-
-
Difference between account payable and bills payable
Gandhevi
- Aug 17th, 2008
Accounts Payables & Bills Payable looks one and the same but the only difference here is Bill Payables talks about making payment to Vendors whereas Accounts payable deals with internal adjustment...
Nishchint_2006
- Jul 14th, 2008
Accounts payable consist of debtors & bills receivable,where as bills receivable is part of accounts receivable,if you have doubt plz check in Ratio analysis full fledged knowledge books
-
Purchase Entry Record
What entry is recorded when $75.00 worth of supplies are purchased on account?
tharik_409
- Jul 25th, 2008
Purchasing good two kinds of entry either Cash or Credit.If Cash Purchase A/c----Dr xx To Cash A/c (Being good purchase on cash)If Credit Purchase A/c----DrTo Supplier A/c (Being goods purchase on Credit)
shoukath
- Jul 22nd, 2008
Purchasing good two kinds of entry Either Cash or Credit If CashPurchase A/c------Dr xxTo Cash A/c(Being good purchase on cash)If Credit Purchase A/c----DrTo Supplier A/c(Being goods purchase on Credit)
-
WIRE
What is the full form of the trem WIRE in wire payment ? Expalin the process for making and receiving the payment through WIRE?
vijay.rathinavel
- Mar 13th, 2010
The WIRE payment there is no specific expansion.Incase WIRE payment means the payment will reach vendor within a days.Incase of EFT the payment will reached by the vendor it will take 3 days.(required SWIFT code, Account number, ABA number etc)
-
Accruals Entries
If there is oustanding payments, we have to pass accural enteries. So what are the enteries for accurals?
sundar
- Feb 23rd, 2013
3050000 account debit
To customer account creditchinnaguntupalli
- Sep 13th, 2009
It is an entry to create provision for unaccounted expenses in the current month for which services/goods already recieved.
-
Approve Invoice for Payment
What items of information do you need before you can approve an invoice for payment?
c7831887
- Nov 22nd, 2009
We have to check the following:-1. Whether the Purchase Oder quantity, rate and description matches with the Invoice sent by the seller.2. Is there any debit note available against the Inv...
chinnaguntupalli
- Nov 6th, 2009
Payment terms of the invoiceWhether posting in ERP is matching with Invoice copy or notWill approve only hold free Invoicesif it is a Non-PO based, will check whether approver has authority approve in...
-
Types of Purchase Order Status and their Relevance
How many types of purchase order's status are their and their relative significance. e.g Closed, Released, Open, etc
-
Why would the balances of trail balances be equal
furqan shah
- Oct 10th, 2011
Because according to rule of accounting if u are debit some account than you have to credit same amount.
naveen_bansal205
- Sep 16th, 2011
As an accountant wants to be sure that the ledger accounts he/she has prepared are correct in respect of amount, side, balance, etc. To check the accuracy of posting in the ledger a statement is prepared. This statement is called Trial Balance.
-
Accounts Payable Entries
At which stage accounting entries gets generates in AP?
Also what is Credit balance?
How is your Team helps in generating revenue to the company?
-
Journal Entries for Invoice Posting & for Payments
What are the journal entries for invoice posting & for payments activities?
-
CC, GL, Profit Center, WBS elements
For Non-PO invoices, who will determine the CC, GL, Profit Center, WBS elements imprinted on the invoice?
-
Tell us about an invoice dispute that you were involved in and what your role was in resolving the dispute.
Ajit
- Sep 10th, 2007
An example of invoice dispute was not finding the vendor bank account & contact number. Although many attempts were made for this payment but could not locate the 'one time vendor' (one time of purcha...
Mansukh Gambhava
- Mar 31st, 2007
Any dispute related invoice like quantity, Quality, Rate, taxes and other commercial and technical term, we have to strictly accept as per Purchase Order and solve the problem.
-
What do you mean by DOA?
Cody2727
- May 8th, 2011
DOA is the Department of Administration.? The main fiscal headquarters.? There are usually some bills paid by DOA, such as long distance and CPU within the organization.
satya
- Jun 15th, 2007
DOA means Deligation Of Authority.It is a document that shows responsibilities and powers attached at each position in hierarchy. e.g manager,GM,AVP , VP etc
-
What is debit and credit from the customer point of view ?
Cody2727
- May 8th, 2011
From the customer point of view, a debit is something he purchased or a service was rendered of which he owes money and a credit is something he received, such as a paycheck , credit, or a bonus,
kapil kabra
- Jul 1st, 2006
Here we can follow the basic rule of accounting Debit the receiver, Credit the Giver
-
Diff b/w current accout and saving account?
Nishchint_2006
- Jul 14th, 2008
one more difference is overdraft facility available on current account where as no such facility is available in saving bank a/c.The basic difference between saving and current account is that we get ...
SUMMIT NIGAM
- Oct 23rd, 2007
The basic difference between saving and current account is that we get interest on saving account. but we don't get interest on current account . even we have to pay for the transactions. there is lim...
-
What happens if A/P on a cash basis shows a huge amount. Shouldn't be zero?
Darvesi Miah
- May 15th, 2009
The A/P department people will take certain limits and measures. They are1. Aging invoice2. Is there any disputes3. Discrepancy'sGenerally Invoices may be paid at the terms and conditions and the same time A/P people try to fully utilise the days, discounts, interest and others
k.venkat ramana
- Mar 21st, 2007
As per income tax rules we cannot pay A.P more than 20000/- at single paymentand also from 01-04-07 it has came to know that expenditures exceeding 20000/- cannot be treated as a expenditure in P&L A/C
-
-
Why does a company/business require an Accounts payables process?
niraj
- Feb 28th, 2013
Accounts payable process is required in a company because this will help and guide the accountant to manage their payables with in the normal course of the business. This includes verifying and checki...
nkamuni_mca
- Dec 30th, 2009
Accounts payable prime responsibility is to pay the vendors who has supplied goods and services on credit.
-
What is the Debit Balance recovery? How we can recover if we wont have any future transactions from supplier?
gauravcanada2003
- May 12th, 2010
When payment is made to the wrong vendor or payment made in excess, in that case overpayment has gone to the vendor, so for us it is vendor debit balance.For debit balance recovery, we can either foll...
nkamuni_mca
- Mar 6th, 2010
The Debit balance recovery is usually made by raising a credit memo for the regular vendors. However if there are no future transactions from the supplier, we ask the vendor to send the check / make an EFT for the amount due from him.
-
Calculating current liabilities
ABC Trial Balance 12/31/year 1A/P 20,000.00Bonds Payable due year 2 $ 10,000.00Dividends Payable on 02/01/year 2 $5,000.00Income Tax payable$ 15,000.00Notes Payable due 01/15/year3 $ 10,000.00in ABC's 12/31/year 1 Balance Sheet The Current Liabilities total S/B50,000.00 or 60,000.00 or 20,000.00 or 35,000.00 or $0.00
finance_quest
- Nov 25th, 2011
Contingent liability is one kind of provision that company keeps as the safety to meet its unforeseen events.In future any event can come to place such as changes in the value of the foreign currency...
haniabdulrasoul
- Mar 29th, 2008
ABC Trial Balance 12/31/year 1A/P 20,000.00Bonds Payable due year 2 $ 10,000.00Dividends Payable on 02/01/year 2 $5,000.00Income Tax payable$ 15,000.00Notes Payable due 01/15/year3 $ 10,000.00in ABC&#...
Accounts Payable Interview Questions
Ans