Transactional Accounts Questions and Answers
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1 :: Define CMMI (Capability Maturity Model Integration)?

Capability Maturity Model Integration (CMMI) is a process improvement approach that provides organizations with the essential elements of effective processes.
It can be used to guide process improvement across a project, a division, or an entire organization. CMMI helps integrate traditionally separate organizational functions, set process improvement goals and priorities, provide guidance for quality processes, and provide a point of reference for appraising current processes.
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2 :: List the examples of accounting transactions?

Examples of accounting transactions are:
★ Sale in cash to a customer
★ Sale on credit to a customer
★ Receive cash in payment of an invoice owed by a customer
★ Purchase fixed assets from a supplier
★ Record the depreciation of a fixed asset over time
★ Purchase consumable supplies from a supplier
★ Investment in another business
★ Investment in marketable securities
★ Engaging in a hedge to mitigate the effects of an unfavorable price change
★ Borrow funds from a lender
★ Issue a dividend to investors
★ Sale of assets to a third party
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3 :: List the examples of accounting equation?

★ A sale to a customer results in an increase in accounts receivable (asset) and an increase in revenue (indirectly increases stockholders' equity).
★ A purchase from a supplier results in an increase in expenses (indirectly decreases stockholders' equity) and a decrease in cash (asset).
★ A receipt of cash from a customer result in an increase in cash (asset) and a decrease in accounts receivable (asset).
★ Borrowing funds from a lender results in an increase in cash (asset) and an increase in loans payable (liability).
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4 :: Define liabilities?

Liabilities are what all u owe from the bank on notes payable or in other words it is:
Liability=Asset-Owners equity
What company owes that is liability. Liability = Asset-capital
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5 :: Tell me what you understand by inter-company 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.
Inter-company data exchange manages data transfer between retailers, distributors, and independent service operators with special regard to the requirements in deregulated markets.
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6 :: What is Transactional account?

A checking or similar account from which transfers can be made to third parties. Demand-deposit accounts, negotiable order of withdrawal now accounts, automatic transfer service (ATS) accounts, and credit union share draft accounts are examples of transaction accounts at banks and other depository institutions.
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7 :: Define accounting transaction?

An accounting transaction is a business event having a monetary impact on the financial statements of a business. It is recorded in the accounting records of the business.
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8 :: Can you please explain the difference between expenses and expenditure?

The difference between expenses and expenditure. Expense is the outflow from a profit oriented organization while expenditure is the outflow from non-profit organization.
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9 :: How to define supplier?

Supplier should follow the check list. 1 He should create confidence in the client mind 2 Services to be done (fulfilled in time) 3 Services to be done according the specification of the clue.
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10 :: What is cost sheet?

Cost sheet is a statement of cost for a product for given period of time.
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