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Q:

What is 'Three-Way Match' refers in Acconting ?

Answer

In accounting, the Three-way Match refers to a procedure used when processing an invoice received from a vendor or supplier. The three-way match is an important step in safeguarding an organization's assets. The purpose of the three-way match is to avoid paying incorrect and perhaps fraudulent invoices.


Here Three-way refers to the three documents involved :


* Vendor's invoice which was received and will become part of an organization's accounts        payable if approved.


* Purchase order that was prepared by the organization.


* Receiving report that was prepared by the organization.


And Match refers to the comparison of the quantities, price per unit, terms, etc. appearing on the vendor's invoice to the information on the purchase order and to the quantities actually received.


After the vendor's invoice has been validated by the three-way match, it can be further processed for payment.

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Subject: Accounts Payable Exam Prep: Bank Exams , CAT
Job Role: Analyst , Bank Clerk , Bank PO

Q:

Lucky started working 2 years ago. Her starting salary was half of Karthik's salary at that time. Each year since then Lucky and Karthik have received a rise of 10% in their respective salary. What percentage (to the nearest percent) of Karthik's current salary is Lucky's current salary ?

A) 75% B) 22.5%
C) 35% D) 50%
 
Answer & Explanation Answer: D) 50%

Explanation:

Let the salary of Karthik 2 years ago be Rs.100
So, Lucky's salary 2 years ago was Rs.50

 

Karthik's present salary has seen two 10 percent increases. So as Lucky's salary.

So, Karthik's salary 1 year ago = 100 + 10% of 100 = 100 + 10 = 110.
Karthik's present salary = 110 + 10% of 110 = 110 + 11 = 121.

 

Lucky's salary 1 year ago = 50 + 10% of 50 = 50 + 5 = 55
Lucky's present salary = 55 + 10% of 55 = 55 + 5.5 = 60.5

 

Lucky's present salary of 60.5 = 50% of Karthik's present salary of 121.

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Filed Under: Percentage
Exam Prep: CAT , Bank Exams , AIEEE
Job Role: Bank PO , Bank Clerk

Q:

A mother can do a certain job in x hours. Her daughter takes twice as long to do the job. Working together, they can do the job in 6 hours. How many hours does the mother take to do the job ?

A) 3 B) 6
C) 9 D) 12
 
Answer & Explanation Answer: C) 9

Explanation:

The mother completes the job in x hours.
So, the daughter will take 2x hours to complete the same job.

 

In an hour, the mother will complete 1/x of the total job.
In an hour, the daughter will complete 1/2x of the total job.

 

So, if the mother and daughter work together, in an hour they will complete 1/x + 1/2x of the job.
i.e., in an hour they will complete 3/2x of the job.

 

The question states that they complete the entire task in 6 hours if they work together.
i.e., they complete 1/6 th of the task in an hour.

 

Equating the two information, we get 3/2x = 1/6
By solving for x, we get 2x = 18 or x = 9.

 

The mother takes 9 hours to complete the job.

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Filed Under: Time and Work
Exam Prep: GATE , CAT , Bank Exams , AIEEE
Job Role: Bank PO , Bank Clerk

Q:

The Teesta River is flowing through which two Indian states ?

A) Haryana & Punjab B) Sikkim & West Bengal
C) West Bengal & Manipur D) Assam & Uttarakhand
 
Answer & Explanation Answer: B) Sikkim & West Bengal

Explanation:

The Teesta River is a 309 km long river flowing through the Indian states of West Bengal and Sikkim, before going to Bay of Bengal through Bangladesh.

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Filed Under: Indian Geography
Exam Prep: AIEEE , Bank Exams , CAT
Job Role: Bank PO

Q:

What is the full form of SOX and what does it means in Accounting ?

Answer

Sarbanes Oxley Act. Otherwise known as Public companies Accounting reforms and investor protection Act. It was enacted in 2002 in USA after lot of scams come up on accounting framework whereby investors lose faith and confidence on accounting disclosures.

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Subject: Accounts Receivable Exam Prep: Bank Exams , CAT
Job Role: Bank Clerk , Bank PO

Q:

Second & fourth Saturdays and every Sunday is a holiday. How many working days will be there in a month of 31 days beginning on a Friday ?

A) 24 B) 23
C) 22 D) 25
 
Answer & Explanation Answer: A) 24

Explanation:

Given that the month begins on a Friday and has 31 days

 

Sundays = 3rd, 10th, 17th, 24th, 31st
=> Total Sundays = 5

 

Every second & fourth Saturday is holiday.
2nd & 4th Saturday in every month = 2

 

Total days in the month = 31

 

Total working days = 31 - (5 + 2) = 24 days.

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Filed Under: Calendar
Exam Prep: GATE , CAT , Bank Exams , AIEEE
Job Role: Bank PO , Bank Clerk

Q:

Sriram was conducting an experiment in which the average of 11 observations came to be 92, while the average of first five observations was 89, and that of the last five was 86. What was the measure of the 6th observation ? 

A) 134 B) 137
C) 139 D) 141
 
Answer & Explanation Answer: B) 137

Explanation:
This can be done as,
 
(11 × 92)  -  (5 × 89)  -  (5 × 86) 
 
= 1012- 445 - 430 = 137
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Filed Under: Average
Exam Prep: AIEEE , Bank Exams , CAT , GATE
Job Role: Bank Clerk , Bank PO

Q:

World’s first oil paintings have been found in which of the following countries ? 

A) China B) Afghanistan
C) India D) Pakistan
 
Answer & Explanation Answer: B) Afghanistan

Explanation:

In Afghanistan, Bamiyan caves.

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Filed Under: General Awareness
Exam Prep: Bank Exams , CAT