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Does a company credit when the company is the accounts payable and the card was issued by the company for business expenses affect your personal credit score?
Wiki User
∙ 14y ago
If none of your legal information is attached to the card (SSN for example) then the answer is No it will not affect your presonal credit score.
Wiki User
∙ 14y ago
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Classification of accounts?
Account is an individual and a formal record of a person, firm, company, asset, liability, goods, incomes and expenses. We can classify the accounts as per the traditional classification under the following heads: Natural Personal Accounts Artificial Personal Accounts Representative Personal Accounts
Is it legal to transfer funds from business to personal account?
It is legal as long as both accounts belong to the same person/company. If the owner of a company transfers cash from his business account to his business account it is legal. But, if his Personal Assistant does it from her boss's business account to her personal account, it is illegal.
What are out of pocket expenses?
Out of pocket expenses are business expenses for which the individual who accrues these expenses is not reimbursed by the company they are employed by or from the business itself if they are the business owner.
What is the journal entry that are paid on behalf the expenses not belong to company expenses?
There is no general entry for those expenses which are not belongs to company's normal operating business activities and no entry required.
Accounts Payable related all information how to do the accounts payable?
Basically there are various methods of accounts payables and differ from company to company. most of the petty cash expenses are paid in cash and other payament is made through cheques.
Classification of accounts?
Account is an individual and a formal record of a person, firm, company, asset, liability, goods, incomes and expenses. We can classify the accounts as per the traditional classification under the following heads: Natural Personal Accounts Artificial Personal Accounts Representative Personal Accounts
What are considered acceptable business expenses?
Acceptable business expenses are determined based on the individual company. If the expenses are useful and do not seriously impact a company's bottom line they are acceptable. Expenses are acceptable for income tax purposes if the employee incurs them wholly and exclusively in the pursuit of the business activity and derives no personal benefit from the receipt of the money.
Is it legal to transfer funds from business to personal account?
It is legal as long as both accounts belong to the same person/company. If the owner of a company transfers cash from his business account to his business account it is legal. But, if his Personal Assistant does it from her boss's business account to her personal account, it is illegal.
What are out of pocket expenses?
Out of pocket expenses are business expenses for which the individual who accrues these expenses is not reimbursed by the company they are employed by or from the business itself if they are the business owner.
Can a company force it's employees to use their personal vehicles for business travel?
Only if you are re-embursed for your expenses.
What is preoperative expenses?
Incurred expenses before company formation after commencement of business
Keep From Overpaying Taxes on your Business?
To keep from overpaying taxes on your business, follow the steps below: 1. Never operate as a sole proprietorship, no matter what your accountant says. It may be simpler, but there are many expenses that you can not take off of your taxable income as a sole proprietorship. 2. Separate your personal and business accounts and credit. Though you may know what is a business expense and what is personal, the IRS only knows what you can prove. Separate the accounts to keep from confusing them, or yourself at tax time. 3. Meals and entertainment are your friend. Do not be afraid to celebrate on the company dime a little, especially if you own the company. Cash rewards are not good. Reward yourself with things that can be deducted.
What company offers a Business Money Market account?
Many companies offer business money market savings accounts. Two examples are Chase Bank and Bank of America. Bank of America offers money market savings accounts both for personal or business use.
What is the journal entry that are paid on behalf the expenses not belong to company expenses?
There is no general entry for those expenses which are not belongs to company's normal operating business activities and no entry required.
What are commercial accounts used for?
Commercial accounts are for business to business dealings in regards to promoting business and keeping the company sustainable. The commercial accounts contrast with the customer accounts because the business dealings is between companies and not between individuals.
Is it incorrect to use personal living cost as expenses for a sole owner of a company?
Not enough is disclosed about the legal status of the sole owners business and/or its relationship to tax laws to answer this question.AS A GENERAL RULE: Expenses that you would normally incur in your day-to-day life, that are not associated with the business, are NOT deductible.
What are expenses on the income statement?
expenses are those amounts the benefit of which has already taken by company in normal operations of business.
