What do you understand by Intercompany Settlement ?

Correct Answer: A pro forma invoice is a price quote and subject to change Accounts Payable Services does not pay from pro forma invoices, statements, quotes or estimates

Correct Answer: For material/Goods Purchases, the Po is required In the Po, QTY, Product Name, Where is delivery price, Terms and Conditions In the po there is no matter of final amount It is just the approximate amount

Correct Answer: safeguarding assets

Explanation:

Internal control, as defined in accounting and auditing, is a process for assuring achievement of an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. A broad concept, internal control involves everything that controls risks to an organization.

 

Internal control is all of the policies and procedures management uses to achieve the following goals.

• Safeguard University assets - well designed internal controls protect assets from accidental loss or loss from fraud.

 

• Ensure the reliability and integrity of financial information - Internal controls ensure that management has accurate, timely and complete information, including accounting records, in order to plan, monitor and report business operations.

 

• Ensure compliance - Internal controls help to ensure the University is in compliance with the many federal, state and local laws and regulations affecting the operations of our business.

 

• Promote efficient and effective operations - Internal controls provide an environment in which managers and staff can maximize the efficiency and effectiveness of their operations.

 

• Accomplishment of goals and objectives - Internal controls system provide a mechanism for management to monitor the achievement of operational goals and objectives.

 

Hence, Internal controls are concerned with safeguarding assets.

Correct Answer: A mischarge correction is when the wrong account line was used or the wrong amount was entered The account that was wrongly charged needs to be credited and the correct account needs to be debited The information needs to be recorded and duly noted for your office and for the main office A journal voucher, showing the correction, should be completed as soon as possible The accountswill not balance at the end of the fiscal year if these corrections are not properly made

Correct Answer: It is the allowance paid to an employee who is working on a special assignment This amount is completely exclusive of his Compensation plan These are given in scenerio's like, when the employee went for On Job Training or an Employee sent for short term Deputation to survive his expenses in the new location

Correct Answer: Total

Explanation:

Standard deviation measures total risk in stocks.

Correct Answer: Indirect

Explanation:

The tax that is paid to a third party is Indirect tax.

Correct Answer: financial protection to surviving dependents after the death of an insured

Explanation:

The primary purpose of life insurance is to provide financial protection to surviving dependents after the death of an insured.

Correct Answer: Accounts Receivable means the amount which comes in to the business Eg: If the trader made sales to the customer then obviously the trader will received the amount for the sales made So here the amount which comes in is said to be accouts receivable

Correct Answer: Accounts Receivable department is very important department of the company The responsbilities of the department is approval of credit limit to the customer study the past history of customer credit sending invoices to the customer updation of the customer credit data factoring contacts with the factoring agents follow up of customers motivating the customers to pay the dues intime and communicating the information to the management Credit sales data estimation of credit sales for the future period request for funds to finance department whenever they required follow up of customers receivables management