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What type of asset is accounts receivable?
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.
When is an accounts receivable created?
An account receivable is created when a company has earned cash from a customer but has not yet received it.An accounts receivable is created when a business sells an item or items to a customer, but hasn't yet collected the payment. Many times, an invoice is mailed to the customer and the customer pays the invoice within 30 days, though the terms can vary.
Do you close out accounts receivable?
Technically yes. Once a person or company pays off a balance owed to you (hence the account receivable) the books show this as a zero balance. Though the account is still on the books itself, the balance is zero and is closed. Keeping the actual account on the book is for future use if that person or company purchases from you on account again. For example. You sale computers and John purchased a $1500 computer on account. The original transaction is recorded as a sale with a debit recorded in accounts receivable-John. As payments are received, A.R. is credited and cash is debited until the A.R. is closed out.
Is bank account is real account or personal account?
see first tell me wat is bank overdraft..... its is real or personal... ans.personal...every bank a/c is personal a/c.. and though bank is payable or receivable its is personal a/c only....
Is account receivable a current asset?
Yes, accounts receivable is a current asset. The company expects to receive payment for the amount owed in one year or less. Notes receivable is a non-current asset. The company will receive payment of the amount in more than one year.
Is receivable a current asset?
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" or liquidated easily, in an accounts receivable case, it is an account that can be expected to be paid in full with one year or one accounting cycle. Anything over that term is consider a long-term asset, though in accounts receivable, usually a long-term asset is listed as a "note" receivable, but that is not always the case.
Check received is that an account payable?
No it's cash. Though it is in the form of a "check" it is easily transferred to cash and is recorded as such. Also, even if it wasn't considered cash (it is) it would be a receivable, not a payable.
Do decrease in accounts receiveable decrease sales?
Generally, those two accounts tend to move in the same direction. It is typically driven by Sales, though. If Sales in a year increase, it would be expected that Accounts Receivable (A/R) would increase as well because typically a proportion of Sales are paid in cash, while another proportion is charged to credit. If a company's Sales are generally made up by 1/2 cash and 1/2 credit, if Sales increased substantially in the year, we would expect A/R to increase as well. If, however, Sales in the year plummeted, we would also expect A/R to decrease from the previous year. (This is also assuming the company has not changed its policies regarding how it extends credit to customers, and is collecting its receivables in a timely manner.)
Why do the focal length decrease as the thickness of the lens increase?
The angle of refraction increases, though it's a function of curvature rather than actual thickness.
Long term athletic training will cause a person to increase hematocrit?
No, their hematocrit will decrease. Though they may gain RBC, their plasma volume will have a greater increase in volume, thus decreasing the hematocrit concentration.
What would happen to the population of predators if there were said and increase in food for their prey?
they grow... THE FOOD CHAIN GOES DOWN FAST though
As you get farther away from the center of the earth your weight will increase or decrease?
As you move away from the center of the Earth, your weight will decrease. This is because weight is the force of gravity acting on an object, and gravity weakens with increasing distance from the center of the Earth.
