What is the full form of the trem WIRE in wire payment ? Explain the process for making and receiving the payment through WIRE?

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: 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: 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: 1955

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

Correct Answer: The way in which a bank keeps money in a deposit account in the same way the Depository company converts share certificates into electronic form and keep them in a Demat account

Correct Answer: BRS - Bank Reconciliation Statement A bank reconciliation statement is a statement prepared by organizations to reconcile the balance of cash at bank in a company's own records with the bank statement on a particular date The differences may arise because of the following reasons: - Cheques deposited into bank but not yet collected by bank - Cheques issued by the organization but not yet presented for payment - Cheques directly deposited by customers into the bank - Bank charges debited by bank - Interest credited or some receipts directly collected by bank based on org request - Some payments directly made by bank based on the organizations request So, the statement shows the reasons as what are the reasons for difference in balance

Correct Answer: After 90 days of the due date

Correct Answer: Purchasing good two kinds of entry Either Cash or Credit If Cash Purchase A/c ------ Dr xx To Cash A/c (Being good purchase on cash) If Credit Purchase A/c ---- Dr To Supplier A/c (Being goods purchase on Credit)

Correct Answer: Software Technology Parks of India (STPI)Some of the software service providers will get exemption from STPI for their software exports In accounts payable may be we need to define the vendor STPI location wise In India we have different STPI location If one vendor supplying services or materials to all OR some of the STPI locations we need to maintain the same vendor STPI wise