Vital Transactional Accounts Interview Preparation Guide

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Capability Maturity Model Integration (CMMI) is a process improvement approach that provides organizations with the essential elements of effective processes.
It can be used to guide process improvement across a project, a division, or an entire organization. CMMI helps integrate traditionally separate organizational functions, set process improvement goals and priorities, provide guidance for quality processes, and provide a point of reference for appraising current processes.

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

★ A sale to a customer results in an increase in accounts receivable (asset) and an increase in revenue (indirectly increases stockholders' equity).
★ A purchase from a supplier results in an increase in expenses (indirectly decreases stockholders' equity) and a decrease in cash (asset).
★ A receipt of cash from a customer result in an increase in cash (asset) and a decrease in accounts receivable (asset).
★ Borrowing funds from a lender results in an increase in cash (asset) and an increase in loans payable (liability).

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

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.

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.

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.

The difference between expenses and expenditure. Expense is the outflow from a profit oriented organization while expenditure is the outflow from non-profit organization.

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.

Cost sheet is a statement of cost for a product for given period of time.

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.

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.

Headcount or number of pc's per cost center.

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.

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. Any kind consideration for employment provided by the employer directly or indirectly to his employee that is FBT.

Inter-company data exchange manages data transfer between retailers, distributors, and independent service operators with special regard to the requirements in deregulated markets.

Nominal accounts are the accounts of each head of expense or income of a business. They are used to define the nature of the transactions, hence, they are also called fictitious accounts.

Real accounts are the accounts of the properties, assets and possessions of a business. These can be of two types:
★ Tangible Real accounts
★ Intangible Real accounts

Personal accounts are the accounts of persons or firms that the business deals with.
These are primarily of three types:
★ Natural persons account
★ Artificial persons accounts
★ Representative personal account

The business transactions can be grouped under three types of accounts:
★ Personal accounts
★ Real accounts
★ Nominal accounts

Credit what comes in, Debit what goes out.
1)
For personal a/c
receiver dr
giver cr
2)
Real a/c
assets dr
cash or bank cr
3)
Nominal a/c
exp dr
cash or bank cr

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 client
4) He should be placed the another order by doing the above three steps

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

The difference between expenses and expenditure. Expense is the outflow from a profit oriented organization while expenditure is the outflow from non-profit organization.

Capability Maturity Model Integration (CMMI) is a process improvement approach that provides organizations with the essential elements of effective processes.
It can be used to guide process improvement across a project, a division, or an entire organization. CMMI helps integrate traditionally separate organizational functions, set process improvement goals and priorities, provide guidance for quality processes, and provide a point of reference for appraising current processes.