Personal Accounts Interview Preparation Guide
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Personal Account Frequently Asked Questions in various Personal Accounts Interviews asked by the interviewer. So learn Personal Account with the help of this Personal Accounts Interview questions and answers guide and feel free to comment as your suggestions, questions and answers on any Personal Accounts Interview Question or answer by the comment feature available on the page.

26 Personal Accounts Questions and Answers:

1 :: What is Personal Account?

Personal Account is an account for use by an individual for their own needs. It is a relative term to differentiate the said accounts from those accounts for corporate or business use.
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2 :: Explain how is a PO (Purchase order created)?

A document or form used by a customer to issue an order for goods or services.

I want notes on
1.Procure to pay cycle with accounting entries
2.order to cash
3.record to report
4.Sox
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3 :: Explain what is FBT (Fringe Benefit Tax)?

The tax payable on a non-salary benefit provided to an employee or an associate of the employee. The employer is liable to pay any FBT and may choose to recover the FBT amount from the employee.
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4 :: Explain what procedure for excess payment to supplier we 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.
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5 :: Explain what steps would you take before approving an invoice for payment?

Following steps should be taken..

► Validate the invoice once it is matched for checking any holds..
► If workflow is implemented , initiate approval for the invoice. Once the invoice is approved/Approval not required(status in case WF is not implemented) you can go for payments.
► Create accounting after approval of invoice..

Finally for payments u need to format, build.
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6 :: Explain how does the payment mechanism work?

The open items of an account can only be cleared once you post an identical offsetting amount to the account. In other words, the balance of the items assigned to each other must equal zero. During clearing, the system enters a clearing document number and the clearing date in these items. In this way, invoices in a vendor account are indicated as paid, and items in a bank clearing account are indicated as cleared.

You generally use the payment program to clear invoices. Manual clearing of open items is therefore not usually necessary. However, you will sometimes have to clear items manually if, for example, you receive a refund from your vendor or you have set up a direct debit procedure.
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7 :: Tell us how many hours do you work a day?

You have to tell until complete my work
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8 :: Explain what is the different between watt, voltage,in kilowatt. how are they calculated?

Tell the interviewer fairly we have still looking for the best answer so its up to you how you deal this kind of questions
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9 :: Explain what do you understand by Open Item Managed Account?

Open item management ensures that all items that have not yet been cleared are available in the system. Only after every open item in a document is cleared can a document be archived.
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10 :: Explain us 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. ( Buyer of goods and service)

5. Description of goods / services involved

6. Applicable rates and taxes with percentages

7. Rate of the goods / services

Quantity of the goods and services

9. Quality or any other specifications


10. Price / Value of the goods and services

11. Invoice must be signed by the person making it

12. Terms and conditions of making the payment
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