Scientific Publishing Services Interview Questions and Answers

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 royalties.

• The entries for inter company transactions typi...read more

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 ending balance on the bank statement with the ending balance i...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

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.

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 from ABC Supplier for $1,000. The purchase entry would in...read more