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- Question
What is reconciliation?
- Correct Answer
- You should have recorded in your cash books all amounts you?ve actually received and payments you?ve 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 reconciliation- This is a statement prepared to find the reason for difference in any two balance eg 1)bank reconciliation is prepared to find the reason of difference between the passbook & cash book balance 2)Stock reconciliation is prepared to the reason of difference between the physical balance & book balance or to find the stock balance as on certain date etc
- 1. Explain What is the difference between debenture holders and creditors? Discuss
- 2. What are the components or materials used by Accounts receivable departments? Discuss
- 3. Describe account receivable? Discuss
- 4. The primary purpose of life insurance is to provide
Options- A. Safe investment avenue
- B. financial protection to surviving dependents after the death of an insured
- C. Tax rebates
- D. Wealth accumulation Discuss
- 5. Which tax is paid to a third party?
Options- A. Indirect
- B. Income
- C. Flat
- D. Direct Discuss
- 6. What do you mean by Credit Management under AR in Professional field? Discuss
- 7. What is factoring? Discuss
- 8. Explain What is Customer Master record? Discuss
- 9. What is the Auto Invoice? What are the setup Steps for Auto Invoice? Discuss
- 10. Who is responsible for maintaining the Accounts receivable in an organization? Discuss
Accounting and Finance problems
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Correct Answer: Debenture holder are those who provides long term loan at specific interest rate in term of cash and creditor provides only short term credit in term of cash for purchasing of goods
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
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: 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: Indirect
Explanation:
The tax that is paid to a third party is Indirect tax.
Correct Answer: Credit Management is the process of managing the outstanding receivables of the organistion as per the policies adopted by the organisation Companies might the approach of categorising the B/R by their ageing and provision for the same would be taken into account while preparing the financial statements for an organisation
Correct Answer: Selling the rights to the amounts owing by debtors to a finance company for an agreed amount (which is less than the figure at which they are recorded in the accounting books because the finance company needs to be paid for providing the service)
Correct Answer: A Customer Master Record is a permanent record that contains key information about a business partner or a material This information must be entered into the system before any transactions can take place involving the business partner [customer] or a material Entering all the information about a customer or a material into the system before making transactions insures that subsequent transactions or inquiries will have consistent data and reports and analyses can be done in an orderly way Master Records can be edited or changed when necessary Changing master records is frequently called "Maintaining" in SAP
Correct Answer: A powerful tool to import and validate transaction data from other financial systems and create invoices , debit memos , credit memos and on-account credits Setup steps: 1 Define the line ordering rules 2 Define the grouping rules - attache the line ordering rules to the grouping rules
Correct Answer: Accountants in big organization there will be a department to maintain AR department
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