sap cubix

 

 

 

Question 1:- Introduce yourself, brief yourself, Walk me through your resume, Go through your resume, I am interested to know about you, your qualifications, Education, experience etc.

 Answer:- For Experienced.

Name:- Hi, I am Rahul

Live:- I stay in Delhi at Dwarka

Qualification:- I Completed my graduation from MD University

Masters: I Completed my Post graduation in Finance & graduation in Commerce Experience:- I have a total experience of 2 Years &

Currently, I am working with ABC Ltd As an accounts Executive & my

Job Responsibilities:- responsibilities are:-

1.  I do validation & Verification of Invoice

2.  2 Way & 3 Way match of Invoice

3.  Check the PO & service agreement before processing the Invoice

4.  Ensure all invoices posted in correct GL & Cost Center

5.  Process both PO & Non-PO based Invoice

6.  Check Statutory compliance like TDS & GST

7.  I prepare customer statements & reconciliations as well.

8.  I also have Experience of releasing the vendor payment.

9.  I have a handhold on various activities of P2P Cyle

 

IT Skills:- I am working on SAP & have good knowledge of Excel

 

Family Background:- So far as my family background in concerned, My father is a businessman & my mother is a housewife, I have one brother & one Sister.

Strength: Positivity, Willing to learn new things, Punchuality, Discipline are some of the trait of my personality.

This is all about me Thanks

 

Question 2:- Why are you looking for a Job Change? (For Experienced)

Answer:- For the sake better opportunity & enhancing my area of domain (Profile), i am looking for a Job Change

For Personal & Professional Development, i am looking for a Job Change. Question 3:- Why are you looking for a Job?

Answer:- I have the skills to contribute to the growth of the organization. I feel that my skills are best suited for this position.

Question 4:- Where do you see yourself after 5 Years?

Answer:- After 5 years, I will see myself as an AM or TL in this organization

After 5 years, I will see myself as TL with an important Profile.

Question 5:- What skills Will your reach to be a manager?

Answer:- My decision-making ability, positive attitude & learning attitude will reach me there.

 

Question 6:- What is your Short term goal?

Answer:- My short-term goal is to get this job & to accommodate myself in new environment.

 

Question 7:-What is your long-term goal?

Answer:- My long term goal is to prove myself as an asset of the company by implementing the things that I learnt from my previous experiences.

Question 8:- What is your current CTC (Cost to Company)/Salary?

Answer:- 2.8 lakh per annum=2.8=22500 per Month

Question 9:-Is this a fixed salary or is there any variable part involved in it?

Answer:-Its all fixed.

 

Question 10:- Do you get your salary in Bank or in Hand? Answer:- In Bank

Question 11:- Do you have the pay slips & appointment Letter with you? Answer:- Yes I have

3 Monthly Salary

 Slip Appointment

Letter Experience Letter

Question 12:- What is your expectations?

Answer:-3.6 to 3.9 lakh per annum

For Fresher:- 2.4 to 2.8 lakh Question 13 :- Is it negotiable?

Answer:- Yes it is

Question 14:- What is your notice Period?

Answer:- Its 15 Days

Question 15:- Is it negotiable?

Answer:- Yes it is

Yes it is, I will try to Join you soon

Question 16:- Are your ready to work in US Shift?

Answer:- Yes i am comfortable

Shift:- UK:- 12PM to 9 PM US:- 5;30 to 2:30 AM

Aus:- 4 AM to 1 PM

Question 17:- Did you ever try in genpact before? Answer:- No

Question 18:- What is your weakness? Answer:- I can't say NO to anybody/any work:- but at the same, it hampers my work as well.

I can do 2 work simtenously:- but sometimes it affects my accuracy.

 

Question 19:- How much is your total experience?

Answer:- I have a total experience of 2 Years Question 20:- How much is your relevant experience? Answers:- Same 2 Years

Question 21:- Is there any deduction from your salry?

Answer:- No its all fixed (No PF Deduction)

Question 22 :- Why should i hire you?

Answer:- With reference to my job Profile I satisfy all the requirements for this job.

I have a 2 experience in AR that is the key requirement for this Job My Excel Expertise make me different from others & being a young one i can accommodate in any shift & stretch as per the process requirement.

 

Question 23:- Why do you want to Join Accenture/Genpact?

Answer:- Its a well know brand & provides great amenities & environment to its employees. It will be a privilege for me to work with such a

brand as everyone wants to be a part of it.

------------------------------------------------------------------------- 4

Technical Questions

Question 24:- What is Accounting?

