Explore topic-wise InterviewSolutions in Accounts and Finance.

INFO: Full form for VPO is Virtual Purchase Order in Accounts and Finance category
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The International Association of Bookkeepers (IAB) was founded in the United Kingdom in 1973 and, as a non-profit organisation, in its early years focussed purely on being an international professional and examining body for bookkeepers. Building on it today, the IAB offers financial and business skills for those starting or developing a small business. It also continues to develop and deliver courses in accounting and bookkeeping at various levels and subjects, claiming many thousands of members and students worldwide. The IAB is present in most parts of the world where UK accounting standards or Generally Accepted Accounting Principles GAAP are used. In 2012, the IAB claimed to have 4,000 students in India currently registered and/or preparing to take an IAB exam. In addition to students studying with colleges throughout the UK, it has students studying with the University of the West Indies, and in Brunei Darussalam, Singapore, Malaysia, Indonesia, Vietnam, Cambodia, Thailand, Russian Federation and other European Countries, Baltic States, Belarus, India and Sri Lanka. The Institute of Certified Bookkeepers in South Africa (ICB SA) graduates are recognised by the IAB.

Many colleges and universities, including the Open University, offer IAB qualification around the world. All links to international associates and the colleges or centres are shown at their website. It also offers the members in practice free entry in their directory.

In the UK, it also continues to work with HM Revenue and Customs (HMRC) in areas, including being its approved supervisory body for the Anti-Money Laundering & Financing of Terrorism Regulations 2017. The IAB has three main grades of membership: Associate (AIAB), Member (MIAB) and Fellow (FIAB) depending on the qualifications.

IAB involves itself regularly with the UK government and standard setting agencies, such as HMRC Employment Consultative Committee, the Financial Services Authority, Ofqual, The Financial Services Skill Council and the Small Firms Enterprise Development Initiative (SFEDI).

The IAB offers more than 20 qualifications from Level 1 to 4 of UK National Qualifications Framework. All these qualifications are regulated by Ofqual (the Office of Qualifications and Examinations Regulation in England. IAB centres with contracts with the Skills Funding Agency Skills Funding Agency and other UK government bodies, may find that they can obtain funding towards the provision of courses leading to IAB QCF qualifications.

INFO: Full form for IAB is Institute Der Accountants En Belastingadvizeurs (belgium) in Accounts and Finance category
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INFO: Full form for AATD is Australian Accounting Taxation Database in Accounts and Finance category
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INFO: Full form for AATD is Australian Accounting and Taxation Database in Accounts and Finance category
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INFO: Full form for AATD is Alternative Amount of Tender Deposit in Accounts and Finance category
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Economic Order Quantity (EOQ), also known as Economic Purchase Quantity (EPQ), is the order quantity that minimizes the total holding costs and ordering costs in inventory management. It is one of the oldest classical production scheduling models. The model was developed by Ford W. Harris in 1913, but R. H. Wilson, a consultant who applied it extensively, and K. Andler are given credit for their in-depth analysis.

According to the UK Financial Conduct Authority (FCA), a dedicated professional body is one designated by the Treasury under section 326 of the Act (Designation of professional bodies) for the purposes of the Act (Provision of Financial Services by Members of the Professions).

The following professional bodies have been designated in the Financial Services and Markets Act 2000 (Designated Professional Bodies) Order 2001 (SI 2001/1226), the Financial Services and Markets Act 2000 (Designated Professional Bodies) (Amendment) Order 2004 (SI 2004/3352) and the Financial Services and Markets Act 2000 (Designated Professional Bodies) (Amendment) Order 2006 (SI 2006/58):

Under Section 325(4) of the FSMA, Designated Professional Bodies are required to cooperate with the FCA in a number of ways, including information sharing, in order for the FCA to be able to perform its functions.

INFO: Full form for EIPP is Electronic Invoice Presentment and Payment in Accounts and Finance category
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INFO: Full form for CIAS is Chinese Independent Auditing Standards in Accounts and Finance category
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INFO: Full form for CRAP is Cleverly-rigged Accounting Principles in Accounts and Finance category
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INFO: Full form for UAF is Un-available Funds in Accounts and Finance category
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INFO: Full form for PVP is Payment Versus Payment in Accounts and Finance category
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INFO: Full form for AWS is Annual Wage Supplement in Accounts and Finance category
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INFO: Full form for AAAC is Average Actual Acquisition Cost in Accounts and Finance category
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The Clearing House Automated Payment System (CHAPS) is real-time gross settlement payment system used for sterling transactions in the United Kingdom.

