Accounting and Finance Questions

In ‘Bill Purchase’ the loan will be created for the full value of the draft and the interest will be recovered when the actual payment comes. For example, a ‘Sight draft’ is presented for which the loan is created for 100% of the draft value. The money is received after 7 days, and then the interest will be recovered for 7 days along with the principal amount.

Federal Bank has obtained RBI approval to open representative offices at Kuwait and Singapore.

The bank has been the preferred banker for NRI's and the NRI friendly measures have resulted in increasing inflow of foreign remittances.

The bank already has its representative offices in Abu Dhabi and Dubai and it has tied up with 110+ overseas banks/remittance partners.

Disinvestment is the action of an organization or government selling or liquidating an asset or subsidiary.

Payroll administrators must understand the function and proper usage of various payroll forms. Forms related to payroll include personal data forms, overtime or absence approval forms, expense reimbursement forms and time sheets.

A credit may signify a decrease in an asset account or an increase in a liability or capital stock account. 

A debit may signify an increase in an asset account.

As sales occurs every customer is not able to pay the bills that's where A/R are occurs the goal of A/R is to maintain summarize & record all the transactions related to unpaid a/c or future collections or A/R.

1. Processing Payroll to generate Paycheck and Pay Stubs

2. Generating Tax reports and vouchers using which Taxes are deposited to Govt (Employee Tax).

3. Processing reports that are handed over to Accounting Dept.

4. Ensuring that the Deductions, Benefits, Acruals, Taxes and Salaries are accurate (

5. Posting the Journals to Finance

6. Processing Govt Reports and submitted to Govt

7. Entering interims (may also be done by HR in some Companies)

7. Year End Process to generate W2s