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Categories  >>  Accounting  >>  Accounting AllOther
 
 


 

 
 Audit interview questions  Audit Interview Questions
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 Accounting General interview questions  Accounting General Interview Questions
 Accounting AllOther interview questions  Accounting AllOther Interview Questions
Question
what is the diff between reversal and cancellation entries?
 Question Submitted By :: Prasanth Kalarivayil
I also faced this Question!!     Rank Answer Posted By  
 
  Re: what is the diff between reversal and cancellation entries?
Answer
# 1
'Reversal' is a rectification of mistake.

'Cancellation' is an Adjustment.
 
Is This Answer Correct ?    1 Yes 0 No
Suburam
 
  Re: what is the diff between reversal and cancellation entries?
Answer
# 2
Most of the cases both are considered in same sense,but we 
use reversal when we made some mistakes while passing 
entries which we need, but cancellation used when there is 
no necessary for the entry at future.
 
Is This Answer Correct ?    3 Yes 0 No
S Subhalaxmi
 
 
 

 
 
 
Other Accounting AllOther Interview Questions
 
  Question Asked @ Answers
 
What is meant by budget? Explain briefly  1
what do you mean by fixed asset? Capital-IQ23
What steps to be taken at the time of implementation of Oracle ERP and please give the chart of accounts and links to be given Aster-Teleservices2
Expand ________DCE  1
What is suspense a/c in balance ?  4
What's Authorized share capital?  2
What type of report and accounts should a company prepare?  1
Expand C M P F  2
what is oppurtunity cost Capital-IQ6
When determining turnover, do you first deduct all sales returns to come to an answer or is turnover the total sales without deductions.  1
WHAT IS THE LIMIT OF CC A/C  1
Does the Commission have a policy on the holding of reserves?  1
What is Contingent Liabilities?  3
EXPAND_______________URPF  2
EXPAND______________PLIP  1
What are intangible Assets?? ASKED 12.12.2008 OPI6
How many types of Purchase Orders are there ?  2
expand L R  1
whether cash book is a subsidiary book?  6
what Trial Balance? state the difference bewtten Gross Trail balance & Net trail Balance?  5
 
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