Finance - Collections - Quiz, Trivia & Questions

16 Questions | By Nashjackman | Updated: Mar 14, 2022 | Attempts: 319

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Questions and Answers

1.

What is AR?
- A.
  
  Amount Received
- B.
  
  Annual Rate
- C.
  
  Account Receivable
- D.
  
  None of the above
Correct Answer
C. Account Receivable
2.

When is invoice generated?
- A.
  
  A. After request sent by AIG
- B.
  
  B. After TCC is received by Finance Dept.
- C.
  
  C. After ICC is received by Finance Dept.
- D.
  
  D. When the agreement is signed
Correct Answer
B. B. After TCC is received by Finance Dept.
3.

What is it that will help finance to generate invoices?
- A.
  
  A. TCC(Training Completion Certificate)
- B.
  
  B. ICC(Implementation Completion Certificate)
- C.
  
  C. Printing paper
- D.
  
  D. None of the above
Correct Answer
A. A. TCC(Training Completion Certificate)
4.

What is a payment schedule?
- A.
  
  A. Information about the installments
- B.
  
  B. Information about dates & amount to be collected
- C.
  
  C. Information about the no. of installments to be collected
- D.
  
  D. All the above
Correct Answer
D. D. All the above
5.

What is CMS?
- A.
  
  A. Content Management System
- B.
  
  B. Cash Management Services
- C.
  
  C. Crew Management System
- D.
  
  D. None of the above
Correct Answer
B. B. Cash Management Services
6.

Which banks have the CMS facility for Mexus?
- A.
  
  A. ICICI & HDFC
- B.
  
  B. HDFC & SBI
- C.
  
  C. SBI & ICICI
- D.
  
  D. None of the above
Correct Answer
B. B. HDFC & SBI
7.

How many types of invoices are generated and what are those?
- A.
  
  A. 2- Sales & Services
- B.
  
  B. 2-Hardware & Software
- C.
  
  C. 2-Content & Software
- D.
  
  D. None of the above
Correct Answer
B. B. 2-Hardware & Software
8.

What is ageing w.r.t. to AR?
- A.
  
  A. Days since Invoice submitted
- B.
  
  B. Days since agreement
- C.
  
  C. Days since TCC submitted
- D.
  
  D. None of the above
Correct Answer
A. A. Days since Invoice submitted
9.

How many sets of agreement are signed and what are those?
- A.
  
  A. 2-Hardware & Software
- B.
  
  B. 2-Right to use of copyright assets & Service agreement, transfer of right to use the hardware and outright purchase agreement
- C.
  
  C. 2-Right to use of copyright assets agreement, transfer of right to use the hardware purchase agreement
- D.
  
  D. None of the above
Correct Answer
B. B. 2-Right to use of copyright assets & Service agreement, transfer of right to use the hardware and outright purchase agreement
10.

Why is CMS used?
- A.
  
  A. Helps clear the cheque on the same day
- B.
  
  B. Bank sends collection MIS to the company
- C.
  
  C. Both of the above
- D.
  
  D. None of the above
Correct Answer
C. C. Both of the above
11.

What is the time-line for submission of TCC to finance?
- A.
  
  A. Daily
- B.
  
  B. Weekly
- C.
  
  C. Monthly
- D.
  
  D. Never
Correct Answer
B. B. Weekly
12.

What should be the aim w.r.t. to overall dues?
- A.
  
  A. Bring it below 120 days
- B.
  
  B. Bring it below 365 days
- C.
  
  C. Bring it below 90 days
- D.
  
  D. None of the above
Correct Answer
C. C. Bring it below 90 days
13.

Reschedule/Termination cases should be forwarded to SBU head for further action.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True
14.

In case invoice is not received, payment can still be collected.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True
15.

Reenal/Hinal should be contacted for clarifications regarding AR,Invoices etc.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True
16.

In case of cheque bouncing, we should insist on a DD.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

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Current Version
Mar 14, 2022

Quiz Edited by
ProProfs Editorial Team
Dec 29, 2011

Quiz Created by
Nashjackman

Finance - Collections

What is AR?

When is invoice generated?

What is it that will help finance to generate invoices?

What is a payment schedule?

What is CMS?

Which banks have the CMS facility for Mexus?

How many types of invoices are generated and what are those?

What is ageing w.r.t. to AR?

How many sets of agreement are signed and what are those?

Why is CMS used?

What is the time-line for submission of TCC to finance?

What should be the aim w.r.t. to overall dues?

Reschedule/Termination cases should be forwarded to SBU head for further action.

In case invoice is not received, payment can still be collected.

Reenal/Hinal should be contacted for clarifications regarding AR,Invoices etc.

In case of cheque bouncing, we should insist on a DD.