What are the Golden Rules Of Accounting ?

Correct Answer: Absolutely Two examples involve unsustainable improvements in working capital (a company is selling off inventory and delaying payables), and another example involves lack of revenues going forward in the pipeline

Correct Answer: Journal Entries are recorded on a double entry system ie debit and credit concept In order to record a journal entry the following steps need to be followed - Enter the Journal entry number - Enter the Date of transaction - Enter the Debit item (as per the golden principles of accountancy) - Enter the corresponding GL folio number - Enter the Debit amount - Enter the credit item(as per the golden principles of accountancy) - Enter the amount in the credit column - Provide a brief description of the transaction - leave a single line before next transaction

Correct Answer: ERS is a business process between trading partners that conduct commerce without invoices In an ERS transaction the supplier ships goods based upon an Advance Shipping Notice (ASN) and the purchaser upon receipt confirms the existence of a corresponding purchase order or contract verifies the identity and quantity of the goods and then pays the supplier

Correct Answer: Assets,Dividends,and Expenses

Correct Answer: Help to solve Balance of Payment problems of member countries

Correct Answer: Accounts Receivable

Explanation:

The journal entry to record a credit sale is Accounts Receivable. Credit sale is nothing butthe customers pay at the time of buying.

Correct Answer: A cheque is basically issued by an individual but a draft is issued by a bank In a demand draft you have to pay before issuing while a check is withdrawn from the account

Correct Answer: You might initially think that if you haven?t done a degree in finance or economics you haven?t got very much to offer an investment bank, but you?d be wrong Any numerate discipline will have given you a mathematical toolkit that will come in useful in technical banking work, and any good degree proves that you?re intelligent, hardworking, and effective under pressure Extra-curricular activities may have given you a wealth of other skills that are valuable at an investment bank, such as being able to juggle a number of commitments and work with others

Correct Answer: CRR or Cash Reverse Ratio is the amount of money that a commercial bank has to keep with the Reserve Bank of India If the bank increase CRR then the amount with RBI comes down and vice-versa

Correct Answer: ?Bill Discount? is a settlement of the bill, where your electricity bill or gas bill is sold to a bank for early payment at less than the face value and the bank will recover the full amount of the bill from you before bill due date For example, electricity bill for XYZ is $1000; the electricity bill company will sell the bill to the bank for 10% to 20% discount to the face value Here, the bank will buy the electricity bill for $900 whose face value is $1000, now the bank will recover, full amount of bill from the customer ie $1000 If the customer fails to pay the bill, the bank will put interest on the outstanding bill and ask the customer for the payment