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 Audit interview questions  Audit Interview Questions (428)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (159)
 Taxation interview questions  Taxation Interview Questions (1915)
 Accounting General interview questions  Accounting General Interview Questions (2842)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4375)
Question
WHAT IS AP/AR RECONCILIATION PROCESS? WHAT YOU DO IN AP/AR RECONCILIATION?
 Question Submitted By :: Audit
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
AP (Accounts Payable) reconciliation is the process of
verifying the Accounts of the Creditors (Accounts Payables .
Vendors / Suppliers) with the statement of account
maintained by the respective creditors to ensure that the
transactions recorded in the company's book and the balance
matches with the books of the creditor. In case of
differences, the same should be highlighted and communicated
to the respective creditor/s to make necessary corrections
for the missing entries in the books of the company or the
creditor.
AR (Accounts Receivable) reconciliation is the process
explained above in respect of the Sundry Debtors or Customers.

For correct accounting and proper audit of accounts,
reconciliation and confirmation of Creditors, & Debtors' a/c
balances is an essential requirement.
 
Is This Answer Correct ?    63 Yes 6 No
H.r. Sreepada Bhagi
 
Answer
# 2
A/P - Accounts Payable is the subsidiary book of General
Ledger. It is a reconciliation Account in G L with name
Accounts Payable contains line items of vendors.

A/R - Accounts Receivable is the subsidiary book of General
Ledger. It is a reconciliation Account in G L with name
Accounts Receivable contains line items of customers.
 
Is This Answer Correct ?    11 Yes 3 No
Raghu
 
 
 

 
 
 
Other Audit Interview Questions
 
  Question Asked @ Answers
 
WHAT IS DIFFERENCE BETWEEN TAX AUDIT AND STATUTORY AUDIT?   2
what is mat calculation ? HSBC 2
What is the most important part of your job ? Ernst-Young 1
Is TDS on Contract is applicable on the subscription charges payable towards computer software?   2
Where do you see yourself in 5 years time? Ernst-Young 2
what is the journal entry for this situation? and why? situation: Gratuity for this year TK1000000,which TK700000 shows in income statement and TK150000 will shown in next 2 year each.(this is a management decision)   1
internal audit   4
WHAT IS AP/AR RECONCILIATION PROCESS? WHAT YOU DO IN AP/AR RECONCILIATION? Genpact 2
what is Voucing? Abc 2
What is tax audit   27
DEFINE YOURSELF TCS 32
what is meant by vouching?   7
 
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