S K International Interview Questions and Answers

Sales entry is the recording of a sale transaction in the accounting system.

• Sales entry includes debiting accounts receivable or cash and crediting sales revenue.

• It is important to accurately record sales entries to track revenue and expenses.

• Example: Sales entry for $1,000 sale - Debit Accounts Receivable $1,000, Credit Sales Revenue $1,000.

Bank reconciliation statement is a document that compares the bank's records with the company's records to ensure they match.

• It is used to identify any discrepancies between the two sets of records

• It helps in ensuring the accuracy of the financial transactions

• Common items on a bank reconciliation statement include outstanding checks, deposits in transit, bank errors, and service charges

• The goal is to reconcile the endi...read more

Purchase entry is the recording of a transaction involving the purchase of goods or services by a company.

• Purchase entry includes details such as the date of purchase, vendor name, invoice number, quantity purchased, unit price, and total amount.

• It is recorded in the company's accounting system to track expenses and maintain accurate financial records.

• Example: On January 15, XYZ Company purchased 100 units of inventory...read more

Debtors outstanding can be found by reviewing accounts receivable aging reports and contacting customers for payment.

• Review accounts receivable aging reports to identify overdue invoices

• Contact customers via phone or email to remind them of outstanding payments

• Track communication with debtors and follow up regularly

• Utilize accounting software to generate reports and track outstanding balances

Inter company transactions are financial activities that occur between two entities within the same organization.

• Inter company transactions involve the transfer of goods, services, or money between different departments or subsidiaries of the same company.

• These transactions are recorded in the books of accounts of both entities involved.

• Common examples include inter company sales, inter company loans, and inter company...read more