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What does your current balance on your Avon account mean for example if when you select to pay Avon if you're a rep and it says Your amount due with Campaign is 0.00 Your current balance is 13?
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∙ 11y ago
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∙ 11y ago
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Is an example of an asset account?
The current asset refers to the assets that are expected to be converted into cash within a year from the balance sheet date. An example of an asset account is an account that includes bank deposits, cash, market securities, and the notes receivable.
What is an example of an asset account?
The current asset refers to the assets that are expected to be converted into cash within a year from the balance sheet date. An example of an asset account is an account that includes bank deposits, cash, market securities, and the notes receivable.
How can you see my accout belece?
Depending on the bank, there are a few ways in which one can check an account balance. For example, if the bank has a website one can login to see the current balance with a correct username and password.
What is an example of accountability?
The current asset refers to the assets that are expected to be converted into cash within a year from the balance sheet date. An example of an asset account is an account that includes bank deposits, cash, market securities, and the notes receivable.
What is contra account?
A contra-account is a sub-account or a related account that normally has the opposite balance, thereby reducing the balance of the main account. For example, Reserve for Bad Debts is a contra-account to Accounts Receivable. A/R normally has a debit balance while the reserve normally has a credit balance.
Which is an example of a current liability account?
materials
Balance of payment laways in balance?
In the current account and the capital and financial accounts should, in theory, equal changes in a country's monetary reserves. Because data for the balance of payments is collected on a single entry basis and some data is missed, the equalization usually does not occur.
What is the statement closing balance?
a closing balance is the amount of money that is in the account when the bank sends out the statement of the cut-off date for that month. for example if you have $75.00 in your account on December 15th, and you have not used the account for a time, and the cut-off date is Dec.15, that $75.00 is the closing balance.
What kind of account is linked with another account that has an opposite normal balance and that is subtracted from the balance of the related account?
The account you are asking about is called a contra account. One example of a contra account is "Accumulated Depreciation." Accumulated Depreciation (or A/D for short) is grouped with fixed asset accounts on the balance sheet. The normal balance for A/D is a credit, while all other asset accounts (besides other contra accounts) have a normal debit balance. The credit balance in A/D is netted with the debit balance in fixed assets to determine the net book value (NBV) of the fixed assets.
Why can't all the balance of payments accounts be in surplus?
The balance of payments accounts cannot be in surplus because there is always a balance in economics. For example, if you used cash assets to purchase equipment, the equipment account will increase but the cash assets account will decrease.
Which account would be closed by posting a debit to the account?
The closing process seeks to reduce the balance of each account that needs to be closed to zero; therefore, the closing entry must reverse whatever balance the account already has. This means that any (temporary) account that normally has a credit balance will be closed by posting a debit (and vice-versa). Revenue is an example of an account that must be closed with a debit, since it is normally a credit account.
Why the ballance of the assets is always on debit side in T account?
Assets maintain a Debit balance and therefore any asset with a positive balance will be listed on the "debit" side of the account. The credit side of the T account for assets is used only to DECREASE that asset. For example Cash is an asset account and it's balance is listed on the Debit side, now your company spends "x" amount of dollars, that entry will be listed on the Credit side to decrease the cash account. If at anytime your Debit side of the asset is less than your Credit side it means that you have a LOSS. For example, you have $1,000 in your cash account and you record $1500 (credit) to the account. Your account will be listed as "OVERDRAWN" and will have a Credit Balance of $500, this of course is not acceptable. A company can never have a higher Credit balance than a Debit balance in their assets.
