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- Question
Explain what is BRS?
- 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
- 1. What is Demat Account ? Discuss
- 2. What is the full form of the trem WIRE in wire payment ? Explain the process for making and receiving the payment through WIRE? Discuss
- 3. What is a Non-PO Invoice? 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 type of account appear on a post closing trial balance? Discuss
- 6. How much time needs to pass for an A/R account to be considered delinquent? Discuss
- 7. What entry is recorded when $75.00 worth of supplies are purchased on account? Discuss
- 8. What is STPI ? why STPI knowledge required in Accounts Payable? Discuss
- 9. Which Bank has acquired payments wallet Freecharge for Rs. 373 crore in an all-cash deal ?
Options- A. HDFC Bank
- B. Karnataka Bank
- C. ICICI Bank
- D. Axis Bank Discuss
- 10. The threshold limit upto which coins can be issued as per the Coinage Act 2011 ?
Options- A. 100
- B. 200
- C. 500
- D. 1000 Discuss
Accounting and Finance problems
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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: 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
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: 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
Correct Answer: Axis Bank
Correct Answer: 1000
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