What is account payable? How we pass the entries in account payable and related all the question based on account payable?

Correct Answer: FALSE

Correct Answer: all a, b and c

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2.Cash withdrawn from the bank for office use, and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

Correct Answer: Accounts payable process is required in a company because this will help and guide the accountant to manage their payables with in the normal course of the business This includes verifying and checking the invoice details including the credit terms, due date, mode of payment, payee and the items received Only the items received will be paid Incase theres a discrepancy against the actual receipts, a credit note will be raised by the supplier against the short-shipped invoice At the end of the month, AP reconcilition is required confirming both parties balances thru the statement of accounts (SOA) This you can identify which invoices or payment hasnt been booked yet by both parties and you will end up with the same balances, (equal balance from your company and with their company)

Correct Answer: EFT-Electronic Funds Transfer is basically batch of payments are transferring from one bank to another bank with specified time lines EFT payments are also called as BACS if it is UK, ACH in US for domestic payments Foreign payments are called as SWIFT payments WIRE: Wire can be used to release payments for local or international, Different countries will be named in different ways viz, CHAPS for Local Payments made in UK, WIRE for all international payments made from UK and Local & foreign payments made in all other countries