P2P Question and answers

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P2P Question and answers.

Golden rules of Accounting?
A. Personal Account- Debit the Receiver, Credit the Giver
Real Account- Debit what comes in Credit what goes out
Nominal Account- Debit all expenses and losses Credit all incomes and gains

what are the importance Financial statements?
A. Cash flow statement, Income statement, Balance sheet

what is accounts Payable ?
A. Liability for paying suppliers and vendors for goods and services purchased by the company.
What is Procure To Pay ?
A. The complete process of acquring goods and services from a vendor starting with the initial Purchase requisition and ending with the final payment to the supplier.

what is P2P Cycle steps ?
A. Procure To Pay steps:
1. Purchase requisition
2. Purchase Order
3. Goods Receipt
4. Invoice Receipt
5. payment to vendor

what is 3-way matching ?
A. Purchase Order, Goods Receipt Note, Invoice
PO- Company (Buyer)material required send to seller
GRN- After delivery the goods proof of GRN
Invoice- Making a bill_ Invoice number, Date, product details, price, Quantity, payment terms and conditions

what is 2 way matching?
A. Purchase Order, Invoice only

what is accural expenses?
A. Accural expenses are costs a company incurred but not yet paid.

What is Bank Reconciliation?
A. The process of matching Bank statement with the Accounting records to identify with the descriepancy.

What are the difference between PO and Non Po?
A. Po- linked to Purchase Order
Non- Po- no PO without expleces like utilities, Rent …etc

Payment net days?
A. Net 30 days
Net 30 – 60 days
Net 60 – 90 days
what is difference AP& AR?
A. AP-(Liability)Amount owes to the business
AR-(Asset) Amount owed by the business

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