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Accounts Receivables Interview Questions

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What are the three golden rules of accounts

Asked By: sumedh | Asked On: Apr 12th, 2007


Answered by: radhe singgh on: Oct 14th, 2014

Tell me rules of financial accounts..

Answered by: DARPAN RASTOGI on: Feb 27th, 2014

Three golden Accounts : Personal A/c, Real A/c, Nominal A/c.

PERSONAL A/C: Debit the Receiver & Credit the Giver.

REAL A/C: What comes in goes to Debit , if goes out than Credit.

NOMINAL A/C: Expenses and Losses always Debit & Incomes and Gains always Credit.

How important is accounts receivable to business?

Asked By: nancyphilips | Asked On: Mar 31st, 2007

Answered by: J Ravi Chandran on: Oct 12th, 2014

Receivable is nothing but our cash.
Receivable (with time limit) which shows the growth of the business
It improves our business
It plays major role while going for credit facility with the bankers.

Good accounts receivable softwares

Asked By: christia | Asked On: Mar 31st, 2007

What are the powerful softwares that could be used for doing efficient accounts receivable?

Answered by: J Ravi Chandran on: Oct 12th, 2014

It depends upon the business & Commonly Tally being used in all business

Back end collections and front end collections

Asked By: Sarah | Asked On: Nov 8th, 2007

What is the difference between back end collections and front end collections?

Answered by: cyndy on: Jun 23rd, 2014

Front end collection is being proactive. Know what your customers AP dept needs to process payment quickly. Back end collections is calling for payment, letters, 2nd or 3rd invoices sent because customers AP needs were not known or communicated to your dept before order/invoices processed.

Answered by: srinivareddy.sama on: Nov 24th, 2012

Back end collections means like commission on sales or commission on providing services
front end collections means like sales and providing services

What is reconciliation?

Asked By: venkata r vanaparthi | Asked On: Nov 17th, 2005

Answered by: SATISH M on: Jun 11th, 2014

To reconcile the difference between bank balance shown by cash book and pass book.

Answered by: A.KIRAN KUMAR on: Dec 7th, 2012

BRS is a find out the uncommon adjustments of cashbook and pass book.

Bank reconciliation statement

Asked By: Naveen Chinna | Asked On: Jul 17th, 2011

Why do companies prepare bank reconciliation statement? What is the use of it?

Answered by: ANKUR ARORA on: May 15th, 2014

Asset created by an accounting entry (and included under assets in the balance sheet) that has no tangible existence or realizable value but represents actual cash expenditure. The purpose of creating...

Answered by: sandip singh on: Feb 21st, 2014

Bank reconciliation statement is comparing & matching a Company Bank books and bank statement , it also ex plane the diff, between them ,

Journal entries

Asked By: barbett | Asked On: Sep 28th, 2012

What is the journal entry process from the time of generating an invoice to receiving payment?

Answered by: SONU on: Feb 13th, 2014

AT THE TIME OF ADVANCE PAYMENT RECVD DR---------------- BANK CR---------------- ADV PAYMENT AT THE TIME OF SALES DR----------------------- PARTY CR------------------------ SALES AT THE TIME OF BA...

Answered by: sonu on: Feb 13th, 2014

Time of invoice

dr---------------- party
cr----------------- sale

time of payment

dr-------------- bank
cr------------- party

Refund deposit amount

Asked By: sudhamba44 | Asked On: Jun 11th, 2010

You raised a deposit type of transaction to a customer, and received a receipt fully also.Later you raised a standard type of invoice, and adjusted deposited partially towards this std. Invoice by using commitment tab. If customer is asking for refund of remaining amount. How will you refund the balance...

Answered by: Ajit Mishra on: Nov 18th, 2013

Q. No. 1 ) What is different between cost account & bank reconciliation statements ?

Thanks & Regards

Ajit Mishra

Answered by: kirubakaran G on: Sep 20th, 2011

If AR update process has been not done and apply Payment has been not done for the Customer you can adjust the Amount in AR itself. Else if the AR update process has been not done and apply Payment h...

Auto invoice

Asked By: ajith kumar s | Asked On: Oct 14th, 2012

What are the parameters of the auto-invoice program?

Answered by: aruna vishnubhotla on: Oct 17th, 2013

The batch source name, date, operating unit name

Credit memo

Asked By: ajith kumar s | Asked On: Oct 14th, 2012

Can credit memo be imported and applied to the transactions via auto invoice

Answered by: Nagamalleswari on: Oct 8th, 2013

Credit memo is nothing but a sales return

Accounts receivable goals

Asked By: StephenRaj | Asked On: Mar 31st, 2007

What are the goals of accounts receivable?

