into other areas like receivable, ledger work, and month-end close.

How will you balance work and school?

Plan around my class schedule, and use my history of working while studying to stay organized and meet deadlines.

What does asking the interviewer "What does a typical week look like?" demonstrate?

Shows interest in the daily work and helps me prepare.

What does asking the interviewer "What does success look like in the first ninety days?" demonstrate?

Shows I am goal-focused and want to meet expectations early.