Q.1 What is debit and credit from the banks point of view?
ANSWER:
debit balance of our books of a/c will be the credit balance of bank a/c. and the credit balance of our books of a/c will be debit balance in the books of a/c of bank.
Q.2 What is difference between consiner and consinee?
ANSWER:
Consigner is the person who is the owner of the goods and who deliver the goods to the consignee.
Consignee is the person who receives the goods and he just possesses the goods and not the owner.
Q.3 What step would you take before approving an invoice for payment?
ANSWER:
Before hand over the invoice or dispatch the materials
1. we have to receive perchase order from the customer
2. Then PDC cheque, cash or current dated chq for dispatch the materials
3. have to take signature from the customer for the proof of goods recieve
Q.4 What is the full form of SOX in accounts?
ANSWER:
Sarbanes Oxley
Q.5 Explain about accounts payable?
ANSWER:
Accounts payable is a file or account that contains money that a person or company owes to suppliers, but has not paid yet (a form of debt). When you receive an invoice you add it to the file, and then you remove it when you pay. Thus, the A/P is a form of credit that suppliers offer to their purchasers by allowing them to pay for a product or service after it has already been received.
Q.6 What is difference between debenture and perference share?
ANSWER:
When the capital of the company is not sufficient to carry on business the company raise loan by issuing what is known as debenture debenture holder money treated as a loan whereas preference shareholder money treated as a capital of the company. Debenture holder is not a properitor of the company in the contest preference share holder is a properitor of the company. Preference share holder has a right to get bonus or dividend from the company but debenture holder has no right to get dividend.
