What is invoice ,what is po what is brs trial balance and p& l account ,cash flow statement, subsidiary books , debt not and credit not, GAAP rules , differed tax...etc

Question

Accepted Answer

An invoice is a document requesting payment for goods or services, a PO is a purchase order, BRS is bank reconciliation statement, trial balance is a summary of all accounts, P&L account is a financial statement showing revenue and expenses, cash flow statement shows cash inflows and outflows, subsidiary books are records of specific transactions, debit note is a document for recording an increase in liability, credit note is a document for recording a decrease in liability, GAAP rules are accounting principles, deferred tax is tax that is paid or received in a future period.

Invoice is a document sent by a seller to a buyer requesting payment for goods or services provided.
PO is a document issued by a buyer to a seller indicating the details of goods or services to be purchased.
BRS is a statement that compares the bank balance as per the company's records with the balance shown in the bank statement.
Trial balance is a summary of all accounts in the general ledger, showing their debit or credit balances.
P&L account is a financial statement that shows the revenue, expenses, and resulting profit or loss of a company.
Cash flow statement shows the inflows and outflows of cash during a specific period.
Subsidiary books are records that provide detailed information about specific transactions, such as sales, purchases, or cash receipts.
Debit note is a document used to record an increase in liability, such as when a customer returns goods or services.
Credit note is a document used to record a decrease in liability, such as when a seller issues a refund to a customer.
GAAP rules are Generally Accepted Accounting Principles, which are a set of accounting standards and procedures.
Deferred tax is tax that is paid or received in a future period, often due to differences between accounting and tax rules.

Accepted Answer

A profit and loss (P&L) statement summarizes the revenues, costs, and expenses incurred during a specific period of time.

Accepted Answer

Invoice is a commercial document issued by a seller to a buyer.

Accepted Answer

GAAP is a set of rules used by companiea to create their financial statements which includea their assets,liabilities,equity l, revenue and expenses.

Accepted Answer

Debit note is purchase return

Credit note is sales return.

Accepted Answer

A profit and loss (P&L) statement summarizes the revenues, costs, and expenses incurred during a specific period of time.

What is invoice ,what is po what is brs trial balance and p& l account ,cash flow statement, subsidiary books , debt not and credit not, GAAP rules , differed tax...etc

Popular interview questions of Accounts Payable

Top HR questions asked in Accenture Accounts Payable

What is invoice ,what is po what is brs trial balance and p&amp; l account ,cash flow statement, subsidiary books , debt not and credit not, GAAP rules , differed tax...etc

Popular interview questions of Accounts Payable

Top HR questions asked in Accenture Accounts Payable

What is invoice ,what is po what is brs trial balance and p& l account ,cash flow statement, subsidiary books , debt not and credit not, GAAP rules , differed tax...etc