Answer: Accounting is the process of recording and summarizing financial transactions in a useful way

 

 

Question 25:-What is Accounts Payable?

 

Answer: Accounts Payable is the money that a company owned to its Creditors.

 

Question 26:-What is the other name of Accounts Payable? Answer: Trade Payables, P2P, Creditors, Suppliers etc.

Question 27: What is P2P?

 

Answer: P2P means Procure (Purchase) to Pay.

 Question 28: Is there any difference between P2P & AP?

Answer: P2P is a cycle & AP is a part of it.

 Question 29: What is P2P Cycle?

Answer: It means Procure to Pay Cycle.

 

P2P Cycle Starts with Purchase Requisition Then we have quotations from vendor, after finalizing the vendor we have to create the purchase order, then we receive the material, at the time of receiving material the storekeeper Pass the accounting entry

Material In Account Dr

To GR/IR Account

then we receive the invoice copy, After checking, Tolerance Limit, 2 Way Match, 3 Way Match & all commercial parameter, we process the invoice via T Code MIRO & pass the accounting

Entry

GR/IR Account Dr.

To Vendor Account

then we release the vendor payment as per pay terms , we reconcile the vendor account & report to the management.

Question 30: From where our work starts in P2P Cycle? Answer: Our works starts from Invoice Processing in P2P Cycle. Question 31: What is Purchase Requisition?

Answer: It is a document generated by a production department & send to the purchase department regarding the quantity & with in a time frame.

 

Question 32: What is Purchase Order?

 

Answer: A Po is an agreement between buyer & seller & it is generated by the buyer. It Contains:

A)  Required Quantity

B)  Agreed Price

C)  Description of Goods

D)  Tax Rate

E)  Bank Details of Vendor

F)  Payment terms

G)  Place of Delivery etc…

 

Question 33: what is the relevance of PO?

 

Answer: Since it is an agreement between buyer & seller & in any case buyer denies procuring the material then it acts as legal agreement for further processing.

Question 34: What are the types of PO? Answer: There are four types of PO

1)  Standard PO

2)  Planned PO

3)  Contract PO

4)  Blanket PO

 

Question 35: Which one is the most commonly used PO? Answer: Standard PO.

Question 36: How do you know the Purchase order No of the material?

 

Answer:- It is mentioned in the Invoice, normally on the top the PO number.

 

Question 37: What is Standard PO?

 

Answer:- It is most commonly used PO, it contains all the information like Price, Quantity, Description, payment terms, delivery date, bank details of vendor etc. For Example:- 200 kg of material of 14/kg which is going to be deliver tomorrow.

 

Question 38:- What is Planned PO?

Planned PO:- In this PO, we know the price & quantity but we don’t know the delivery date. For example:- we need 10 computer of 20,000 each but we don’t know when I need it.

 

Question 39:- What is Blanket PO?

 

Blanket PO:- This is used for long term purchase normally for a fixed period & fixed quantity. For Example Rent, Maintenance etc.

 

Question 40:- What is Contract PO?

 

Contract PO:- A Contract PO contains vendor details, payment terms but product & service to be purchased are not specified.

 

Question 41: How to check the PO in SAP?

 

Answer: There is a T code ME23N that is used to display the PO. Question 42: How & Why do we check the PO history in SAP?

Answer: There is a T code Me23N that is used to check the PO & we can check the purchase history as well from the same t code that determines how much the PO consumed & whether GR/IR is posted or not & invoice has been booked or not.

 

Question 43: What is GR/IR or MRN or GRN?

 

Answer: It is a written acknowledgement that confirms that goods or invoice has been received.

GRN means Goods Receipt Note MRN means Material Receipt Note

Question 44: What is Invoice? What does an Invoice Contain?

 

Answer: An invoice is a non negotiable commercial instrument issued by seller to buyer. It Contains:

A)  Invoice No

B)  Invoice date

C)  Name & Address of both the parties

D)  GST No of both the parties

E)  Description of Goods

F)  Price/Quantity/Rate

G)  Tax Rate

H)  Taxable Value

I)  Tax Amount

J)  Total Value

K)  Invoice should be signed by the authorized Person

 

 

Question 45: What is Performa invoice?

Answer: A Performa Invoice is like a quotation issued by seller to buyer before delivering of goods or services. We can’t process the Performa invoice at any cost.

Question 46: How do you differentiate the Invoice & the Performa Invoice?

 

Answer: It is mentioned over the Invoice whether it is a Invoice or a Performa Invoice.

