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In a financial transactions What kind of assets does the accounts recievable represent?
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What is average gross accounts receivable?
Average gross accounts recievable is the beginning balance for accounts recievable and the ending balance for A/R divided by two.
What is the meaning of the word accounts recievable?
accounts in which money is owed.
Bill recievable and bill payable journal entries?
Entry of bill recievable is: Bill Recievable A/c dr. To debtor
What will the journal entry of accounts recievable?
debit accounts receivablecredit sales revenue
What is the purpose and scope of accounts receivable?
Account recievable is a account that records the amount should be received . Accounts receivable are the short-term financial assets of a wholesaler or retailer that arise from sales on credit
Why do we need financial accounts?
businesses need financial accounts so as to keep track of all their transactions,check progress(profits &losses) and to make decisons
What is net trading?
Net Trading Assets = Accounts Recievable + Inventory - Accounts Payable
What is assets trade?
Net Trading Assets = Accounts Recievable + Inventory - Accounts Payable
What are the characteristics of final accounts?
Final accounts are closed accounts at the end of a period in accounting. Final accounts cannot be changed and represent the transactions in an accounting period.
Is accounts recievable a current liability?
Accounts receivable is a current asset, never a current liability.
What is net trading assets?
Net Trading Assets = Accounts Recievable + Inventory - Accounts Payable
Basic definitions of accounts?
The Chart of Accounts is really a list of "descriptions" used to describe the elements and events involved in financial transactions.
