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Home Interview Accounting and Finance Comments

  • Question
  • Why does a company/business require an Accounts payables process?


  • 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) 


  • Accounting and Finance problems


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    • 1. What is diffrence between automatic Payments Batches and automatic payments?
    • Discuss
    • 2. What is FBT (Fringe Benefit Tax)?
    • Discuss
    • 3. What steps would you take before approving an invoice for payment?
    • Discuss
    • 4. What is account payable? How we pass the entries in account payable and related all the question based on account payable?
    • Discuss
    • 5. Economists refer to purchases of stocks and bonds as investment.

    • Options
    • A. TRUE
    • B. FALSE
    • Discuss
    • 6. What is the difference between EFT & Wire?
    • Discuss
    • 7. 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
    • 8. Accounts that normally have debit balances are

    • Options
    • A. Assets,Expenses,and Common stock
    • B. Assets,Dividends,and Expenses
    • C. Assets,Expenses,and Revenues
    • D. All of the above
    • Discuss
    • 9. What is Evaluated Receipt Settlement?
    • Discuss
    • 10. Explain How is a journal entry recorded?
    • Discuss


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