 

Question 47: Why do we not process Performa invoice?

 

Answer: because it is a quotation but sometimes it is used for releasing the advance payment.

Question 48: What are the types of Invoice?

Answer: There are two types of Invoices:

Po Based

Non Po Based

 

PO Based: is an invoice where material is involved, A PO is created before delivering of goods or services. Example:- 100kg of Material, 500 T Shirts etc

 

Non Po Based Invoice: is an invoice where buyer get the services first & will pay for the bill that seller sends it. For Example Rent, Maintenace etc.

 

 

Question 49: What is 2 Way Match?

 

Answer: Where the price & quantity in the invoice should be match with the PO.

 

Question 50: What is 3 way Match?

Answer: Where the price & quantity in the invoice should be match with the PO & the GRIR report.

 

Question 51: What is 4 Way Match?

 

Answer: where the price & quantity in the invoice should be match with PO along with the GR/IR Report & with the Quality Report.

 

Question 52: What is tolerance limit?

 

Answer: It allows us to process any invoice in SAP. 30 Lakh

 

Question 53: What is the difference between 2 Way & 3 Way Match?

 

Answer: 2 Way match where the Price & Quantity in the Invoice Should be match with PO.

 

3 Way Match where the Price & quantity in the Invoice should be match with PO & GR/IR Report.

 

Example of 2 Way Match are Rent Agreement, 500 kg of Material Example of 3 Way Match are 500 kg of Material & 300 T Shirts etc.

2 Way Match is for Service & Material & 3 Way Match is for only Material.

Question 54: You have a Material Invoice of, So Will you do 2 Way or 3 Way Match or both?

 

Answer: We will do both 2 Way & 3 Way Match

 

 

Question 55: You have a Service Invoice of Rent Agreement, So Will you do 2 Way or 3 Way Match or both?

 

Answer: We will do only 2 Way Match as it is a service. Question 56: How do verify the Non Po Based Invoice?

Answer: We can verify the Non Po Based Invoice/ Service Invoice from the Service Agreement.

 

Question 57: What is the difference between MIGO & MIRO?

 

Answer: MIGO is done by the storekeeper while MIRO is done by the Invoice Processing Team.

 

IN MIGO the accounting entry would be:-

Inventory Account Dr

To GR/IR Account

While in MIRO the accounting entry would be:-

GR/IR Account Dr

To Vendor Account

 

Question 58: What is the very first Accounting entry created in P2P Cycle?

 

Answer:- The very accounting entry is created at the time of Material receiving & the entry would be

Inventory Account Dr

To GR/IR Account

 

Question 59:- What is the journal entry is created at the time of creation of Purchase order?

 

Answer:- No Journal entry is created at the time of creation of PO

Question 60:- Who creates the Purchase order?

Answer:- The buyer creates the PO by the T Code ME21N

Question 61:- What is the difference between PO & SO?

Answer:- PO is created by buyer & SO is created by Sales order.

PO is created by ME21N in SAP while SO is created by VA01 in SAP

Question 62: What is the difference between FB60 & FV60?

Answer: FB60 is used to Post the vendor Invoice in SAP while FV60 is used to park the Vendor Invoice in SAP

In FB60 impact/Value goes to FBL1N & FBL3N while in FV60 Impact/Value get hold till it is post by the Manager/TL

In FB60 there is no maker & checker concept while in FV60 there is a make & checker Concept.

Question 63: You Process the PO Based Invoice or Non PO Based Invoice?

Answer: I process both the Invoices PO & Non PO Based Invoice.

Question 64: What is the Process to Process the PO Based Invoice?

 

Answer: Before processing any invoice we need to check the 2 Way Match, 3 Match & all commercial parameter like Inv No, Inv Date, PO No, Name & address etc, then we have to go to MIRO T code, then we have to enter the required fields like Inv No, Inv Date, Amount, Narration & in the footer part we have to enter the PO No. A Gr/ir line is populated & we have to save the entry.

 

Question 65: What are the reasons why an invoice is put on hold?

What are the challenges while processing any invoice? Answer:

1.     2 Way Mismatch- Sometimes there is a two way mismatch in that case we need to approach the vendor & ask him share the correct invoice.

2.     Sometimes the approval of the concerned department is missing in that case we need to approach the concerned department & ask him to approve the invoice.

3.     Sometimes we receive the Performa invoice rather than invoice that we cannot process.

 

Question 66: Before processing any invoice what parameter do you check?

