
<p class="wp-block-paragraph"> Hello Dear CA Students,</p>



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<p class="wp-block-paragraph"><em>We are Sharing With You P2P Question and answers . So kindly Check Out our www.castudynotes.com website and ALL the Best for Your upcoming Exams.</em></p>
<cite>CA STUDY NOTES</cite></blockquote>


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<p class="wp-block-paragraph"><strong>P2P Question and answers.</strong><br><br>Golden rules of Accounting?<br>A. Personal Account- Debit the Receiver, Credit the Giver<br>Real Account- Debit what comes in Credit what goes out<br>Nominal Account- Debit all expenses and losses Credit all incomes and gains<br><br>what are the importance Financial statements?<br>A. Cash flow statement, Income statement, Balance sheet<br><br>what is accounts Payable ?<br>A. Liability for paying suppliers and vendors for goods and services purchased by the company.<br>What is Procure To Pay ?<br>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.<br><br>what is P2P Cycle steps ?<br>A. Procure To Pay steps:<br>1. Purchase requisition<br>2. Purchase Order<br>3. Goods Receipt<br>4. Invoice Receipt<br>5. payment to vendor<br><br>what is 3-way matching ?<br>A. Purchase Order, Goods Receipt Note, Invoice<br>PO- Company (Buyer)material required send to seller<br>GRN- After delivery the goods proof of GRN<br>Invoice- Making a bill_ Invoice number, Date, product details, price, Quantity, payment terms and conditions<br><br>what is 2 way matching?<br>A. Purchase Order, Invoice only<br><br>what is accural expenses?<br>A. Accural expenses are costs a company incurred but not yet paid.<br><br>What is Bank Reconciliation?<br>A. The process of matching Bank statement with the Accounting records to identify with the descriepancy.<br><br>What are the difference between PO and Non Po?<br>A. Po- linked to Purchase Order<br>Non- Po- no PO without expleces like utilities, Rent &#8230;etc<br><br>Payment net days?<br>A. Net 30 days<br>Net 30 &#8211; 60 days<br>Net 60 &#8211; 90 days<br>what is difference AP&; AR?<br>A. AP-(Liability)Amount owes to the business<br>AR-(Asset) Amount owed by the business</p>



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