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Q:

What is accumulated loss?

Answer

A loss (or losses) from previous years carried forward in order to offset future earnings. This reduces the tax burden for the years with profit as the accumulated losses are deducted from the taxable profit.

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Subject: Accounts Payable

Q:

Explain End to End AP Process?

Answer

Accounts payable has got noting to do with purchase of goods and services, it's work is to pay the eligable invoices.

End to End Process of AP
- Process the vendor invoices into system
- Work and resolve the discripencies of the invoices (if any)
- Make the payments to the invoices as per the agreement
- Resolve the issues ( if any  ) regarding the invoice payments

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Subject: Accounts Payable

Q:

What do you understand by Open Item Managed Account?

Answer

Open item management ensures that all items that have not yet been cleared are available in the system. Only after every open item in a document is cleared can a document be archived.

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Subject: Accounts Payable

Q:

What is FBT (Fringe Benefit Tax)?

Answer

The tax payable on a non-salary benefit provided to an employee or an associate of the employee. The employer is liable to pay any FBT and may choose to recover the FBT amount from the employee.

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Subject: Accounts Payable

Q:

What are steps to define supplier?

Answer

Supplier should follow the check list.

1. He should create confidence in the client mind
2. Services to be done (fulfilled in time)
3. Services to be done according the specification of the client
4. He should be placed the another order by doing the above three steps

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Subject: Accounts Payable

Q:

Explain What is the difference between debenture holders and creditors?

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.

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Subject: Accounts Payable

Q:

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?

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.

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Subject: Accounts Payable

Q:

What is meant by liabilities ?

Answer

Liabilities are what all u owe from the bank on notes payable or in other words it is:

Liability=Asset-Owners equity

what company owes that is liability. liability = Asset-capital

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Subject: Accounts Payable