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If two separate companies have the same owner can there be an intercompany account between the two?
Yes you will have intercompany entries as they are separate legal entities
What is the abbreviation of Accounts Payables?
AP
When do you use intercompany accounts?
To record transactions between related companies
How do you account for goods received and invoice received?
Goods Received: Debit Stock Credit Goods Received Invoice Received: Debit Goods Received Credit Trade Payables Result: Debit Stock (Asset) Credit Trade Payables (Liability)
How do you treat irreconcilable Intercompany Account?
No accounts are irreconcilable. You may give uo looking for the difference but that doesn't mean it can't be found.
Stock subscription payables is debt?
stock subscription payables is debt ?
What is the definition of intercompany?
The definition of intercompany is a number of individuals assembled or associated together. It can also mean an assemblage of people for social purposes.
If two separate companies have the same owner can there be an intercompany account between the two?
Yes you will have intercompany entries as they are separate legal entities
Is payables a liability?
Yes, payables are those that are not yet payed or plainly, a liability. ;3
What is the abbreviation of Accounts Payables?
AP
Is credit sales in account payables?
no
When do you use intercompany accounts?
To record transactions between related companies
What is intercompany market?
The intercompany involves direct lending between companies. The supply of funds in the intercompany market comes from companies that have cash flows surplus to their current requirements. The demand for funds comes from companies who do not have cash flows sufficient to meet their current obligations. Given the nature of trading within the market, it is regarded as an example of a money market.
What account type is an intercompany account on the chart of accounts?
Other Debtors account
Why do we emphasis the philosophy of Intercompany vs intracompany?
Emphasizing the philosophy of intercompany vs intracompany relationships is important because it helps organizations understand the dynamics between different entities within a group or conglomerate. Intercompany focuses on relationships between separate legal entities, highlighting issues such as transfer pricing and intercompany transactions, while intracompany emphasizes relationships within the same legal entity, focusing on organization-wide collaboration and communication. Understanding and managing these relationships is crucial for effective decision-making, financial reporting, and overall business performance.
What is a deferred taxes payables?
The taxes which is owed by a corporation in the goverment authority.
Accounting adjustments for inter company trading?
When intercompany trading occurs, accounting adjustments need to be made to ensure accurate reporting. This typically involves eliminating intercompany sales and purchases, as well as any related profits or losses. Adjustments are made to the respective entities' financial statements to show the appropriate internal transfer of assets, liabilities, revenues, and expenses. This is done to avoid double-counting or misrepresentation of the financial position and results of the entities involved in the intercompany transactions.
