1
Q:

What items would you verify when processing an expense report /invoice for payment? 

Answer:



Q:

What is the main function of international monetary fund  ?

A) Help to solve Balance of Payment problems of member countries B) Act as private sector lending arm of the World Bank
C) Finance investment loans to developing countries D) Arrange international deposits from banks
 
Answer & Explanation Answer: A) Help to solve Balance of Payment problems of member countries

Explanation:
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Filed Under: Accounts Payable - Accounting and Finance
Exam Prep: Bank Exams , CAT
Job Role: Analyst , Bank Clerk , Bank PO

2 17
Q:

What do you understand by Intercompany Settlement ?

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. 

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1 22
Q:

What is the Debit Balance recovery? How we can recover if we won’t have any future transactions from supplier ?

Answer

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. 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 follow- up with the vendor to send us the excess amount / refund back, or we can adjust that extra amount in future invoices submitted by that vendor. In case no future transactions, we have to follow-up with the vendor, failing which we have to write off this amount. 

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1 12
Q:

What is pro forma ?

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.

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1 105
Q:

What is reconciliation ?

Answer

You should have recorded in your cash books all amounts you have actually received and payments you have actually made. However the cash books may be incomplete as your bank may have put extra transactions through your account such as:


► bank fees or interest charges
► direct debits (payments) and direct credits (receipts).


Doing a regular bank reconciliation will allow you to:


► take into account any extra transactions your bank puts through your account and
► check and record any errors or omissions.


By regularly doing a bank reconciliation (say monthly) you can be more confident that your records contain all the information you need to prepare your income tax return and activity statements.

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