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What does it mean to freeze assets and bank account?
It means, someone has put a blocker on your assets and bank accounts. It means, you cannot withdraw cash, make any transactions on the account, or sell any of those assets until further notice. This usually happens when law enforcement authorities suspect any illegal activities on your accounts. For ex: if they feel that you are harboring terrorists, they can freeze all your assets and bank accounts until you are proven innocent.
Does debit always mean an increase?
Incase of expenses and assets accounts debit means increase while for income and liabilities accounts debit means decrease.
What records a decrease in an asset?
A sales refund will reduce income (debit to Sales Returns) and assets (credit to cash).A debit to Depreciation Expense and a credit to Accumulated Depreciation will reduce assets and net income.It means that some transaction decreases assets and liabilities at the same time. For example, payment of accounts payable results in a decrease in cash and a decrease in accounts payable.
What is asset location?
Asset Location means finding the location of the assets which belongs to a debtor that may be seized or upon which a lien may be placed. Debtors in higher income brackets mainly tend to have larger debts, more assets, and better skills at hiding their assets. Hidden assets can include foreign or even numbered bank accounts, foreign corporations etc.
What is insolvent estates?
Insolvent estates is when an estate whose debts exceed its assets. This means, the money that is owed is more than the money that the person has in all of their accounts and personal items.
Does the debit side of Allowance for Bad Debts go down and its credit side goes up?
Correct. Allowance for Doubtful Accounts is a "Contra-Asset" which means it reduces your net assets on the balance sheet. While most assets increase with a debit and decrease with a credit, Contra-assets increase with credits and decrease with debits.
What does freeze discovery means in a civil case?
Freezing orders The principles (and advantages) of obtaining a freezing order are well known. They can typically be applied for ex parte, operate effectively cross-border, and not only freeze assets but provide an aggressive method of obtaining information.
What are maturity of fixed assets?
maturity of fixed assets means the completion of useful life of fixed assets.
What is the effect on accounting equation if assets increases?
accounting equation assets = liabilities + capital so if assets increases either liability or capital will increase for this purpose 1. assets means both long term assets and short term assets 2. capital means owners equity 3. liability means outsliders liability
How do you Journalese the accounts payable?
Accounts Payable means Creditors. When we purchase or take any services then we book the following entry. Purchase A/C (Any good or any Assests)............Dr Party Account...................Cr The first entry hits in Trading account or Assets account The second entry hits in Balance sheet under the head Accounts Payable.
What is the effect of a decrease in accounts receivable in the cash flows?
basically, decreasing means you activate the trans-flow protocol which allows the accountant to debit all assets while subtracting your working capital. this gives you your final accounts net profit for the term(and whatever the period concerns) then you credit this in your accounts recievable ledger account and list it as a way of income in your trial balance
What is removing assets from balance sheet?
Removing assets means to write off the assets from business which are obsolete or fulfill its time period.
