Question 1

The Accounting period cycle of NSE is

Accepted Answer

Wednesday to next Tuesday

Question 2

Suspense account group is defined under

Accepted Answer

Liabilities

Question 3

The shortcut key to quit from tally is

Accepted Answer

CTRL + Q

Question 4

What is Repo Rate and Reverse Repo Rate?

Accepted Answer

Repo Rate is the rate at which the commercial banks borrows money from the central bank of a country ie, RBI in India Reverse Repo Rate is the rate at which the central bank of a country, in case of India it is RBI borrows money from the commercial banks in the country

Question 5

Commercial banks are funded through which of the following?

Accepted Answer

A commercial bank is a financial body which performs the functions of accepting deposits from the general public and giving short term loans for investment with the aim of earning profit.

Question 6

Which of the following terms is not used in banking sector?

Accepted Answer

Actuary is the term which is not used in banking sector.

Question 7

What do you understand by Variance Report in payroll?

Accepted Answer

Variance Report is to know what is the difference between last month salary and the current month salary you can also check in that report all input which you have considered its captured or not

Question 8

How do you calculate gratuity?

Accepted Answer

Gratuity is paid to all such employees after their resignation or retirementIncase of resignation gratuity is paid to such employees who have completed 5 years of service Calculation of gratuity = Basic + DA x (15/26) x Total no yrs service 15- Half month 26- Excluding 4 sundays

Question 9

How higher management in an organization gets benefited by payroll reports?

Accepted Answer

Payroll reports gives information about the total 'cost to Company' for the Employee Salary, Benefits (Cash and Non-Cash), Taxes, Total Hours worked All these information is helpful for the Management decisions

Question 10

What is retropay?

Accepted Answer

It is a process that recaculates the amount to pay an employess in the current period to account for retrospective changes that occurred in previous payroll periods

Question 11

What procedure for excess payment to supplier I would like know without adjusting invoice that means how supplier will send back excess amount how do in oracle apps?

Accepted Answer

Excess payment to supplier is treated as Advance paid to supplier This will show as debit balance in supplier account Supplier can send the payment by way of cheque / demand draft without adjusting in his subsequent bills

Question 12

Explain What is the difference between debenture holders and creditors?

Accepted 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

Question 13

What is the meaning of Per Diem?

Accepted Answer

It is the allowance paid to an employee who is working on a special assignment This amount is completely exclusive of his Compensation plan These are given in scenerio's like, when the employee went for On Job Training or an Employee sent for short term Deputation to survive his expenses in the new location

Question 14

What do you mean by Mischarge Correction?

Accepted Answer

A mischarge correction is when the wrong account line was used or the wrong amount was entered The account that was wrongly charged needs to be credited and the correct account needs to be debited The information needs to be recorded and duly noted for your office and for the main office A journal voucher, showing the correction, should be completed as soon as possible The accountswill not balance at the end of the fiscal year if these corrections are not properly made

Question 15

Internal controls are concerned with

Accepted Answer

Internal control, as defined in accounting and auditing, is a process for assuring achievement of an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. A broad concept, internal control involves everything that controls risks to an organization. Internal control is all of the policies and procedures management uses to achieve the following goals. Safeguard University assets - well designed internal controls protect assets from accidental loss or loss from fraud. Ensure the reliability and integrity of financial information - Internal controls ensure that management has accurate, timely and complete information, including accounting records, in order to plan, monitor and report business operations. Ensure compliance - Internal controls help to ensure the University is in compliance with the many federal, state and local laws and regulations affecting the operations of our business. Promote efficient and effective operations - Internal controls provide an environment in which managers and staff can maximize the efficiency and effectiveness of their operations. Accomplishment of goals and objectives - Internal controls system provide a mechanism for management to monitor the achievement of operational goals and objectives. Hence, Internal controls are concerned with safeguarding assets.

Question 16

What is PO invoice ?

Accepted Answer

For material/Goods Purchases, the Po is required In the Po, QTY, Product Name, Where is delivery price, Terms and Conditions In the po there is no matter of final amount It is just the approximate amount

Question 17

What is pro forma ?

Accepted Answer

A pro forma invoice is a price quote and subject to change Accounts Payable Services does not pay from pro forma invoices, statements, quotes or estimates

Question 18

What do you understand by Intercompany Settlement ?

Accepted Answer

A company may also have various company codes across the different locations There will be exchange of services between these company codes These goods and services which are shared or exchanged between these company codes are bring to terms during the month end process The exchange difference has to be settled by a company code in the way of money transfer This process is known as Intercompany Settlement

Question 19

Standard deviation measures which type of risk?

Accepted Answer

Standard deviation measures total risk in stocks.

Question 20

Which tax is paid to a third party?

Accepted Answer

The tax that is paid to a third party is Indirect tax.

Accounting and Finance Questions