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Home Interview Accounting and Finance Comments

  • Question
  • What steps would you take before approving an invoice for payment?


  • 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 


  • Accounting and Finance problems


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    • 1. What is account payable? How we pass the entries in account payable and related all the question based on account payable?
    • Discuss
    • 2. Economists refer to purchases of stocks and bonds as investment.

    • Options
    • A. TRUE
    • B. FALSE
    • Discuss
    • 3. 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
    • 4. 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
    • 5. 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
    • 6. What is FBT (Fringe Benefit Tax)?
    • Discuss
    • 7. What is diffrence between automatic Payments Batches and automatic payments?
    • Discuss
    • 8. Why does a company/business require an Accounts payables process?
    • Discuss
    • 9. What is the difference between EFT & Wire?
    • Discuss
    • 10. What is the main function of international monetary fund ?

    • Options
    • A. Help to solve Balance of Payment problems of member countries
    • B. Act as private sector lending arm of the World Bank
    • C. Finance investment loans to developing countries
    • D. Arrange international deposits from banks
    • Discuss


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