-
Retail Invoice vs. Tax Invoice
What difference between retail invoice and tax invoice?
AJAY
- Feb 10th, 2012
Retail invoice is a normal invoice given to a customer at the time of sales, it is not concerned with tax-credit. Whereas tax invoice is a mandatory invoice precribed by the tax authorities containin...
Lokesh M
- Feb 7th, 2012
Whenever sales transaction does not involve any tax component, then retail invoice is issued. Such type of invoice is also known as cash memo. No VAT credit can be claimed on retail invoices. Wheneve...
-
What is Evaluated Receipt Settlement?
Lokesh M
- Feb 7th, 2012
Evaluated Receipt Settlement also known as ERS is a business transaction process between trading parties. In this type of process, the PO information as well as the goods receipt information is used to make direct payment to the supplier without even receiving an invoice.
-
Gift Items Depreciation
What is the treatment of Depreciation on Gift Items?
-
How to handle Credit Claims?
Lokesh M
- Feb 7th, 2012
- Gather, transfer and transmit complete information and details related to credit claims such as identification, assessment and valuation - Assign of identification numbers for the claim - Check eli...
-
What are some methods to allocate support cost?
Lokesh M
- Feb 7th, 2012
Some methods to allocate support cost are:
1. Direct Allocation Method
2. Step-Down Method (also known as Sequential Allocation Method)
3. Reciprocal Method -
What is a Chargeback?
Lokesh M
- Feb 7th, 2012
Chargeback means refund / return of funds to the buyer. Here the bank reverts back the transaction between the buyer and seller when chargeback is initiated. A chargeback is initiated by the buyer w...
-
What are freight charges?
Lokesh M
- Feb 7th, 2012
Freight charges is the cost of transporting the goods from the seller place to the purchasers location. This cost shall include packing, loading / unloading, carriage, shipping cost etc.,
-
-
Fixed Asset in Accounting
How many types of fixed asset in accounting? What are they?
-
How would quality problems manifest themselves in the accounting department?
cyberfrau
- Dec 2nd, 2011
As they would anywhere - problems arise when we do not conform to requirements. Having said that, sometimes problems arise because the requirements are not correct. Root cause analysis recommended.
-
New Policy
What would you do if upper management issue a new policy and it was questionable to you? Would you follow the new policy?
-
What is the asset for cooperative society bank?
In cooperative society bank which item represent the asset side of balance sheet?
-
-
Accounts Payable
What is the difference between (1) accounts payable and bills payable and (2) accounts receivable and bills receivable
subbop
- Jul 27th, 2011
Account payable refers to the debts to be paid off within a given period of time to the creditors and whereas bills payable is the money a bank borrows, mainly on short term basis and owes to other ba...
anilrawatnokia
- Sep 15th, 2010
1. Accounts payable are amounts due to vendors in the normal course of business, such as for rent and utilities, supplies, and the like. A note payable represents a loan which bears interest, usually ...
-
What is shadow balance ?
Arun V B
- Jul 27th, 2011
Shadow Balance in bank accounts is the balance upto which the subsequent debits/credit can be posted upto. Shadow Balance = Book Balance - Debit/ Book Balance+Credit (yet to be authorised for postin...
vasudeo007
- Aug 19th, 2008
Shadow balance is that balance which is not yet clear.Consider any company's case.Company has given money to someone by a cheque. Then they have shown in their cash book that money has been given....
-
What is meant by turnover
Read Best Answer
Editorial / Best Answer
vasudeo007- Member Since Jul-2008 | Aug 19th, 2008
The word "Turnover" has many meanings.
For a trader/manufacturer/service provider it means total sales (cash+credit).
While when a bank gives loan to any person or company they see the turnover.
Here the turnover generally refers to the total credits in any given period in account holder's account.
While bank's own turnover is the total loans disbursed + outstanding recovery of earlier period - bad debts (loans written off) in this period.
Considering the disclosure norms in Accounting Standards the announcement of turnover is required. I am not sure for which industries it is mandatory and for which industries it is not. But it is nevertheless announced.
Balance sheet of any company can be easily window dressed. So to understand whether whatever profits that are shown are really from turnover or not the announcement of turnover becomes necessary.
In case if a person/investor finds out that the turnover of any company is not high but the company is saying that they have made big profits then he can probe in details as to how the company is making its money.
In case if the investor finds out that the company is selling the goods to a huge quantity but not making much profits then he can investigate the books of accounts to find out what are the causes of low profitability.
Vasudeo.mech.sanjay
- Mar 24th, 2011
An aspest-how the management efficiency is being turned around in terms of quantity being sold on technology, cost, human & time constraints.note-these constraints can be prioritized.
vasudeo007
- Aug 19th, 2008
The word "Turnover" has many meanings.For a trader/manufacturer/service provider it means total sales (cash+credit).While when a bank gives loan to any person or company they see the turnove...
-
Accounting for a lawsuit
I had a limited company that I sold in 2006. One of my employees brought a employer practices lawsuit against me in 2004. I continued to have legal expenses relating to this suit until 2008 but did not have any income to offset the expenses in 2007 and 2008. Can I put most of those expenses in 2006 when the company was sold?
-
Steps for Approving Invoice
What is the steps taken before approving any Invoice
deepakkumarcs
- Oct 20th, 2010
First we should find client PO after that we want observe our order accptence and materials should be ready to despatch level, then only we can get steps for approving invoice.
-
What is JOC in accounting?
anilrawatnokia
- Sep 15th, 2010
JOC means Job Order Costing and is a part of Cost AccountingA job order costing system is used when a job or batch is significantlydifferent from other jobs or batches. Cost accounting is usually fair...
-
What will you do if there is a missing invoice?
anilrawatnokia
- Sep 15th, 2010
First of all you haven't mention which kind of invoice is missing.However the answer is that we will transfer the amount to the Suspense account.
Accounting Interview Questions
Sub Category
Questions
Answers
Last Updated
Read Best Answer
Ans