Samman Lal Sher Singh Papers Interview Questions, Process, and Tips

P2P cycle is the process of procuring goods and services from vendors. 3 way match is a process of matching invoice, purchase order and receipt.

• P2P cycle involves steps like requisition, purchase order, receipt, invoice and payment

• 3 way match ensures that the invoice matches the purchase order and receipt

• If approvals are missing for non-PO invoices, the invoice can be sent to the department head for approval or the ven...read more

Exceptions are abnormal conditions or errors that occur during the execution of a program.

• Exceptions are used to handle errors and exceptional situations in programming.

• They allow the program to gracefully handle unexpected situations and prevent crashes.

• Examples of exceptions include divide by zero, file not found, and out of memory errors.

Here are 5 currencies with their respective countries:

• US Dollar - United States

• Euro - European Union

• Japanese Yen - Japan

• British Pound - United Kingdom

• Canadian Dollar - Canada

V-lookup & H-Lookup are Excel functions used to search for a specific value in a table and return a corresponding value.

• V-lookup searches for a value in the leftmost column of a table and returns a value in the same row from a specified column.

• H-Lookup searches for a value in the top row of a table and returns a value in the same column from a specified row.

• Both functions are commonly used in data analysis and can save

IRS stands for Internal Revenue Service.

• IRS is a government agency responsible for collecting taxes and enforcing tax laws.

• It is a part of the US Department of the Treasury.

• IRS also provides assistance to taxpayers in understanding and complying with tax laws.

• Examples of IRS forms include W-2, 1099, and 1040.

• IRS audits individuals and businesses to ensure compliance with tax laws.

Shortcut keys for MS Excel & MS-Word

• MS Excel: Ctrl+C (copy), Ctrl+V (paste), Ctrl+Z (undo), Ctrl+S (save), Ctrl+P (print)

• MS Word: Ctrl+B (bold), Ctrl+I (italic), Ctrl+U (underline), Ctrl+C (copy), Ctrl+V (paste)

The steps for processing invoices include receiving the invoice, verifying the details, recording the invoice, obtaining approvals, and making the payment.

• Receive the invoice from the supplier.

• Verify the details on the invoice, such as the vendor name, invoice number, date, and amount.

• Record the invoice in the accounting system or software.

• Obtain necessary approvals, such as from the department head or manager.

• Match th...read more

W9, W8 and 1099 are tax forms used in the United States.

• W9 is a form used by employers to request taxpayer identification number and certification from their employees.

• W8 is a form used by foreign individuals and entities to claim exemption from or reduction of withholding taxes.

• 1099 is a form used to report various types of income received by non-employees, such as independent contractors or freelancers.

• W9 and 1099 ar...read more

Vendor maintenance refers to the process of managing and updating vendor information in a company's database.

• It involves creating and updating vendor profiles

• Verifying vendor information such as contact details, payment terms, and tax identification numbers

• Ensuring compliance with company policies and regulations

• Maintaining accurate records of vendor transactions

• Regularly reviewing vendor performance and addressing any...read more

Accounts Payable refers to the amount of money a company owes to its vendors or suppliers for goods or services received.

• Accounts Payable is a liability account in the company's balance sheet.

• It represents the amount of money that the company owes to its vendors or suppliers.

• It includes invoices received but not yet paid, as well as any other outstanding bills.

• Accounts Payable is an important part of a company's cash f...read more

Debit Note is a document issued by a buyer to a seller to request a credit for overcharged or returned goods. Credit Note is a document issued by a seller to a buyer to reduce the amount owed due to overpayment or returned goods.

• Debit Note is issued by the buyer to request a credit from the seller.

• It is used when there is an overcharge or return of goods.

• Debit Note reduces the amount payable by the buyer to the seller.

• ...read more

Bank Reconciliation Statement is a document that compares the bank statement with the company's records to identify any discrepancies.

• Bank Reconciliation Statement is prepared to ensure that the company's records match with the bank's records.

• It helps in identifying any errors or omissions in the company's accounting records.

• It includes comparing the bank statement balance with the company's cash book balance.

• Reconcili...read more

PO invoices are generated against a purchase order while non-PO invoices are not associated with a purchase order.

• PO invoices are generated when a purchase order is created for goods or services.

• Non-PO invoices are not associated with a purchase order.

• PO invoices require a matching process to ensure that the goods or services have been received and are in accordance with the purchase order.

• Non-PO invoices do not requir...read more

Modes of payment include cash, credit/debit cards, online transfers, and checks.

• Cash: physical currency

• Credit/debit cards: electronic payment using plastic cards

• Online transfers: electronic payment using internet banking

• Checks: written orders to pay a specific amount to a person or organization

Before approving an invoice for payment, several steps should be taken to ensure accuracy and validity.

• Verify the accuracy of the invoice details, such as the amount, date, and vendor information.

• Check if the goods or services mentioned in the invoice were actually received or provided.

• Confirm that the invoice complies with company policies and procedures.

• Ensure that all necessary approvals and supporting documentation...read more

Procurement refers to the process of acquiring goods or services from external sources.

• Procurement involves identifying the need for a product or service

• Finding potential suppliers or vendors

• Negotiating terms and conditions

• Placing orders and receiving goods or services

• Ensuring timely delivery and quality control

• Examples include purchasing office supplies, raw materials for manufacturing, or outsourcing IT services

The steps for new vendor creation involve gathering information, verifying details, setting up payment terms, and creating a vendor account.

• Gather necessary information such as vendor name, address, tax ID, and contact information

• Verify vendor details through background checks and credit checks

• Set up payment terms and negotiate pricing

• Create a vendor account in the accounting system and input all relevant information

• En...read more

VMD creation requires knowledge of accounting principles, software proficiency, and attention to detail.

• Understanding of accounting principles and practices

• Proficiency in accounting software such as QuickBooks or Xero

• Attention to detail to ensure accuracy of financial data

• Ability to analyze financial data and create reports

• Knowledge of tax laws and regulations

• Communication skills to work with clients and team members

The journal entry when goods are received is a debit to the inventory account and a credit to the accounts payable account.

• Debit inventory account

• Credit accounts payable account

• Example: Debit Inventory $10,000, Credit Accounts Payable $10,000

• The entry is made to reflect the increase in inventory and the liability owed to the supplier

The journal entry when receiving invoices

• Debit the expense account for the amount of the invoice

• Credit accounts payable for the same amount

• If there is a discount offered, credit the discount account

• If there is tax included, credit the tax payable account