21⟩ Define liabilities?
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
Transactional Accounts
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“Transactional Account Frequently Asked Questions in various Transactional Accounts Interviews asked by the interviewer. So learn Transactional Account with the help of this Transactional Accounts Interview questions and answers guide and feel free to comment as your suggestions, questions and answers on any Transactional Accounts Interview Question or answer by the comment feature available on the page.”
30 Transactional Accounts Questions And Answers
22⟩ List the examples of accounting transactions?
Examples of accounting transactions are:
★ Sale in cash to a customer
★ Sale on credit to a customer
★ Receive cash in payment of an invoice owed by a customer
★ Purchase fixed assets from a supplier
★ Record the depreciation of a fixed asset over time
★ Purchase consumable supplies from a supplier
★ Investment in another business
★ Investment in marketable securities
★ Engaging in a hedge to mitigate the effects of an unfavorable price change
★ Borrow funds from a lender
★ Issue a dividend to investors
★ Sale of assets to a third party
23⟩ What is Transactional account?
A checking or similar account from which transfers can be made to third parties. Demand-deposit accounts, negotiable order of withdrawal now accounts, automatic transfer service (ATS) accounts, and credit union share draft accounts are examples of transaction accounts at banks and other depository institutions.
24⟩ Tell me what you understand by inter-company settlement?
A key functional area of SAP for Utilities that supports cross-company exchange of settlement data based on international standards such as EDI, XML, and Microsoft Excel.
Inter-company data exchange manages data transfer between retailers, distributors, and independent service operators with special regard to the requirements in deregulated markets.
25⟩ Define accounting transaction?
An accounting transaction is a business event having a monetary impact on the financial statements of a business. It is recorded in the accounting records of the business.
26⟩ Can you please explain the difference between expenses and expenditure?
The difference between expenses and expenditure. Expense is the outflow from a profit oriented organization while expenditure is the outflow from non-profit organization.
27⟩ How to define supplier?
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 clue.
28⟩ List the steps to take before making payment?
1) We should verify that any advances have been made.
2) See that all the services/goods delivered according to bill.
3) Any query is there to attend on that ultimately can be made payment.
29⟩ Define open item managed account?
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.
30⟩ What is cost sheet?
Cost sheet is a statement of cost for a product for given period of time.
