quatrro business support services Senior Accountant Interview Questions and Answers

The current account is a component of a country's balance of payments that records the transactions of goods, services, income, and current transfers.

• It includes exports and imports of goods and services

• It also includes income from investments and transfers such as foreign aid

• The current account balance can be positive (surplus) or negative (deficit)

• A surplus indicates that a country is exporting more than it is import...read more

Preliminary expenses are the costs incurred before a company starts its operations.

• Preliminary expenses are one-time costs that are necessary to set up a business.

• These expenses include legal fees, registration fees, market research costs, etc.

• Preliminary expenses are considered as intangible assets and are amortized over a period of time.

• They are recorded on the balance sheet under the 'Intangible Assets' section.

• Exam...read more

Revenue is income generated from the core operations of a business, while capital expenditure is the investment in long-term assets.

• Revenue is the money earned by a company through its primary activities, such as sales of goods or services.

• Capital expenditure refers to the funds spent on acquiring or improving long-term assets, such as property, equipment, or technology.

• Revenue is typically recurring and contributes to...read more

P2P cycle stands for Procure-to-Pay cycle, which is the process of obtaining and paying for goods and services.

• P2P cycle involves requisitioning, purchasing, receiving, and paying for goods or services.

• It starts with a purchase requisition, followed by purchase order creation, goods receipt, invoice verification, and ends with payment to the vendor.

• The cycle ensures that goods or services are ordered, received, and pai...read more