What is the Debit Balance recovery? How we can recover if we won?t have any future transactions from supplier ?

Correct Answer: You should have recorded in your cash books all amounts you have actually received and payments you have actually made However the cash books may be incomplete as your bank may have put extra transactions through your account such as: ? bank fees or interest charges ? direct debits (payments) and direct credits (receipts) Doing a regular bank reconciliation will allow you to: ? take into account any extra transactions your bank puts through your account and ? check and record any errors or omissions By regularly doing a bank reconciliation (say monthly) you can be more confident that your records contain all the information you need to prepare your income tax return and activity statements

Correct Answer: From the customer point of view, credit is the amount which is deposited into her or his account And debit refers to that amount which is taken from the account of the customer

Correct Answer: 3 way matching is to compare three documents ie, 1 Purchase order 2 Receipt of Items/Packing slip 3 Invoice For example, if we Order for 50 Items in purchase order and received 40 Items only instead of 50 items But we received invoice for 50 items After comparing the three documents we pay for only 40 Items

Correct Answer: A key functional area of SAP for Utilities that supports cross-company exchange of settlement data based on international standards such as EDI, XML, and Microsoft Excel Intercompany data exchange manages data transfer between retailers, distributors, and independent service operators with special regard to the requirements in deregulated markets

Correct Answer: The open items of an account can only be cleared once you post an identical offsetting amount to the account In other words, the balance of the items assigned to each other must equal zeroDuring clearing, the system enters a clearing document number and the clearing date in these items In this way, invoices in a vendor account are indicated as paid, and items in a bank clearing account are indicated as cleared You generally use the payment program to clear invoices Manual clearing of open items is therefore not usually necessary However, you will sometimes have to clear items manually if, for example, you receive a refund from your vendor or you have set up a direct debit procedure

Correct Answer: The words "asset" and "liability" are two very common words in accounting Liabilities are legally binding obligations that are payable to another person or entity Accounts payable, loans, mortgages, deferred revenue, come under liabilities

Correct Answer: a state forces people to sell their fields for building highway

Explanation:

A legal strategy that allows a government to grab hold of private property for public use is known as eminent domain. The seizing authority must pay fair market value for the property seized.

Correct Answer: All of the above

Correct Answer: Capital Gains Tax on Property: 1 Short term, 2 Long term Short Term Capital Gain on property is considered as a gain from selling a property which was held by you for less than 36 months As a taxpayer, you are liable to pay tax on short term capital gain on property as per your applicable marginal income tax slab * Current Short Term Capital Gains tax rate is 30% Long Term Capital Gain When you sell your property that is owned by you for more than three years, any gain arising from such sale will be considered as long term capital gain Long term capital gain is calculated as the difference between net sales consideration and indexed cost of property * Current Long Term Capital Gains tax rate is 20%

Correct Answer: Time periods you define to age your debit items Aging buckets are used in the Aging reports to see both current and outstanding debit items For example you can define an aging bucket that includes all debit items that are 1 to 30 days past due Normal table used for this Report is < 30 days 30-60 days 60-90 days 90-180 days and >180 days