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- Question
Explain End to End AP Process?
- Correct Answer
- Accounts payable has got noting to do with purchase of goods and services, it's work is to pay the eligable invoices End to End Process of AP - Process the vendor invoices into system - Work and resolve the discripencies of the invoices (if any) - Make the payments to the invoices as per the agreement - Resolve the issues ( if any ) regarding the invoice payments
- 1. What is the meaning of TDS? How it is charged? Discuss
- 2. In which year SBI was Nationalised ?
Options- A. 1995
- B. 1955
- C. 1980
- D. 1969 Discuss
- 3. what type of account appear on a post closing trial balance? Discuss
- 4. The total sum of the goods and services produced in a country in a year, minus depreciation is called as ________.
Options- A. Net Domestic Product
- B. Gross National Income
- C. Gross Domestic Product
- D. Net National Product Discuss
- 5. What is a Non-PO Invoice? Discuss
- 6. What is the full form of the trem WIRE in wire payment ? Explain the process for making and receiving the payment through WIRE? Discuss
Accounting and Finance problems
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Correct Answer: TDS Meaning : TDS means TAX DEDUCTABULE AT SOURCE It is charged on Base Amount TDS is tax charged by the customer who gets the services from Vendor or supplier Here Customer is responsible to charge it and pay to the government Different types of TDS : 1) TDS on salary has to be deducted on salary paid to employee by employer if it crosses the tax limit And pay to the government on or before due date 2) In case of TDS on contractors or profession or others, there is slab that min tax, surcharge, education cess plus higher education cess, it is different and finance minister may change or keep same or remove in every year budget Secondly you can deduct the TDS on bill amount while paying or if advance is paid
Correct Answer: 1955
Correct Answer: The types of accounts that appear on the post-closing trial balance are the permanent accounts, Assets, Liability and Owner's capital Permanent accounts is also called real accounts
Correct Answer: Net Domestic Product
Explanation:
Gross Domestic Product :
It is the total value of all final goods and services produced within the boundary of country during the given period of time.
Gross National Product :
It is the total value of the total output or production of final goods and services produced by the nationals of a country during a given period of time.
Gross National Income :
It is the total domestic and foreign output claimed by residents of a country, consisting of gross domestic product (GDP) plus factor incomes earned by foreign residents, minus income earned in the domestic economy by non-residents.
Net National Product :
The total value of goods produced and services provided in a country during one year, after depreciation of capital goods has been allowed for.
Correct Answer: A non-po is an invoice which does not have po(purchase order)However, these invoices requires approval for authorized person/persons to process for payment
Correct Answer: There is no specific abbreviation for the term WIRE because when the payment is being made using this option, you will not see the physical movement of funds It is all electronic It is just like a current passes through Wire Therefore Electronic movement of funds is campared with WIRE
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