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What is The general term employed to indicate an expense that has not been paid and has not yet been recognized in the accounts by a routine entry?
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What is an expense that has not been paid and has not yet been recognized in the accounts by a routine entry?
accrued
What are the 2 type of quickbooks account?
The 2 types of QuickBooks accounts are "Balance Sheet" accounts and "Income and Expense" accounts. Balance sheet accounts can be used to create and add to chart of accounts. Income and expense accounts track income sources and the purpose of each expense.
Different names for bad debt expense?
Uncollectible Accounts Expense.
Is accounts payable a liability or an expense?
Accounts Payable is a liability. Accounts receivable is an asset.
On a chart of accounts all asset and expense accounts are in the same division?
FALSE
What is an expense that has not been paid and has not yet been recognized in the accounts by a routine entry?
accrued
What are the 2 type of quickbooks account?
The 2 types of QuickBooks accounts are "Balance Sheet" accounts and "Income and Expense" accounts. Balance sheet accounts can be used to create and add to chart of accounts. Income and expense accounts track income sources and the purpose of each expense.
Different names for bad debt expense?
Uncollectible Accounts Expense.
when an amount already recognized as revenue becomes uncollectible, it is recognized as an expense.?
No.
Is accounts payable a liability or an expense?
Accounts Payable is a liability. Accounts receivable is an asset.
What is the debited classified accounts?
Expense
Are revenue and expense accounts real accounts?
No real accounts are for business possessions like assets and stock revenue and expense items are recorded in the nominal also named the general ledger. Personal accounts are for debtors and creditors accounts.
What accounts can be found in income statement?
Accounts found on an Income Statement are : Cost of Sales, Sales Rev., Selling Expense and Wage Expense
On a chart of accounts all asset and expense accounts are in the same division?
FALSE
Why do expense accounts have debit balances?
20333
Are expense accounts increased by credits?
true
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'.
