Finance FAQs

Detail your responsibilities in accounts receivable.
Discuss all your responsibilities. Focus on the skills and knowledge you used to perform these functions efficiently such as maintaining a high level of accuracy, good verbal and written communication skills, strong organizational skills, problem-...... More »
What is the meaning of invoice?
Invoice is a statement which contains the under mentioned details compulsorily. 1. Invoice Number 2. Invoice date 3. Name and address of the person Name and address of the person to whom invoice is made. ( ...... More »
What are the basic principles of an internal audit controlsystem?
The basic principles of financial internal control are explained below:Financial and accounting operations must be separated that is the handling of cash and the recording of the movement thereof should be done by different persons. Responsibility...... More »
Whats are the importance of evaluating an internal audit department?
Significance of Internal Auditing: Internal auditing refers to an assessment activity managed within a corporation as a check to the entity. Its main function is to monitor control within the corporation. The task of internal auditing is ...... More »
What are the importance of internal audit to the organization?
An audit helps keep track of where the money is going and makes sure the money is going where it is supposed to and not in someone's pocket. An audit can also help a company know if it is losing or making more money. ...... More »
How does the internal audit differ from an external audit?
Internal audit nothing but the checking the product that you produced. External audit is checking your product by your customer. Here it means you may not find mistakes in your processes but a third man who comes and check the ...... More »
What procedure for excess payment to supplier I would like know without adjusting invoice that means how supplier will send back excess amount how do in oracle apps?
Excess payment to supplier is treated as Advance paid to supplier. This will show as debit balance in supplier account. Supplier can send the payment by way of cheque / demand draft without adjusting in his subsequent bills. ...... More »
What are the different advantages and disadvantages of internal audit?
Advantages of Internal Audit are following: It is in-expensive. No charted accounted is required to audit internally. Errors will be removed before preparing financial statements. There will not be any type of embarrassment in the...... More »
Why do you want to be an accountant?
A stereotypical answer to this question is that accountancy offers a respected professional qualification which can lead on to a wide range of opportunities in business. This is all true, but it doesn't answer the question of why YOU want to b...... More »
Tell me that how I can evaluate the internal control audit?
Compliance procedures are tests designed to obtain reasonable assurance that these internal controls on which audit reliance is to be placed are in effect. The auditor can test the functioning of the controls and not the transactions. He can check...... More »