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Is inventory permanent account or temporary account?
permanent account
What is the journal entry for 'Received Fee Income in cash'?
[Debit] Cash / bank [Credit] Fee income
Are the income a balance sheet account?
Income is an income statement account and shown in income statement and not a balance sheet account.
Is notes payable a permanent account?
Any account on the balance sheet is a permanent account - 'Cash', 'Accounts Receivable', 'Accounts Payable'. Income and expense accounts are temporary accounts because they are closed at the end of an accounting period. Examples are: 'Service Revenue', 'Office Expense', and, my personal favourite, 'Meetings and Entertainment Expense'.
Is the drawing account a permanent account?
Drawing account is not a permanent account rather it is temprary account which is closed to owners equity account at every year closing period.
Is income summary a temporary or permanent account?
TEMPORARY ACCOUNT
What is fee income?
Fee income is the income that is generated off products such as NSF or Overdrafts, account service charges, etc. These fees are generally pure profit and very lucrative to banks
What are the fee based income for banks?
Any income which is non interest income is fee income for banks. along with the obvious culprits like insurance, Mutual Fund insurnace etc. it includes locker charges, levies on account- cheque related, account maintainence related etc. The new spheres are bond sales, FX etc.
What is fee income of banks?
There are many fee's charged by banks. Some are: a. Annual account maintenance fee b. Fee for not maintaining the minimum stipulated balance in the account c. Fee for check bounce d. Fee for additional checks in a year (beyond a minimum number) e. Fee for late payment of loan instalments f. Etc
Is a depreciation expense account a permanent or temporary account?
Yes it is. Permanent accounts are balance sheet accounts which do not close at the end of the accounting year, as opposed to income statement account balances which are removed an added to retained earnings. Another words income statement accounts are measured for a certain period of time whereas balance sheet accounts carry on to the following years.
Is inventory permanent account or temporary account?
permanent account
What are non fee baseed income for banks?
Banks make profit and generate revenue by two ways:By charging you a fee for the services they provide youBy lending the money you have deposited into your account, to other loan customers and getting an interest on the same.Interest income is the highest revenue and profit generator for any bank. And this is the non-fee based income for banks
What is the journal entry for 'Received Fee Income in cash'?
[Debit] Cash / bank [Credit] Fee income
Are the income a balance sheet account?
Income is an income statement account and shown in income statement and not a balance sheet account.
Fee based income in banks?
any income generated out of a transaction which does not actually involve the funds of the bank can be considered as fee-based income
Is notes payable a permanent account?
Any account on the balance sheet is a permanent account - 'Cash', 'Accounts Receivable', 'Accounts Payable'. Income and expense accounts are temporary accounts because they are closed at the end of an accounting period. Examples are: 'Service Revenue', 'Office Expense', and, my personal favourite, 'Meetings and Entertainment Expense'.
Fee based income?
Fee based income is defined as income that is generated from fees that are assessed to customer accounts. In banking it is the income that comes from transactions that do not involve bank funds.
