Correct Answer: TDS Meaning : TDS means TAX DEDUCTABULE AT SOURCE It is charged on Base Amount TDS is tax charged by the customer who gets the services from Vendor or supplier Here Customer is responsible to charge it and pay to the government Different types of TDS : 1) TDS on salary has to be deducted on salary paid to employee by employer if it crosses the tax limit And pay to the government on or before due date 2) In case of TDS on contractors or profession or others, there is slab that min tax, surcharge, education cess plus higher education cess, it is different and finance minister may change or keep same or remove in every year budget Secondly you can deduct the TDS on bill amount while paying or if advance is paid

Correct Answer: Accounts payable has got noting to do with purchase of goods and services, it's work is to pay the eligable invoices End to End Process of AP - Process the vendor invoices into system - Work and resolve the discripencies of the invoices (if any) - Make the payments to the invoices as per the agreement - Resolve the issues ( if any ) regarding the invoice payments

Correct Answer: 1955

Correct Answer: The types of accounts that appear on the post-closing trial balance are the permanent accounts, Assets, Liability and Owner's capital Permanent accounts is also called real accounts

Correct Answer: Net Domestic Product

Explanation:

Gross Domestic Product : 

It is the total value of all final goods and services produced within the boundary of country during the given period of time. 

Gross National Product :

It is the total value of the total output or production of final goods and services produced by the nationals of a country during a given period of time. 

Gross National Income : 

It is the total domestic and foreign output claimed by residents of a country, consisting of gross domestic product (GDP) plus factor incomes earned by foreign residents, minus income earned in the domestic economy by non-residents.

Net National Product :

The total value of goods produced and services provided in a country during one year, after depreciation of capital goods has been allowed for.

Correct Answer: A non-po is an invoice which does not have po(purchase order)However, these invoices requires approval for authorized person/persons to process for payment

Correct Answer: There is no specific abbreviation for the term WIRE because when the payment is being made using this option, you will not see the physical movement of funds It is all electronic It is just like a current passes through Wire Therefore Electronic movement of funds is campared with WIRE

Correct Answer: The way in which a bank keeps money in a deposit account in the same way the Depository company converts share certificates into electronic form and keep them in a Demat account

Correct Answer: BRS - Bank Reconciliation Statement A bank reconciliation statement is a statement prepared by organizations to reconcile the balance of cash at bank in a company's own records with the bank statement on a particular date The differences may arise because of the following reasons: - Cheques deposited into bank but not yet collected by bank - Cheques issued by the organization but not yet presented for payment - Cheques directly deposited by customers into the bank - Bank charges debited by bank - Interest credited or some receipts directly collected by bank based on org request - Some payments directly made by bank based on the organizations request So, the statement shows the reasons as what are the reasons for difference in balance

Correct Answer: After 90 days of the due date