Personal Accounts Interview Preparation Guide
Download PDF

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.

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

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.

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.

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.

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.

7 :: Tell us how many hours do you work a day?

You have to tell until complete my work

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

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.

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

11 :: Tell us what do you understand by Intercompany Settlement?

A key functional area of SAP for Utilities that supports cross-company exchange of settlement data based on international standards such as EDI, XML, and Microsoft Excel.

Intercompany data exchange manages data transfer between retailers, distributors, and independent service operators with special regard to the requirements in deregulated markets.

12 :: Explain what is the difference between SAP memory and ABAP memory?

SAP Memory: Global, user-related memory that extends beyond transaction limits. Access to the SAP memory is via SPA/GPA parameters.

ABAP Memory: Memory area within each main session, which can be accessed by programs using the EXPORT and IMPORT statements and which remains available using a series of program calls (call sequence).

13 :: Explain what is the difference between Consignor and Consignee?

Consignor is the person who is the owner of the goods and who deliver the goods to the consignee.

Consignee is the person who receives the goods and he just possesses the goods and not the owner.

14 :: Explain what is the difference between billable and non-billable expenses?

Billable expenses are the expenses incurred by you on behalf of your customer in performing duties / service and supply. These expenses are recoverable from your customer by way of billing.

Non-billable expenses are the expenses incurred by you for carry out your own business / duties and responsibilities.

15 :: What are the important sources of personal accounts?

Personal accounts, including memoirs, journals, diaries, autobiographies, and life histories, are important historical sources that help us understand the human condition.

16 :: How do personal accounts affect on you life?

In every case, the personal account is highly subjective, which is the basis of both its value and limitation. Personal accounts will not always be chronological, they are more likely to jump around, as our minds do, reflecting images of a certain experience from a variety of perspectives, even within one person's own recollections. An eyewitness account of an event or time and place is invaluable, but it is also limited to one point of view.

17 :: What does a personal account reveal?

A personal account reveals only what an individual wishes to reveal and usually presents just one side of any story. Any personal account is but one of many stories that could be told about an individual, yet it is an important one that allows us access to a range of voices and perspectives.

18 :: Tell me what is a checking account?

A checking account offers easy access to your money for your daily transactional needs and helps keep your cash secure. Customers can use a debit card or checks to make purchases or pay bills. Accounts may have different options or packages to help waive certain monthly service fees. To determine the most economical choice, compare the benefits of different checking packages with the services you actually need.

19 :: Do you know what is saving account?

A savings account allows you to accumulate interest on funds you have saved for future needs. Interest rates can be compounded on a daily, weekly, monthly or annual basis. Savings accounts vary by monthly service fees, interest rates, method used to calculate interest and minimum opening deposit. Understanding the account's terms and benefits will allow for a more informed decision on the account best suited for your needs.

20 :: Please tell me what is certificate of deposit?

Certificates of deposit allow you to invest your money at a set interest rate for a pre-set period of time. Certificates of deposit often have higher interest rates than traditional savings accounts because the money you deposit is tied up for the life of the certificate which can range from a few months to several years. Be sure you do not need to draw on those funds before you open a certificate deposit, as early withdrawals may have financial penalties.