Accounting and Finance Questions

Consigner is the person who is the owner of the goods and who delivers the goods to others(consignee) Whereas Consignee is the person who receives the goods and just holds the goods and will not be the owner.

Drop Ship refers to, a manufacturer shipping goods directly to one of its customers' customer (instead of delivering the goods to the customer that placed the order with the manufacturer).

This concept of shipping goods is called as drop ship, drop shipping or a drop shipment.

Nationalized banks are also known as public sector banks where the government is responsible for the deposition of money in these banks while in a private bank money is deposited by the person who owns the bank.

The tax that is paid to a third party is Indirect tax.

Means whatever income any employee received from the organisation and on that tax to be deducted. (e.g. Gross salary, Overtime, Bonus, Incentives etc.)

A foreign exchange rate is the price of the domestic currency stated in terms of another currency.

A commercial bank is a financial body which performs the functions of accepting deposits from the general public and giving short term loans for investment with the aim of earning profit.

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.