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- Question
What items would you verify when processing an expense report /invoice for payment?
- Correct Answer
- Employee Travel and Expense Report (ETER ) / Direct Pay / Unencumbered Goods and Services - The ETER is examined for compliance with Travel policy by the accounting clerk prior to submission to Accounts payable - Accounts Payable enters ETER Information into Banner as a Direct pay, generates a Banner invoice number, and records invoice information - Reimbursement checks for ETERs will be processed within five business days after a completed and correct ETER is received by Accounts payable and scheduled for payment in the payment cycle following - ETERs should be submitted within 60 calendar days of incurring the expenses TEARs submitted for expenses older than two months will not be processed nor reimbursed
- 1. How Would You Assist an Employee Whose Tax Withholdings Are Inaccurate? Discuss
- 2. Headquarters of State Bank of India is in
Options- A. Noida
- B. Mysore
- C. Mumbai
- D. Hyderabad Discuss
- 3. Which is the largest foreign bank in India ?
Options- A. HDFC Bank
- B. American Express Bank Ltd
- C. DBS Bank Ltd
- D. Standard Chartered Bank Discuss
- 4. Which payment method typically charges the highest interest rates?
Options- A. Credit cards
- B. Payday loans
- C. Cashier's checks
- D. Pre-paid cards Discuss
- 5. When a debtor owes several debts to a banker and makes a payment, the right of appropriation lies with
Options- A. The Court
- B. The Banker
- C. The Debtor
- D. All the above Discuss
- 6. What is the journal entry process from the time of generating an invoice to receiving payment? Discuss
- 7. Why do capital expenditures increase assets (PP&E), while other cash outflows, like paying salary, taxes, etc., do not create any asset, and instead instantly create an expense on the income statement that reduces equity via retained earnings ? Discuss
- 8. Contra-entries are passed only when
Options- A. Simple cash book is prepared
- B. Double column cash book is prepared
- C. Three column cash book is prepared
- D. None of the above Discuss
- 9. The main components of market risk are a) Liquidity risk b) Interest rate risk c) Currency risk
Options- A. Only a
- B. both a and b
- C. only c
- D. all a, b and c Discuss
- 10. Economists refer to purchases of stocks and bonds as investment.
Options- A. TRUE
- B. FALSE Discuss
Accounting and Finance problems
Search Results
Correct Answer: This question illustrates whether the applicant has experience changing employee income tax withholding amounts The applicant should be able to describe the necessary forms to use and the process for changing the information in the payroll system
Correct Answer: Mumbai
Explanation:
State Bank of India (SBI) is the largest public sector banks in India. It was the first bank established in India as Bank of Calcutta in 1806 and then Imperial Bank of India and then it became State Bank of India on 1st July 1955. The Headquarters of State Bank of India is in Mumbai, Maharashtra.
Correct Answer: Standard Chartered Bank
Explanation:
Standard Chartered Bank
Standard Chartered Bank have been operating in India since 1858.
Correct Answer: Payday loans
Explanation:
Both Credit cards and Payday loans payment methods typically charges the highest interest rates. When compared Payday loans seems to charge a little bit higher interest rates than Credit Cards interest rates.
Correct Answer: The Debtor
Correct Answer: When an invoice is generated and sent to the client/customer, the JE to be passed is debit customer account and credit revenue/accounts receivable account When payment is received from customer, then debit bank account and credit the customer account concerned
Correct Answer: Capital expenditures are capitalized because of the timing of their estimated benefits ? the lemonade stand will benefit the firm for many years The employees? work, on the other hand, benefits the period in which the wages are generated only and should be expensed then This is what differentiates an asset from an expense
Correct Answer: Double column cash book is prepared
Explanation:
Contra-entry is the entry which effected the both sides in cash book.
It is occured in three times, i.e.,
1.Cash deposited in to bank,
2.Cash withdrawn from the bank for office use, and
3.Receivable cheque deposited in to the bank in another day.
Correct Answer: all a, b and c
Correct Answer: FALSE
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