CHAPS was originally established in London by the Bankers Clearing House in February 1984, transferring to the CHAPS and Town Clearing Company Limited in December 1985. This company also operated the 'town clearing', where cheques cleared the same day between the 'town' bank branches in central London. Town clearing had been the forerunner of the CHAPS system, and was finally closed in 1995.

With the closure of the town clearing, the operating company was renamed to CHAPS Clearing Company Limited (informally CHAPS Co). Responsibility for the CHAPS system transferred from it to the Bank of England in November 2017. On 20 August 2018, the first non-bank institution, ipagoo LLP, joined the CHAPS scheme.

INFO: Full form for FSAP is Financial Statement Analysis Package in Accounts and Finance category
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INFO: Full form for AMAP is Advanced Management Accounting Program in Accounts and Finance category
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INFO: Full form for WSV is Wholesale Value in Accounts and Finance category
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INFO: Full form for WSV is Wholesale Sales Volume in Accounts and Finance category
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INFO: Full form for NPAT is Net Profit After Tax in Accounts and Finance category
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INFO: Full form for NSAC is National Society of Accountants for Cooperatives in Accounts and Finance category
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INFO: Full form for NSAC is National Society of Accountants for Cooperatives (usa) in Accounts and Finance category
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INFO: Full form for LVR is Loan-to-valuation Ratio in Accounts and Finance category
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INFO: Full form for MOTS is Mobile Order Transfer Service in Accounts and Finance category
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A reserve requirement is a central bank regulation that sets the minimum amount that a commercial bank must hold in liquid assets. This minimum amount, commonly referred to as the commercial bank's reserve, is generally determined by the central bank on the basis of a specified proportion of deposit liabilities of the bank. This rate is commonly referred to as the reserve ratio. Though the definitions vary, the commercial bank's reserves normally consist of cash held by the bank and stored physically in the bank vault (vault cash), plus the amount of the bank's balance in that bank's account with the central bank. A bank is at liberty to hold in reserve sums above this minimum requirement, commonly referred to as excess reserves. This measure is commonly referred to as the liquidity ratio.

The reserve ratio is sometimes used by a country’s monetary authority as a tool in monetary policy, to influence the country's money supply by limiting or expanding the amount of lending by the banks. Monetary authorities increase the reserve requirement only after careful consideration because an abrupt change may cause liquidity problems for banks with low excess reserves; they generally prefer to use open market operations (buying and selling government-issued bonds) to implement their monetary policy. In the United States and many other countries (except Brazil, China, India, Russia), reserve requirements are generally not altered frequently in implementing a country's monetary policy because of the short-term disruptive effect on financial markets.

INFO: Full form for CFM is Certified Financial Manager (us) in Accounts and Finance category
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Certified Financial Manager (CFM) was a finance certification in financial management. The credential was earned through work experience, examination, and continuing education. The program was established by Institute of Management Accountants in June 1996, and 4,940 financial professionals earned the CFM designation. The CFM exams were discontinued December 31, 2007.

The requirements for certification included:

Once certified, the CFM was required to maintain membership in IMA and complete 30 hours of continuing education annually.

Although the CFM certification "was an excellent program", the program was unable to find a sustained audience. Therefore, the Board of Regents made the decision not to expend further resources on the CFM examination process but rather to dedicate those resources to supporting the Certified Management Accountant (CMA) program. Much of the finance material in the CFM exam was moved to the CMA curriculum. The IMA continues to support all CFM holders with appropriate member services, recognition of the CFM achievement, and the maintenance of certification records. For a listing of Active CFMs, visit: imanet.org

INFO: Full form for MAP is Minimum Advertised Price in Accounts and Finance category
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INFO: Full form for MAP is Management of An Accounting Practice in Accounts and Finance category
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INFO: Full form for MM is Material Management in Accounts and Finance category
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