Transactional Accounts Interview Preparation Guide
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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:

1 :: What is cost sheets?

Cost sheet consists of the direct and indirect expenses incurred in producing a given product and classifying the expenses incurred according to office, administration, selling and distribution overheads.

2 :: Explain the methods used to allocate support costs?

Headcount or number of pc's per cost center.

3 :: What is the marginal cost (MC)?

Marginal Cost (MC):
The marginal cost of an additional unit of output is the cost of the additional inputs needed to produce that output. More formally, the marginal cost is the derivative of total production costs with respect to the level of output.

Marginal cost and average cost can differ greatly. For example, suppose it costs $1000 to produce 100 units and $1020 to produce 101 units. The average cost per unit is $10, but the marginal cost of the 101st unit is $20

The EconModel applications Perfect Competition and Monopoly emphasize the roles of average cost and marginal cost curves. The short movie Derive a Supply Curve (40 seconds) shows an excerpt from the Perfect Competition presentation that derives a supply curve from profit maximizing behavior and a marginal cost curve.

4 :: What you know about Sweep Account?

A sweep account is actually a combination of two or more accounts at a bank or financial institution. It is useful in managing a steady cash flow between a cash account where scheduled payments are made from and an investment account where the cash is able to accrue a higher return.

5 :: Explain the cost sheet?

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

6 :: What is Capability Maturity Model Integration (CMMI)?

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.

7 :: What is 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.

8 :: What are the steps to take before making a 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

9 :: What are the steps 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 client
4) He should be placed the another order by doing the above three steps

10 :: Tell me what is debit, credit from the banks point of view?

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