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What are the general ledger postings in procure to pay cycle?
1. Material Receipt Receiving Accural Dr AP Accural Cr 2. On completion on inspection and accepting of goods Inventory Dr Receiving Accural Cr The Above given 2 entries are in PO module 3. On entering Invoice in AP AP Accural Dr Accounts Payable Cr 4. On Making payment Accounts Payable Dr Cash/Bank Cr
What does Vertified Account mean?
that means you can use your account
What is the difference between a purchase on account and a sale on account?
Purchase on account means purchases from vendors on credit while sales on account means selling to customers on credit.
What do the meaning of BO account?
BO ACCOUNT means beneficiary owner account
What are Monetary items?
monetary means that you can save money in you account monetary means that you can save money in you account
What are the general ledger postings in procure to pay cycle?
1. Material Receipt Receiving Accural Dr AP Accural Cr 2. On completion on inspection and accepting of goods Inventory Dr Receiving Accural Cr The Above given 2 entries are in PO module 3. On entering Invoice in AP AP Accural Dr Accounts Payable Cr 4. On Making payment Accounts Payable Dr Cash/Bank Cr
What is a primary account?
I think it means your main account or your first account.
What does Vertified Account mean?
that means you can use your account
What is the difference between a purchase on account and a sale on account?
Purchase on account means purchases from vendors on credit while sales on account means selling to customers on credit.
What does create account ID means?
stands for "account identification", identifies the account
What does it mean to use this as account default?
It means to use 'this account' as your main account.
What do the meaning of BO account?
BO ACCOUNT means beneficiary owner account
What is the difference between a trust and a checking account?
a trust account means you trust the person that is opening the account, and a checking account means you will keep checking it to make everything is okay.
What are Monetary items?
monetary means that you can save money in you account monetary means that you can save money in you account
Is the accural method of accounting accepted by GAAP?
I have question to Current ration, in order to my exam there is no given format. For currest ratio : current assets /and current libility which is given which can be relationship to these words; Current ration: current assets:inventory+ account receivable+ cash equivanlents+ cash Current liability: accruals +account payable+ notes payable. Pls give me any other words using to get the answer . Thank you.
Are purchases account is increased by a credit and decreased by a debit?
Purchases account is personal account in nature so debit means increase and credit means decrease.
Debiting the cash account will increase the account?
Yes, debiting a cash account means it increases.
