Ayka Communication Accountant Interview Questions and Answers

Sale purchase billing is the process of creating invoices for goods or services sold and purchased.

• It involves recording the details of the transaction such as the quantity, price, and date.

• The invoice is then sent to the customer or supplier for payment.

• It is an important part of accounting as it helps to keep track of sales and purchases.

• Examples of sale purchase billing software include QuickBooks and Xero.

Sale return is when a customer returns a product to the seller, while purchase return is when a business returns a product to the supplier.

• Sale return is also known as sales return or return inwards.

• Purchase return is also known as purchase return or return outwards.

• Sale return reduces the revenue of the seller, while purchase return reduces the cost of goods sold for the buyer.

• Sale return may occur due to various reas...read more

Cash discount purchase is a discount offered by a seller to a buyer for paying the invoice amount within a specified time period. Cash discount sale is a discount offered by a buyer to a seller for paying the invoice amount within a specified time period.

• Cash discount purchase is a reduction in the invoice amount offered by the seller to the buyer if the buyer pays the invoice amount within a specified time period.

• Cash...read more

Half payment by cheque for purchase and sale is a payment method where half of the amount is paid through cheque.

• Half payment by cheque is a common practice in business transactions.

• It involves paying half of the purchase or sale amount through a cheque.

• The remaining half is usually paid in cash or through another mode of payment.

• This method is used to ensure security and reduce the risk of fraud.

• For example, if a prod...read more

Gst return sale and purchase both refers to the filing of returns for the goods and services tax paid on sales and purchases.

• Gst return sale and purchase both are filed by registered taxpayers

• The sale return is filed in GSTR-1 form and the purchase return is filed in GSTR-2 form

• The returns are reconciled in GSTR-3 form

• The returns contain details of the tax paid on sales and purchases, input tax credit claimed, and othe...read more

Balance sheet matching is the process of ensuring that the assets, liabilities, and equity on a balance sheet are properly aligned.

• Balance sheet matching involves comparing the amounts and classifications of assets, liabilities, and equity to ensure they are accurately recorded.

• It helps identify any discrepancies or errors in the financial statements.

• For example, if a company reports a certain amount of cash on its bal...read more

Cash sales refer to transactions where payment is made in cash at the time of sale. Cash purchase refers to transactions where payment is made in cash at the time of purchase.

• Cash sales are common in retail businesses where customers pay for goods or services in cash.

• Cash purchase is when a business buys goods or services and pays for them in cash.

• Cash sales and purchases are recorded in the cash book or cash register.

• ...read more