The main components of market risk are a) Liquidity risk b) Interest rate risk c) Currency risk

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2.Cash withdrawn from the bank for office use, and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: 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: 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: 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

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: FALSE

Correct Answer: Accounts Payable is a short term liability of an organization It's a process by which a company buys goods and services on credit and is billed in the form of an invoice, which states the terms and conditions of the payment Accounts Payable is recorded as a current liability in the balance sheet All accounts paayble entries are to be coded under the right G/L accounts to have an accurate picture of the company's short term liability

Correct Answer: Following steps should be taken >Validate the invoice once it is matched for checking any holds >If workflow is implemented , Initiate approval for the invoice Once the invoice is approved/Approrval not required(status in case WF is not implemented) you can go for payments >Create accounting after approval of invoice Finally for payments you need to format, build ------------------------------------------------------------------------------- Before making payment the following steps should be taken 1 invoice amt, date, qty, quy, 2 invoice duplication or not 3 rectification of any Errors in invoice ------------------------------------------------------------------------------ Before hand over the invoice or dispatch the materials 1we have to receive perchase order from the customer 2Then PDC cheque, cash or current dated chq for dispatch the materials 3have to take signature from the customer for the proof of goods recieve ------------------------------------------------------------------------------- We must check the invoice thoroughly (1) Date of Invoice (2)Qty,Rate,Tax Levid

Correct Answer: The tax payable on a non-salary benefit provided to an employee or an associate of the employee The employer is liable to pay any FBT and may choose to recover the FBT amount from the employee

Correct Answer: Automatic payments batch means auto payment is done on the bases of the batch, which u created for the payment of particular pay group etc Automatic payments means auto payments is done on the bases of single transaction u selected base for the payments