Accounting and Finance Questions

You can use document parking to enter and store (park) incomplete documents in the SAP System without carrying out extensive entry checks.

The financial statements should be prepared in the following order:

Income statement - Statement of retained earnings - Balance sheet

1. Income statement reports revenues and expenses and calculates net income or net loss for the time period.

2. Statement of retained earnings show how retained earnings changed during the period due to net income or net loss and dividends.

3. Balance sheet reports assets, liabilities, and stockholders’ equity as of the last day of the period.

A journal entry is recorded accourding to the rules of debit and credit.for example goods sold for Rs 50000 for cash ----to record this -- identify the accounts involved-- i.e.goods A/cand Cash A/cgoods is a real account and cash is also a real accountdebit and credit rule for Real accounts is DEBIT WHAT COMES IN CREDIT WHAT GOES OUT according to this--cash is coming to the organisation and goods is leaving from the organisation--Entry for this is Cash A/c Dr. 50000 to Goods A/c or Sales A/c 50000 ( For Cash Sales )

Goods that are excludable include both private goods and natural monopolies.

It is a process that recaculates the amount to pay an employess in the current period to account for retrospective changes that occurred in previous payroll periods.

Payroll systems accurately maintain data related to payroll processing. Familiarity with formal payroll systems and computerized software ensure the candidate has experience with current payroll technology.