What entry is recorded when $75.00 worth of supplies are purchased on account?

Correct Answer: After 90 days of the due date

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: 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: 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

Correct Answer: Accounts payable refer to the current liability of a business or an organization That is the unsettled payments in a business or an organization refers to Accounts payable Bills payable refers to bills settled In other words the paid and accepted recorded bills in a business or an organization refers to bills payable

Correct Answer: Back end collections means like commission on sales or commission on providing services Front end collections means like sales and providing services