Bank over draft is not part of income statement in accrual based accounting system as it is the cash inflow not any income or expense.
Yes it is, a non current asset is one that will last over 12 months, a current asset is one that will be used up within 12 months.
I am taking a course in Accounting, and I was taught that an asset is current if it will be used up within one year. Long-term assets are those that last over 12 months.
This bank account at TCF bank had been closed for over six months.Now we are being charged for over draft protection.It looks like a annual fee thay are charging on a closed account.How can a bank charge on a closed account and then charge for insufficient funds.
OD stands for Over Draft or Over Drawn. Over Draft - is a facility wherein a bank will allow you to withdraw money from your bank account even if you don't have sufficient funds currently in your account. Over Drawn - An account is said to be over drawn if the customer has utilized his overdraft facility and withdrawn funds from his account.
The bank over draft appears in borrowings under liabilities heading
Dr Cash Cr Bank Over Draft
21
Bank over draft is not part of income statement in accrual based accounting system as it is the cash inflow not any income or expense.
Yes it is, a non current asset is one that will last over 12 months, a current asset is one that will be used up within 12 months.
I am taking a course in Accounting, and I was taught that an asset is current if it will be used up within one year. Long-term assets are those that last over 12 months.
This bank account at TCF bank had been closed for over six months.Now we are being charged for over draft protection.It looks like a annual fee thay are charging on a closed account.How can a bank charge on a closed account and then charge for insufficient funds.
Please be good enough to request Over draft Interest facility Within sixty day we are cover this facility.
OD stands for Over Draft or Over Drawn. Over Draft - is a facility wherein a bank will allow you to withdraw money from your bank account even if you don't have sufficient funds currently in your account. Over Drawn - An account is said to be over drawn if the customer has utilized his overdraft facility and withdrawn funds from his account.
The area of accounting that describes the application of substance over form is Financial non-current asset.
A bank loan is a note that is repaid over years. A bank draft is only used when you don't have the funds in your account.
The area of accounting that describes the application of substance over form is known as Financial non-current asset.