Indian Cooperative Credit Society Operations Executive Interview Questions and Answers

Invoicing is the process of sending a bill to a customer for goods or services provided.

• Invoicing includes details such as the quantity of items, price per item, total amount due, payment terms, and payment instructions.

• It is an important part of the billing process for businesses to receive payment for their products or services.

• Invoices can be sent electronically or in paper format.

• Invoicing helps businesses keep tra...read more

3-way matching is a process used in accounting to ensure that the three documents - purchase order, invoice, and receiving report - match.

• Three documents involved: purchase order, invoice, and receiving report

• Ensures accuracy and prevents fraud

• Helps in verifying the quantity, price, and terms of the transaction

Types of PO numbers include standard PO numbers, blanket PO numbers, and contract PO numbers.

• Standard PO numbers are used for one-time purchases.

• Blanket PO numbers are used for multiple purchases over a period of time.

• Contract PO numbers are used for purchases based on a specific contract agreement.

P2P stands for peer-to-peer, a decentralized communication model where two or more parties interact directly with each other.

• P2P networks allow users to share resources, such as files or bandwidth, without the need for a central server.

• Examples of P2P networks include BitTorrent for file sharing and Bitcoin for cryptocurrency transactions.

• P2P communication can be more secure and efficient than traditional client-server

PO is a purchase order issued by a buyer to a seller, outlining the products or services to be purchased. An invoice is a bill issued by the seller to the buyer, requesting payment for the products or services provided.

• Purchase Order (PO) is issued by the buyer to the seller, specifying the products or services to be purchased.

• Invoice is issued by the seller to the buyer, requesting payment for the products or services...read more