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.

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

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).

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

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.

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.

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.

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.

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.

10. What is cost sheet?

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

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