Answer: Before processing ay invoice, we need to check the tolerance Limit, 2 Way Match, 3 Way Match, all commercial parameter along with the approval of the concerned department.

Question 67: What is debit & credit Note?

 

Answer: A debit note is issued where there is a purchase return of goods and it is issued by buyer. For Example Short Fall of Goods or defected goods by provide by seller.

Credit Note: Credit Note is issued where there is a Sale Return of Goods and it is issued by Seller. For example Defect in goods or wrong delivery of goods.

Debit Note is created by FB65 & credit Note is created by FB75

 

Question 68: Apart from Invoice processing what other activity do you cover in your current organization?

Answer:- Apart from Invoice Processing, I also prepare the vendor Statement & reconciliation & sometimes resolve the vendor queries.

 

Question 69: What are the Golden Rules of Accounting? Answer: There are three Golden Rules of Accounting.

Nominal Account

Dr all Expenses & Losses

Cr all Income & Gains

Example: Rent, Salary Debtors & Creditors Example: Bank & Assets Maintenance, Freight All B/S items are comes All P&L are comes under it

Personal Account

 Dr the Receiver

Cr the Giver

 

Debtors & Creditors are comes under it.

Real Account

Dr What comes In

Cr What Goes Out

Fixed Assets, Bank , Tax etc Complete B/s are comes under it.

 

Question 70: How Many Invoices do you process in a single day?

Answer: 90 to 120 invoice per day.

Question 71: How long will it take to process the single invoice?

Answer: 3 to 4 min, as we have to check the 2 way Match & other parameter before processing the vendor Invoice.

Question 72: If the entry is posted incorrectly then what would be the next step?

Answer: If I post the Entry incorrectly in SAP then in that case I need to approach to the Manager to reverse the said entry & he will confirm me over mail regarding the status.

Question 73: What is the T Code to reverse the wrong Entry? Answer: FB08 is used to reverse the Entry in SAP.

Question 74: What is Cost Center?

Answer: Cost Center is used to allocate the cost of the company as per department wise.

Question 75:- You receive the Invoice on Mail or hard Copy? Answer:- I receive the soft copy of invoices on Mail.

Question 76:- What is vendor statement?

Answer:- Vendor statement is a statement that we need to provide to the vendor for a particular period so that vendor matches his books with the statement provided.

 

Question 77:- What is the objective to prepare the vendor statement?

Answer:- The objective is to match both the books of the Seller as well as the buyer & avoid any discrepancies.

 

Question 78:-How do we prepare the Vendor Statement?

Answer:- First, we go to FBL1N, Enter the fileds like Vendor Code,

Company Code then go to all item select the respective periord & Execute it.

We select the layout as per our requirement & Export it

(List----Export---Spreadsheet).& mail it to the customer Outlook:_ It is used for professional mail in companies

Question 79:- When do you prepare the Vendor statement?

Answer:- We prepare the Vendor statement on monthly basis

but sometimes Vendor ask for the statement in between of a month so we have to provide it accordingly.

 

Question 80:- What is Layout & how do we make it?

Answer:- Layout contains standard Fields that we require it while preparing the statement.

If we need some extra field then we can click on the change layout button. A pop will come containing Line 1 & Hidden field option.

we drag the filed to Line 1 as per the requirement & Copy it.

 

Question 81:- What data that we need to provide to the customer?

Answer:- We need to provide the data like Invoice No, Invoice Date, Amount, Remarks to the Vendor Statement.

Question 82:- What is Vendor Reconciliation?

Answer:- Is the process of Matching the closing balance of the Vendor statement provided by Vendor with the closing balalnce of SAP Vendor Ledger. If there is any mismatch then we have to prepare the reconciliation statement.

Vendor Sends us the statement for a particular period that we need to

match with the SAP Ledger. I go to FBL1N, Select the Vendor Code, Co Code & select the respective perioed & Execute & Export it.

Now we have two reports one is Vendor statement provided by Vendor  & another is SAP Vendor Statement. We have to match it with the help of vlookup & highlight the mismatch.

 

Question 83:- What are the reason for Preparing the Vendor Reconciliation?

Sometimes the Purchase invoice & the Sales invoices don't match with the Vendor Statement.

Sometimes the payment received & the payment release dont match. Sometimes the Debit & the CRedit Note Do not match

Question 84:- How long will you take to prepare the vendor statement or reconciliation?

Answer:-It depends on the number of line item, normally for three month statement or reconciliation, it take around 1 hour to ptrepare the data.

