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Is the your Accounts Payable dept created when your company purchases goods or service from a established vendor or credit
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Is an accounts payable created when your company pays cash for a purchase?
An Accounts Payable is created when...
How is the accounts payable created?
Is the your accounts payable dept created when your company purchases goods or service from a established vendor or credit
Is purchases and accounts payable the same?
If purchases are made on credit then accounts payable are created on the other hand if purchases are made on cash then there is no accounts payable created so both of these are not same but interrelated.
When do you create an accounts payable account?
When any company purchases supplies or materials on credit from vendors then accounts payable are created and it is shown in liability side of balance sheet. If goods are not purchased on credit then no accounts payable will be created. Accounts payable are created to fulfill the matching concept of accrual accounting system.
Are creditors accounts payable or accounts receivable?
Accounts Payable
Notes payable may be issued to creditors to satisfy accounts payable created earlier?
True
Who is responsible for posting authorized credits to accounts payable?
Accounts Payable clerk
How do you get weighted average for accounts payable?
Weighted Average Accounts payable = Opening period accounts payable + closing period accounts payable divided by 2 Example: Opening Accounts payable = 10000 Closing accounts payable = 20000 Average = 30000/2 = 15000
What is the antonym of accounts payable?
Accounts receivable is the term for amounts due, while accounts payable are owed.While this is the "opposite" of accounts payable, it is NOT an antonym.
Are accounts payable accounts that you expect will be paid to you?
are accounts payable accounts that expect will be paid to u
What causes accounts payable to increase or decrease?
When an item is purchased on credit accounts payable increases. For example if you purchase something for $250 on credit this is the entry to increase accounts payable. Purchases 250 Accounts Payable 250 When you pay for your purchases it will decrease accounts payable. Accounts Payable 250 Cash 250
Is accounts payable a liability or an expense?
Accounts Payable is a liability. Accounts receivable is an asset.