Answered by: Thomas Oduor on: Jul 30th, 2013

Accounts Receivable is that part of sales made on credit. Credit sales facilitate sales because as it gives buyers, especially new businesses or firms with temporary liquidity crunch, time to obtain g...

Answered by: seenu_palla on: Jan 11th, 2009

Speedy recovery of cash from the customer to manage the working capital.

What are examples of deferred revenue expenditure?

Asked By: swagatika mohanty | Asked On: Oct 25th, 2007

Answered by: Netrajit Abujam on: Jul 26th, 2013

Q. 1. white washing of the factory building at the cost of Rs.5,000/-
2. Paper purchased for used in the office as Stationery amount to Rs.1500/-
3. Commission paid to the broker in regard to purchase of land amounted to Rs.3,000/-
4. Replace of the wooden floor by tiles in your office.

Answered by: teenathykadavil on: Oct 26th, 2011

Heavy advertisement expense is the best example of deferred revenue expenditure. it have both quality of revenue and capital so its also called capital expenditure

Remedy for stale cheque

Asked By: rahul khandare | Asked On: Jul 27th, 2011

One cheque was issued and not cashed before six months from the date of issued due to the request made. Now the limit of six month is over.In such case what is the remedy?

Answered by: RSREDDY on: Jul 8th, 2013

Debit: Customer a/c Credit: Bank a/c

Answered by: Mary Arnold on: Aug 31st, 2011

Stale check is voided and New check is issued.

Cash applications

Asked By: animeshhappy | Asked On: May 31st, 2011

What are the steps involved in cash application & when is cash application comes into picture?

Answered by: Gopal on: Nov 26th, 2012

As far as I understand cash application is nothing but cash allocation. when we receive the amount from customers on the invoices which are due from them we do cash allocation (meaning we clear the paid invoices from our system). it comes into picture when we receive cash from customers.

Answered by: nadeem on: Jul 29th, 2011

Managing customers payment exceptions.

What is your process in adjusting the amount of advance already received against an invoice?

Asked By: shellywade | Asked On: Oct 13th, 2012

Answered by: Mahesh Babu, PS on: Oct 20th, 2012

Amount or income already received in advance will be construed as deferred revenue and entries are as follows: 1) When receipt of advance: Bank A/c Dr To Unearned revenue A/c 2)...

Credit management

Asked By: animeshhappy | Asked On: May 31st, 2011

What do you mean by credit management under AR in professional field?

Answered by: farfoosha on: Oct 1st, 2012

The objective of managing accounts receivable is to have both the optimal amount of receivables outstanding and the optimal amount of bad debts. a. This balance requires a trade-off between the benefi...

Answered by: Raghu on: Jul 19th, 2011

Credit Management is the process of managing the outstanding receivables of the organistion as per the policies adopted by the organisation. Companies might the approach of categorising the B/R by the...

Contribution margin

Asked By: manisha.sandel | Asked On: Sep 20th, 2011

Answered by: tomk11 on: Apr 28th, 2012

Contribution margin is the difference between the selling price and variable cost per unit or in total for the level of activity. Contribution margin is the amount of each revenue dollar remaining to pay fixed costs and provide a profit after variable costs are covered.

Answered by: Prasant Kumar Mallick on: Mar 22nd, 2012

Contribution is nothing but your fixed expenses (Business),the total Equation is--your total expenses will be divided into two category. 1) FC (Fixed Cost) 2) VC Variable cost, Fixed Cost-:fixed cos...

When you are doing analysis of your accounts, what actually you should look for?

Asked By: daizy_biswas | Asked On: Oct 24th, 2010

Answered by: Sunny Rao on: Feb 2nd, 2012

The main target of analysing AR account is to decrease the aging outstanding at the most and should always scrutinize the aging often as sometimes credit lies somewhere and debit lies somewhere (specially in advance cases).

Answered by: aparnaramkumar on: May 6th, 2011

Always we should look for corresponding debit/credit entries. 

How to set credit limit for customers in manufacturing and retail business

Asked By: Bunty | Asked On: Oct 27th, 2011

Answered by: Sujit Sagar on: Nov 6th, 2011

Credit Limit:- Use below mentioned information/data to calculate Credit capacity.
Credit Card
Number of Years of Experience
Credit Balance
Liquid Assets
Movable and Non-Movable property

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