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Accounts Receivables Interview Questions & Answers - Learning Mode
COOLINTERVIEW.COM ACCOUNTS INTERVIEW QUESTIONS ACCOUNTS RECEIVABLES INTERVIEW QUESTIONS QUESTIONS & ANSWERS - LEARNING MODE

Accounts Receivables Interview Questions & Answers - Learning Mode

Accounts receivable is one of a series of accounting transactions dealing with the billing of customers who owe money to a person, company or organization for goods and services that have been provided to the customer. Accounts receivable is the money that a company has a right to receive because it had provided customers with goods and/or services. For example, a manufacturer will have an account receivable when it delivers a truckload of goods to a customer on June 1 and the customer is allowed to pay in 30 days.

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Accounts Receivables Interview Questions & Answers - Learning Mode
Try Accounts Receivables Interview Questions & Answers - Exam Mode
Question: What is reconciliation?



Answer: 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 recor Source: CoolInterview.com
Question: What is full form of SOX ?

Answer: Sarbanes OXley Source: CoolInterview.com
Question: You?ve been asked to prepare a bill for services. What information should be included in the bill?





Answer: Service Provider's Details (i.e) Organations name and address.

Service Receiver's Details (i.e) Organations name and address.

Details of the service (i.e) for eg: Advertisement charges/Dying charges

Tax (i.e) Service Tax on total chargable amount and cess or sur-charge on service tax.

And if there is any Expenses or abatements incurred by the service receiver less all those things and calculate service Tax and the cess for the balance amount.
Source: CoolInterview.com
Question: Key Difference between Indian accounting standards and international accounting standards is..

Answer: In international accounting LIFO and extraordinary items are prohibited. Source: CoolInterview.com
Question: What is the difference between finance and accounts?
most of the companies having a different section like finance and accounts. why they aren't had only single section neither finance nor accounts?



Answer: Finance:It is the branch of economics that studies the management of money and other assets.In simpler terms it can be defined as the commercial activity of providing funds and capital.It addresses questions like -- what funds are required by the org? How they can be raised? How they have to be allocated etc<br><br>Accounts: It is the occupation of maintaining and auditing records and preparing financial reports for a business. Accounts provides quantitative information about finance Source: CoolInterview.com
Question: What is the difference between debenture holders and creditors?



Answer: Debentureholder 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. Source: CoolInterview.com
Question: Is there a difference between accounting for conversion of bonds and accounting for the conversion of preferred stock?

Answer: Bonds have discounts and premiums and accrued interest. Preferred Stock does not. Source: CoolInterview.com
Question: What is Trail Balance?

Answer: A List of Balances of A/C'S of Ledgers is called a Trail Balance. Source: CoolInterview.com
Question: Is push down accounting accepted under generally accepted accounting standards?

Answer: Yes, in some cases. For example: The Federal Financial Institutions Examination Council (the "FFIEC") approved a reporting requirement, effective October 1, 1989, to use push down accounting in certain acquisitions of national banks, state member banks and insured state nonmember banks. This reporting requirement is an addition to the Glossary to the Instructions to the Consolidated Reports of Condition and Income ("Call Report"). Source: CoolInterview.com
Question: I am trying to understand the connection between cost structure and contribution margin to make a profit?

Answer: Contribution is nothing but the selling price less the variable cost relation to that prodcut. Profit earned by any orgination is the figure which contribution marging gives after adjusting the fixed cost . Source: CoolInterview.com

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Latest 20 Questions
Payment of time- barred debt is: (a) Valid (b) Void (c) Illegal (d) Voidable
Consideration is defined in the Indian Contract Act,1872 in: (a) Section 2(f) (b) Section 2(e) (c) Section 2(g) (d) Section 2(d)
Which of the following is not an exception to the rule, "No consideration, No contract": (a) Natural love and affection (b) Compensation for involuntary services (c) Completed gift (d) Agency
Consideration must move at the desire of: (a) The promisor (b) The promisee (c) The promisor or any other party (d) Both the promisor and the promisee
An offer which is open for acceptance over a period of time is: (a) Cross Offer (b) Counter Offer (c) Standing Offer (d) Implied Offer
Specific offer can be communicated to__________ (a) All the parties of contract (b) General public in universe (c) Specific person (d) None of the above
_________ amounts to rejection of the original offer. (a) Cross offer (b) Special offer (c) Standing offer (d) Counter offer
A advertises to sell his old car by advertising in a newspaper. This offer is caleed: (a) General Offer (b) Special Offer (c) Continuing Offer (d) None of the above
In case a counter offer is made, the original offer stands: (a) Rejected (b) Accepted automatically (c) Accepted subject to certain modifications and variations (d) None of the above
In case of unenforceable contract having some technical defect, parties (a) Can sue upon it (b) Cannot sue upon it (c) Should consider it to be illegal (d) None of the above
If entire specified goods is perished before entering into contract of sale, the contract is (a) Valid (b) Void (c) Voidable (d) Cancelled
______________ contracts are also caled contracts with executed consideration. (a) Unilateral (b) Completed (c) Bilateral (d) Executory
A offers B to supply books @ Rs 100 each but B accepts the same with condition of 10% discount. This is a case of (a) Counter Offer (b) Cross Offer (c) Specific Offer (d) General Offer
_____________ is a game of chance. (a) Conditional Contract (b) Contingent Contract (c) Wagering Contract (d) Quasi Contract
There is no binding contract in case of _______ as one's offer cannot be constructed as acceptance (a) Cross Offer (b) Standing Offer (c) Counter Offer (d) Special Offer
An offer is made with an intention to have negotiation from other party. This type of offer is: (a) Invitation to offer (b) Valid offer (c) Voidable (d) None of the above
When an offer is made to the world at large, it is ____________ offer. (a) Counter (b) Special (c) General (d) None of the above
Implied contract even if not in writing or express words is perfectly _______________ if all the conditions are satisfied:- (a) Void (b) Voidable (c) Valid (d) Illegal
A specific offer can be accepted by ___________. (a) Any person (b) Any friend to offeror (c) The person to whom it is made (d) Any friend of offeree
An agreement toput a fire on a person's car is a ______: (a) Legal (b) Voidable (c) Valid (d) Illegal
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