Interview Questions

What is debit and credit from the banks point of view ?
Credit what comes in
Debit what goes out
What steps would you take before approving an invoice for payment?
Following steps should be taken..
Validate the invoice once it is matched for checking any holds..
If workflow is implemented , Initiate approval for the invoice. Once the invoice is approved/Approrval not required(status in case WF is not implemented) you can go for payments.
Create accounting after approval of invoice..
Finally for payments u need to format, build..
What is the difference between Consiner and Consinee?
Consigner is the person who is the owner of the goods and who deliver the goods to the consignee.
Consignee is the person who receives the goods and he just possesses the goods and not the owner.
What items of information do you need before you can approve an invoice for payment?
1. Have the goods been received in good order ?
2. Is the quantity/price correct ?
3. Were you expecting any discount ?
4. Is the delivery charge correct ?
What is the difference between SAP MEMORY and ABAP MEMORY?
SAP Memory: Global, user-related memory that extends beyond transaction limits.Access to the SAP memory is via SPA/GPA parameters.
ABAP Memory:Memory area within each main session, which can be accessed by programs using the EXPORT and IMPORT statements and which remains available using a series of program calls (call sequence).
What is account payable? How we pass the entries in account payable and related all the question based on account payable?
Account payable is the outstanding balance that we must pay to the third party or suppliers.
We pass the entries in account payable from two sides: purchase order and general ledger. Purchase order module will be posted after material order has been arrived in warehouse and combining with invoice plus related documents that have been approved by authorized person. General ledger normally from service entry where it must be attached by service agreement between company and third party.
What is the full form of SOX in accounts?
Sarbanes Oxley
What is FBT(Fringe Benefit Tax)?
The tax payable on a non-salary benefit provided to an employee or an associate of the employee. The employer is liable to pay any FBT and may choose to recover the FBT amount from the employee.
Invoice is a statement which contains the under mentioned details compulsorily.
What is the meaning of invoice?
1. Invoice Numner
2. Invoice date
3. Name and address of the person making the invoice ( Seller of goods and service)
4. Name and address of the person to whom invoice is made. ( Buyer of goods and service)
5. Description of goods / services involved
6. Applicable rates and taxes with percentages
7. Rate of the goods / services
8. Quantity of the goods and services
9. Quality or any other specifications
10. Price / Value of the goods and services
11. Invoice must be signed by the person making it
12. Terms and conditions of making the payment