Sylis Technologies Product Management Trainee Interview Questions and Answers

Golden rules of accounting are basic principles to be followed while recording financial transactions.

• Debit the receiver, credit the giver

• Debit what comes in, credit what goes out

• Debit expenses and losses, credit income and gains

Payment mode refers to the method of payment while payment terms refer to the agreed upon time frame for payment.

• Payment mode is the way in which payment is made, such as cash, credit card, or bank transfer.

• Payment terms refer to the agreed upon time frame for payment, such as net 30 or 60 days.

• Payment mode and payment terms are both important factors in financial transactions.

• For example, a company may agree to pay a ...read more

Cash application is the process of recording and tracking incoming payments from customers.

• It involves matching payments received with outstanding invoices

• It ensures accurate and timely recording of cash transactions

• It helps in identifying and resolving discrepancies in payments

• Examples include using accounting software to record and reconcile payments

• It is an important function in managing cash flow and financial repo

Contact other consultants or escalate the issue to higher authorities

• Check if there are any other consultants available who can assist with the payment

• If not, escalate the issue to the higher authorities in the company

• Ensure that the payment is made on time to avoid any delays or penalties

• Maintain a record of the steps taken to resolve the issue