Question 85: What is the difference between Vendor Statement & Vendor Reconciliation?

 

Answer: we have to prepare the vendor statement & share with

the vendor for a particular period while in Vendor Reconciliation, we need to match the closing balance & if there is any mismatch in the closing balance then we need to reconcile the data & highlight the mismatch.

 

Question 86: How many queries that you receive from Vendors?

Answer: Normally we receive 12 to 15 queries from vendors on daily basis.

 

Question 87: What is the TAT or the SLA for resolving the queries?

Answer: The TAT (Turn Around Time) or the SLA (Service Level Agreement) to resolve the vendor query is 48 hours but we have to respond the mail or acknowledge the mail at the same time.

 

Question 88: What if you fail to resolve it within the TAT? Answer: Then it would be escalated to the Teal Leader.

Question 89 What type of Queries do you normally receive from Vendors?

Answer: We receive the queries pertains to Payment Status, Invoice Status & Vendor Statement.

Question 90: What is your achievement?

Answer: I awarded as the Star of the month in Feb 2022 for clearing the backlog of invoices when colleague left the organization.

 

Question 91: How do you check the duplicate invoice?

 

Answer: There are certain Methods to check the duplicate Invoice:

1.     As we are maintain the Excel tracker for vendor invoices, so when we enter same Invoice no of the particular vendor the cell get highlighted as we applied conditional formatting in that.

2.     SAP don’t accept same invoice number of the vendor so it shows an error that the invoice has already been posted against document No.

 

Question 92: On Which T Codes you are Currently Working On?

 

Answer: I am Working on FB60, MIRO, ME23N, FBL1N, FBL3N, FB02 & FB03.

 

Question 93: What is Vendor Master data creation in SAP?

Answer: Vendor Master data creation means to create the vendor

in SAP with the use of XK01. In Xk01, we have to fill all the details of vendor like Name, Address, Telephone No, PAN No, GST No, Bank Details, Payment terms etc.

 

Question 94:- How do you edit the vendor in SAP?

Answer:- XK02 is used to edit the vendor details.

Class 27:- Technical Questions Part 3 Question 95 :- What is Payment terms?

Answer:- Payment terms is the terms between buyer & Seller for releasing the payment. It could be immediate, 30 days or 60 days.

Question 96 :- What is Payment method?

 

Answer:- Payment method is the way of releasing the payment. It could be direct transfer to issuing cheque.

 

Question 97:- What is Base Line Date?

 

Answer:- Base date is the expected date of payment.

 

Question:- 98:- Do you have any experience releasing the vendor payment?

 

Answer:- Yes, we have experience in releasing the vendor payment. So F110 is the t code for releasing the payment.

 

For Payment, there should be payable entry in the payment & payable should be due.

 

Then we go to F110, then we enter the Run date & identification First, we have to set the parameter in which we have to mention the company code, vendor, payment method, then we click on due date etc & save it.

 

In the second step we have to run the proposal just to check the details whatever we entered is correct or not.

 

In the third step we have to run the payment.

 

Question 99:- You have released the payment twice What should you do in that case?

 

Answer:-

1)  You can adjust the payment with future invoice

2)  Or we can refund to the vendor

 

Question 100:- When do you release the vendor payment in your current organization?

 

Answer:- So we have four payment cycle, 1 for urgent payment like Rent, Tax & for utility bills & rest on 10th , 20th & 30th of every Month.

Question 101:- What is Bill to Address, Ship to Address, Sold to Address & payee?

 

Answer:- Bill to Party:- Where Invoices need to Send Ship to Party:- Where Product need to deliver

Sold to Party:- The customer who places the order Payee:- Who makes the payment.

 

Question 102:- What is your daily routine? Answer:-

1)  I Start my day at 10 AM

2)  Invoice Process

3)  Both PO & Non PO

4)  No of Invoice

5)  Hold the Invoice

6)  Prepare the statement & Reconciliation

7)  Resolve the Vendor query

 

Question 103:-What is Prepaid Expense?

 

Answer:- the expense that is paid in advance. for example Rent, Insurance AMC (Annual Maintaince Cost)

Prepaid Expense Account Dr------ B/S Assets

To HDFC Account

Quetion 104:-What is prepaid Income?

Answer:- Means the income which is received in advance for example:- Rent, Insurance etc.

Bank Account Dr

To Prepaid Income------- B/s Liablities.

Question 105:- What is outstanding Expense?

