Samman Lal Sher Singh Papers Executive Accountant Interview Questions and Answers

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...read more

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

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

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

Excess payment to a supplier can be managed through various procedures without adjusting the invoice.

• 1. Issue a Credit Note: Request the supplier to issue a credit note for the excess amount paid.

• 2. Apply to Future Invoices: Use the excess payment as a credit towards future invoices from the supplier.

• 3. Refund Request: Request a refund from the supplier for the excess payment made.

• 4. Document the Transaction: Maintain ...read more

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