Prowess Software Services Vice President Interview Questions and Answers

Accounting in Tally involves recording financial transactions, generating reports, and managing accounts.

• Recording financial transactions such as sales, purchases, payments, and receipts

• Generating financial statements like balance sheet, profit and loss statement

• Managing accounts receivable and accounts payable

• Creating and maintaining ledgers for different accounts

• Reconciling bank statements with Tally entries

• Generatin...read more

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 amount owed by the company to its creditors

• It is typically recorded when goods or services are received but payment has not yet been made

• Examples include invoices from suppliers for inventory purchases or services rendered