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Q:

Contra-entries are passed only when

A) Simple cash book is prepared B) Double column cash book is prepared
C) Three column cash book is prepared D) None of the above
 
Answer & Explanation Answer: B) Double column cash book is prepared

Explanation:

Contra-entry is the entry which effected the both sides in cash book.

It is occured in three times, i.e.,

1.Cash deposited in to bank,

2.Cash withdrawn from the bank for office use, and

3.Receivable cheque deposited in to the bank in another day.

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Filed Under: Accounts Receivable
Exam Prep: AIEEE , Bank Exams , CAT
Job Role: Analyst , Bank Clerk , Bank PO

Q:

What is account payable? How we pass the entries in account payable and related all the question based on account payable?

Answer

Accounts Payable is a short term liability of an organization. It's a process by which a company buys goods and services on credit and is billed in the form of an invoice, which states the terms and conditions of the payment. Accounts Payable is recorded as a current liability in the balance sheet. All accounts paayble entries are to be coded under the right G/L accounts to have an accurate picture of the company's short term liability.

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Subject: Accounts Payable

Q:

Which three entries have to be made to define the overhead structure completely?

A. Accrual object(s)                     B. Overhead rates

C. Deferral object(s)                   D. Base cost element(s)

E. Overhead element(s)

Answer

Answer : A , B , D

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Subject: SAP CO

Q:

You can create multiple similar assets for example if you purchase 20PCs at once for your training department, or 12 desks for a new suite of offices. You can still make separate entries for each

A. Cost center                      B.Inventory number

C.Business area                   D.Description of the assets

Answer

Answer : A , B , C, D [all these]

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Subject: SAP FI