Accounting and Finance Questions

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.

6 months after graduating or quitting school when you have to start paying back the loans.

A grace period is one term that’s provided for student loans that allow you to delay payments up to a certain length of time, without penalty. During a grace period no late charges would apply, and the loan would not risk falling into default for missed payments. The grace period allows you time to find financial stability prior to having to make payments on your student loans.

Many students use student loans to help pay for their college expenses, including tuition, books, room and board, and other living expenses. Students are expected to repay these loans when they graduate.

A savings account is the most basic type of account at a bank or credit union, allowing you to deposit money, keep the funds safe, and withdraw funds as needed. Savings accounts typically pay interest on your deposits, which helps you grow your money, but rates are relatively low on these low-risk accounts.

A checking account is a deposit account held at a financial institution that allows withdrawals and deposits. Also called demand accounts or transactional accounts, checking accounts are very liquid and can be accessed using checks, automated teller machines and electronic debits, among other methods.

Hence, Saving accounts usually offer higher interest rates than checking accounts.

Bank Rate is the interest rate at which the RBI allows finance to commercial banks. By Bank Rate, we mean bank can regulate the level of economic activity.

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.

Yield to maturity is a concept for fixed rate bonds and is the internal rate of return i.e. the rate at which future flows are discounted on a compound basis to give the present value of the bond including accrued interest.

You should have recorded in your cash books all amounts you?ve actually received and payments you?ve actually made. However, the cash books may be incomplete as your bank may have put extra transactions through your account, such as:

bank fees or interest charges
direct debits (payments) and direct credits (receipts).
Doing a regular bank reconciliation will allow you to:

take into account any extra transactions your bank puts through your account, and
check and record any errors or omissions.
By regularly doing a bank reconciliation (say monthly) you can be more confident that your records contain all the information you need to prepare your income tax return and activity statements.

reconciliation- This is a statement prepared to find the reason for difference in any two balance.
eg 1)bank reconciliation is prepared to find the reason of difference between the passbook & cash book balance
2)Stock reconciliation is prepared to the reason of difference between the physical balance & book balance or to find the stock balance as on certain date.
etc