 

Answer:- means the expense that has been booked but not yet paid. Expense Account Dr

To Outstanding Expense Account--- B/s Liablities Side

 

Question 106:-What is Outstanding Income?

Means the income that is earned but not yet received

. Outstading Income Account Dr            B/S Assests

To Income

 

Question 107:-What is Deferred Revenue Expenditure?

 

Answer:- means the expenditure that has been incured during an accounting period but the benefit is to be derived over the period of time for example Advertisement in a metro

 

Question 108:-What is Contigent Liablity?

 

Answer:- it is liablity or potential loss that may or may not occur depend on the outcome of the event like Product Warranty.

Question 109:- What is Accrued Expense?

 

Answer:- means the expense in which we have the taken the service but the bill against the said service has not been received or booked in an accounting system.

Expense Account Dr

To Accrued Expense Account----------- b/S Liablities

 

Question 110:- What is Fixed Assets?

Answer:- means the assets that is used for a longer perioed & that cannot be converted into cash easliy or Quickly.

 

Fixed Assets Account DR To Vendor Account

 

Question 111:- What is Depreciation?

Answer:- Its the deduction in the value of Fixed Assets due to wear & tear Entry Depreciation Account Dr

To Accumaled Dep Account---------- B/s-Deducted from Respective Assist

 

Question 112:-What is Accumulated Dep?

 

Answer:-It is the total amount of Depreciation calculated during the FY Question 113:- What is Bank Reconciliation?

Answer:- BRS is the process of matching the closing balance of the bank statement with the closing balance of bank ledger.

Question 114: How comfortable are you on Excel?

Answer:- I am very much comfortable in excel, I perform basic to advanced operations including vlookup, vllokup array, sumif, pivot table etc.

 

Question 115:- How Will you rate yourself out of 10 in Excel?

Answer:- I will rate myself as 7.5 to 8 as excel is very wide to cover.

Question 116:- What is Vlookup?

Answer:- Vlookup means vertical lookup that is used to retrive the data from a range of cells based on column No. The formula is

=Vlookup(lookup Value, Range, Column No, 0) Question 117:- What is the drawback of Vlookup?

Answer:- If there is any duplicate values in data then vlookup will pick the first one rather than second one & gives us the incorrect result.

Question 118:- What is Sumif?

Answer:- Sumif is used to add all the number in a range of cell based on column No. The Formula is

=Sumif(Range, Creteria, Sumrange)

Question 119:- What is Pivot Table?

Answer:- Pivot table is used to sort, summarize & make the data presentable & the shortcut is Alt N V T

 

Question 120:- What is billable & Non Billable Expense?

Answer:- Billable Invoice means the invoice that is pertaing to the work directly realted to the client project & that the client can reimbuse you.

Non Billable invoice means the invoice that you can not directly bill to clients.

Question 121:- What is T&E in Accounts Payable?

Answer:- T&E means travel & Employee reimbursement. When an employee travels for a business the he can claim for the expense incured during business & the T&E has to check the bills & reimburse it as per company policy.

Question 122:- What is TDS?

Answer:- TDS means Tax deducted at source. Under TDS it is the liablity of the service receiver to deduct TDS on behalf of service provider & deposit the same amount to the goverment on or before due date. We deduct TDS u/s 194C, 194I & 194J.

 

 

Question 123:- What is the rate of Tax u/s 194C?

Answer:- 1% in case of Individual & 2% in case of other than individual.

Question 124:- How do you identify the indentity of an individual?

Answer:- from the 4th Character of the PAN No or 6th Character of the GST No

Question 125:- What do you mean by sec 194J?

Answer:- Sec 194J means TDS on Professional & Technical Services.

Question 126:- What is the due date of depositing TDS?

Answer:- 7th of next month & in case of march it is 30th of April. Question 127:- What is the difference between Bill & Invoice?

Answer:-An invoice and a bill are documents that convey the same information about the amount owing for the sale of products or services, but the term

invoice is generally used by a business looking to collect money from its clients, whereas the term bill is used by the customer to refer to payments they owe suppliers for their products or services. An invoice and a bill are essentially the same thing, but the two terms are typically used by different parties involved in the same business transaction.

 

Question 128:- What do you mean by indexing of Invoice?

Answer:- Indexing of Invoice means bifarcating the invoice as per Vendor or Amount wise.

 

Question 129:- What is GST?

Answer:- GST means Goods & service tax. It is an indirect tax. India adopted dual model of GST. In case of Intra state transaction CGST & SGST is levid & In case of Inter State transaction IGST is levid.

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