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Accounts have 3 types of accounts those are : Real, Nominal, Personal.
Nominal accounts are those accounts which deals in income and expenses.
Real accounts deals in accounts like cash, accounts recievable etc.
Personal accounts deals in accounts of people like Mr.Sam account.
So Account Recievable is Real account. ---- In financial accounting, accounts receivable is not a "cost" at all. Accounts receivable is an account that records money owed to a company by a customer. This account is recorded under the "current asset" accounts on the Balance Sheet.
Wiki User
∙ 14y ago
Wiki User
∙ 14y agoan Accounts Receivable is a file with a person's name or a Company's name that owes money to you or to another company eg:
John Doe ordered 20 books from my bookstore, because he has an account with us, I shipped the books with an invoice of $100.00 I now file a copy of this invoice into my 'Accounts Receivable" this is where it stays until he send me the money.
Wiki User
∙ 11y agoAn account receivable is a "current" asset (sometimes referred to as short-term, though not commonly done so anymore.)
A current asset is an asset that is expected to be used up in one year or less, anything longer is considered a long-term asset and may be listed as Note Receivable.
However, it is possible that an account receivable can be a long term asset, although it is not very common.
Wiki User
∙ 8y agoAccounts receivable is a current asset.
Accounts receivable is an "asset" account true, however depending on the expected amount of time the company intends to receive payment for the account it can be either a current or long-term asset.
Account receivable just as 'note" receivable both can be either current or long-term assets. If the account or note is expected to be paid off in one year (or less) the account is current. Over one this amount of time then the account is long-term.
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Is accounts receivable a permanent account?
Yes it is a real account. Accounts receivable is considered an asset and asset accounts are real or permanent accounts.
Are accounts receivable assets or liabilities?
Asset. It is cash that you are owed. Accounts receivable is considered a short term asset.
Are accounts receivable liquid assets?
Accounts receivables is a liquid asset
Is accounts payable a liability or an expense?
Accounts Payable is a liability. Accounts receivable is an asset.
Does accounts receivable go on a balance sheet as liabilities and equity?
Accounts receivable would appear as an asset (+) on a balance sheet.
Is accounts receivable a asset or liability?
Accounts receivable is that amount which is receivable from debtors at future date that's why it is current asset of business.
Is accounts receivable a permanent account?
Yes it is a real account. Accounts receivable is considered an asset and asset accounts are real or permanent accounts.
Allowance for doubtful accounts is what type of account?
Asset Contra account to Accounts Receivable (Contra-Asset). Normal balance is credit.
Are accounts receivable assets or liabilities?
Asset. It is cash that you are owed. Accounts receivable is considered a short term asset.
Are accounts receivable liquid assets?
Accounts receivables is a liquid asset
Is accounts payable a liability or an expense?
Accounts Payable is a liability. Accounts receivable is an asset.
Does accounts receivable go on a balance sheet as liabilities and equity?
Accounts receivable would appear as an asset (+) on a balance sheet.
What is the asset-offset of an accounts receivable?
Yes. Accounts receivable, or receivables for short, represent a financial obligation to the organization and are represented on the asset side of the balance sheet.Generally yes, most of your accounts receivable will be listed as a current asset. To make sure however remember the rule of current assets. Current assets are anything that can be turned into "cash.Accounts receivable is considered a short term asset.
Can accounts receivable normally have a debit balance?
Accounts receivable in an asset account and normally maintains a debit balance. So the answer is Yes.
Does accounts receivalbe carry a credit or debit balance?
Accounts receivable is an asset of company and like all other assets accounts accounts receivable also has debit balance.
Are commissions earned an asset?
Commisions may appear on a balance sheet as an asset in accounts receivable
Is an account receivable a revenue?
Accounts Receivable is an asset since it is a resource controlled by the entity as a result of past transaction with the future economic benefit to flow to the entity.Sale of goods and services is a revenue and not accounts receivable.
