Luman Industries MIS Executive Interview Questions and Answers

Accounts payable is the amount of money a company owes to its suppliers or vendors for goods or services purchased on credit.

• Accounts payable is a liability on the balance sheet

• It represents the company's obligation to pay off short-term debts to suppliers

• It is typically recorded when an invoice is received from a supplier

• Examples include bills for raw materials, utilities, or services rendered

GRIR stands for Goods Receipt/Invoice Receipt account, used to track discrepancies between goods received and invoices received.

• GRIR account is used in accounting to track discrepancies between goods received and invoices received.

• It helps in reconciling the differences between the quantity of goods received and the quantity invoiced.

• Any discrepancies in prices or quantities are recorded in the GRIR account until they ...read more