Sawaal

 Accounts Payable Questions

Popular Latest Rated
Q:

What is the meaning of TDS? How it is charged?

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.

Report Error

View answer Workspace Report Error Discuss

Subject: Accounts Payable - Accounting and Finance

101 36637
Q:

Explain End to End AP Process?

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

Report Error

View answer Workspace Report Error Discuss

Subject: Accounts Payable - Accounting and Finance

55 35439
Q:

What is a Non-PO Invoice?

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.


What_is_a_Non-PO_Invoice1558075538.jpg image

Report Error

View answer Workspace Report Error Discuss

Subject: Accounts Payable - Accounting and Finance Exam Prep: Bank Exams
Job Role: Bank Clerk , Bank PO

26 21968
Q:

What is the full form of the trem WIRE in wire payment ? Explain the process for making and receiving the payment through WIRE?

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.

Report Error

View answer Workspace Report Error Discuss

Subject: Accounts Payable - Accounting and Finance

22 12282
Q:

what type of account appear on a post closing trial balance?

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.

Report Error

View answer Workspace Report Error Discuss

Subject: Accounts Payable - Accounting and Finance

22 4309
Q:

What is STPI ? why STPI knowledge required in Accounts Payable?

Answer

Software Technology Parks of India (STPI).Some of the software service providers will get exemption from STPI for their software exports. In accounts payable may be we need to define the vendor STPI location wise.


In India we have different STPI location. If one vendor supplying services or materials to all OR some of the STPI locations we need to maintain the same vendor STPI wise.  

Report Error

View answer Workspace Report Error Discuss

Subject: Accounts Payable - Accounting and Finance

15 11336
Q:

What entry is recorded when $75.00 worth of supplies are purchased on account?

Answer

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 ---- Dr  To Supplier A/c


(Being goods purchase on Credit)

Report Error

View answer Workspace Report Error Discuss

Subject: Accounts Payable - Accounting and Finance

15 5579
Q:

What is the difference between debenture and preference share ?

Answer

The difference between Debentures and Preferential Shares is as follows:

1) Person holding debentures has owed money to a company, while Preferential Shareholder could be considered as a partial owner of the company.

2) A Preference shareholder earns dividends if the company is making profits, however a debenture holder needs to be paid irrespective of making profits or losses.

3) A debenture holder would be paid the capital invested at the end of a stipulated term. A preference shareholder is not promised return of capital invested; instead he earns dividends till the time the company exists and is profitable.

4) A debenture holder earns interest on the capital invested till the capital is not returned, while a preference shareholder is paid dividends till the time the company exists.

Report Error

View answer Workspace Report Error Discuss

Subject: Accounts Payable - Accounting and Finance

13 15405